The IOBSA as a Professional Body
In terms of the South African Qualifications Authority (SAQA) Policy & Criteria for Recognising a Professional Body and Registering a Professional Designation for the Purposes of the National Qualifications Framework Act, Act 67 of 2008, a body applying to be recognised as a professional body by SAQA shall:
- Be a legally constituted entity with the necessary human and financial resources to undertake its functions, governed either by a statute, charter or a constitution and compliant with and. adhere to good corporate governance practices.
- Protect the public interest in relation to services provided by its members and the associated risks.
- Develop, award, monitor and revoke its professional designations in terms of its own rules, legislation and/or international conventions.
- Submit a list of members in a form acceptable to SAQA.
- Set criteria for, promote and monitor continuing professional development (CPD) for its members to meet the relevant professional designation requirements.
- Publish a code of conduct and operate a mechanism for the reporting of and investigating members who are alleged to have contravened the code.
- Not apply unfair exclusionary practices in terms of membership admission to the body or when recognising education or training providers.
- Make career advice related information available to SAQA.
In terms of these requirements, the IOBSA was recognized by SAQA as a professional body under the NQF Act (no. 67 of 2008) on 19 March 2013. Read our letter of recognition from SAQA here.
We have met the requirements in that:
- The IOBSA is a legal entity. The IOBSA is a non-profit organisation (Registration number 2002/011503/08).
- A key objective of the IOBSA is to protect the interest of the public in general by promoting professionalism in the banking and /or related financial services industries: professional service by professional bankers.
- The IOBSA currently awards five (5) different professional designations including the LIBSA, CAIBSA, FIBSA, IABSA and will soon introduce the awarding of the Professional Banker and Chartered Banker.
- The IOBSA has set criteria for CPD for its designated professionals.
- The IOBSA monitors subscription to the IOBSA Code of Professional Conduct
- The IOBSA actively supports the inclusion of members to the body through different membership categories.
Whereas the IOBSA in SA was – in the past – actively involved in training, it cannot (as a professional body) be active as a training provider. The IOBSA will, however, be able to offer learnerships (in partnership with training providers and employers). We will also be focusing on CPD activities.
Interconnection in the BANKING Sector
The three sector organisations have differing yet complementary roles:
- BankSeta (Statutory Body for skills development)
- BASA ( Industry Body representing SA and International Banks)
- IOBSA (Professional Body)
BANKSETA – Role as a Statutory Body
In terms of the Skills Development Act, No 97 of 1998 as amended by the Skills Development Act, within the National Skills Development Strategy (NSDS) framework; the BANKSETA is mandated to develop skills in the banking and microfinance sector. It does so by:
- Encouraging employers in its sector to develop an active learning environment in the workplace
- Providing employees with opportunities to acquire new skills / progress their careers
- Increasing levels of investment in workplace education and training.
- Promoting transformation as guided by the NSDS equity targets
- Ultimately this means that work-seekers find employment, retrenched workers re-enter the market and employers find qualified employees in a fair and equitable framework.
BASA – Role as an Industry body
- The broad role of The Banking Association is to “establish and maintain the best possible platform on which banks can do responsible, competitive and profitable banking”
- A critical role of The Banking Association is to work with its members to enable this role within the context of the transformation challenges our country is addressing
- It is the mandated representative of the sector and addresses industry issues
IOBSA – Role as a Professional Body
- Represent and/or regulate a recognised community of expert practitioners
- Protect the public interest in relation to services provided by its members and the associated risks
- Develop, award, monitor and revoke its professional designations in terms of its own rules, legislation and/or international conventions
- Set criteria for, promote and monitor continuing professional development (CPD) for its members to meet the relevant professional designation requirements
- Publish a code of conduct and operate a mechanism for the reporting and investigating of members who are alleged to have contravened the code
- Make career advice related information available to SAQA
- Set and administer its own Board examination and develop new qualifications under QCTO