SAQA has awarded the “Professional Body of the Banking Industry” to the IOBSA**, the recognition under the NQF Act no. 67 of 2008 – 19 March 2013
(** 2nd Oldest Institute in the World)
The IOBSA has a respectable history as the second oldest Institute of Banking in the world and was established in 1904. The Institute has a history and relationship with the banking and financial services sector spanning 110 years.
The constitution states (1999:3) “Its main objective has been the promotion of efficiency through education and continuing professional development in the banking industry in general and of its members in particular. It sought to do this by the dissemination of knowledge on the theory and practice of banking and by conducting examinations and other educational activities.”
The role of the IOBSA has changed over the years. Initially it was accredited as a training provider by the BankSETA to deliver banking specific qualifications. This status expired in 2011 and has not been renewed. In 2012, after the appointment of a new Board of Directors, application was made to SAQA to register the IOBSA as the Professional Body for the sector.
This status was awarded in March 2013 which means the IOBSA’s role has now significantly changed. It will still play a critical role in the development of industry specific qualifications (Quality Council for Trades and Occupations – QCTO) as well as being appointed as an Assessment Quality Partner (AQP) by the sector for the Bank Worker Learnership. This Learnership will shortly go through a review process and further information will follow thereafter.
The Institute of Bankers in South Africa is a member-based professional body that aims to service the professional needs of people within the banking and broader financial services industry. This includes offering of professional designations, the monitoring of a code of professional conduct and the delivery of carefully designed and monitored CPD programmes. CPD is a requirement for FAIS compliance.