TRAINING
Banking is changing –
so are the skills required
We need to move fast to produce the right skills in the quantities needed.
T
he financial sector is one of the fastest-growing
employers in South Africa, with the number of
employees increasing by 24.5% since 2000.
Since 2000 the sector has grown at an annual rate
of 9.1%, compared to broader economic growth
of 3.6%. It comprises over R6 trillion in assets, contributes
10.5% of our GDP annually, employs 3.9% of the workforce,
and contributes at least 15% of corporate income tax. It has
survived the financial crisis relatively well, and continues its
strong performance of the last decade.
The global financial crisis, entering its sixth year, has
challenged policy makers to revisit long-held beliefs in
traditional and commonly accepted theories and practices and
demonstrated a need for fresh thinking about how the economy
works.
Without a sufficient skills base the banking sector faces
distinct dangers in an environment dominated by the rapid
introduction of new regulatory and supervisory infrastructure.
New occupational classes and skill requirements have been
identified within banks to address the regulatory changes,
and banks are focusing increasingly on compliance and risk
management.
Regulatory changes impacting the training needs of the
banking sector include the introduction of the Financial Advisory and Intermediary Services Act of 2002 (FAIS ACT), which
imposed strict requirements regarding the levels of experience
and education of advisors in order to be licensed to give financial advice.
Other regulatory changes impacting the skills needs of the
sector include:
• the Financial Intelligence Centre Act of 2003;
• the National Credit Act of 2005;
• the introduction of Basel II & III recommendations and;
• the latest proposal to introduce the Twin Peaks regulatory
framework for the financial sector in 2014. The draft legislation establishes two regulatory authorities a new prudential
authority in the Reserve Bank, which will be responsible for
overseeing the soundness of banks, insurers and financial conglomerates; and another authority to oversee market conduct in
order to protect customers of financial services firms
Edition 9
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2014/04/07 9:33 AM