Johannesburg, South Africa - The Financial Planning Institute (FPI) is pleased to announce that the Board of Directors of the South African Qualifications Authority (SAQA) at its recent meeting, approved FPI’s application for official recognition as an independent voluntary professional body in accordance with the NQF Act 67 of 2008. The SAQA Board of Directors further approved registration of FPI’s designations on the National Qualifications Framework.
The FPI CEO, Godfrey Nti said, “We are very pleased with this approval, especially because we were successful in our first attempt and also because we are among the first set of professional bodies to be officially recognised. This is definitely an important milestone for the FPI and indeed all other bona fide professional bodies in South Africa that are committed to upholding the highest practise standards in their respective professions. This approval is a culmination of over seven years of advocacy on the part of FPI and many others for official recognition for the professional body model, as well as professional designations, in a similar way that SAQA recognises qualifications.
Prem Govender, FPI Chairperson added, “This is indeed a great ground-breaking moment for the FPI, something that was envisioned more than thirty years ago when the then Institute of Life and Pension Advisors (ILPA) was constituted. It was our intention to bring professionalism into the financial services arena and we have always worked tirelessly to gain recognition for financial planning as a distinct profession. We consider being recognised by SAQA as a professional body a great leap forward in attaining this recognition and feel justifiably proud to be among the first batch of associations to be awarded this coveted status.”
We hope that the rigid recognition process put in place by SAQA will pave the way regulators and policymakers in the financial services sector to define and set policies for the role of professional bodies in the sector. This approval by SAQA certainly gives us the mandate to engage the FSB and National Treasury in this respect” concluded Nti.
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