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12 September 2023 | Story Anthony Mthembu | Photo Charl Devenish
Faculty of Law signing of Memoranda of Understanding
The respective representatives from the NCC, NCR and the UFS celebrate the launch of their new partnership. From left, Thezi Mabuza, Acting Commissioner of the NCC; Nomsa Motshegare, CEO of the National Credit Regulator; and Prof Francis Petersen; Vice- Chancellor and Principal of the UFS.

The Department of Mercantile Law at the University of the Free State’s (UFS) Faculty of Law, in collaboration with the National Consumer Commission (NCC) and the National Credit Regulator (NCR), launched a partnership through the signing of Memoranda of Understanding (MOUs). The MOUs were signed at a function held on 7 September 2023 in the Equitas Senate Hall at the UFS’s Bloemfontein Campus. 

In attendance at the signing was the Vice-Chancellor and Principal of the UFS, Prof Francis Petersen; the Dean of the Faculty of Law, Prof Serges Kamga; the CEO of the National Credit Regulator, Nomsa Motshegare; Acting Commissioner of the National Consumer Commission, Thezi Mabuza; and Timothy Radikeledi from the Provincial Consumer Protection Office, amongst others. 

“This gathering signifies the dawn of something new for the future of this institution and for consumerism. We hope that this partnership will contribute towards improved consumer protection through research which is going to influence consumer protection while addressing consumer concerns in the province and within the South African Development Community,’’ said Mabuza.

What the partnership entails

“The MOUs focus more on consumer protection in the surrounding communities of the university, the Free State province and ultimately in the country,’’ said Ntando Ncamane, a lecturer in the Faculty of Law.

Through the signing of these MOUs, the partners commit to accomplishing several objectives which will be beneficial to UFS students and beyond. For instance, this agreement allows the Faculty of Law to infuse consumer protection principles in the curriculum through developing and delivering various academic modules. The Consumer Protection and Credit Law module is one such example. The module was initially offered as a core module to second-year students, however, through this partnership it will also be included as an elective in the LLB programme as well as at a master’s degree level.

“We envisage an opportunity where real cases of the consumer commission and credit regulator will be shared with students to analyse and critique, and even develop novel approaches that address some of the consumer issues,” said Motshegare.

In addition, there is a research element infused in this agreement. According to Ncamane, the partners will work hand-in-hand to create a research-based approach that is responsive and effective in addressing consumer concerns in the Free State province.

There will also be a series of consumer protection programmes implemented in the Free State.

A partnership which upholds the values of Vision 130

The UFS is currently embarking on an ambitious plan to become a research-led and globally impactful institution by 2034. As such, Prof Kamga indicates that, “the strategic partnership between the UFS, NCC and NCR are really important to the University, they are an important step in the achievement of the UFS’s Vision 130”.

In addition, as the MOUs will make provisions for more research, Prof Kamga says “the MOUs will create opportunities to increase our research capacity and capability in the area of consumer production.’’

The significance and impact of the MOUs

Motshegare said this partnership comes at a time when concerted efforts are needed to promote and strengthen consumer protection measures in the country. Therefore, this partnership will ensure that the UFS shapes graduates who will ultimately contribute towards consumer protection across the country. 

However, she said, most importantly, this joint venture will “produce graduates who will become the consumer protection activists and champions this country so greatly needs."

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Academic addresses financial planning leaders at world summit
2010-05-04

Adv. Wessel Oosthuizen, Director of the Centre for Financial Planning Law at the University of the Free State (UFS), addressing financial leaders at the World Financial Planning Summit.


Adv. Wessel Oosthuizen, Director of the Centre for Financial Planning Law at the University of the Free State (UFS), is chair to four Financial Planning Standards Board (FPSB) expert panels that guide the global Certified Financial Planning (CFP) certification programme. At the recent World Financial Planning Summit, held in Taipei in China, he challenged a group of global financial planning leaders to support the formation of a global financial planning body of knowledge with sustainable career-path development opportunities.

He said: “For financial planning to be recognised as a distinct professional practice and a global profession, the financial planning community must establish a universal body of knowledge that is supported by applicable in-depth research.

“We need to establish how professional bodies should collaborate with academia to integrate a more competency-based education and training environment that combines theory with practice. Fostering and promoting comprehensive research in financial planning topics is another key challenge that must be addressed in order to develop a tertiary knowledge framework for the financial planning profession.”

Adv. Oosthuizen, who is playing a big role in providing consistent and rigorous education and assessment tools for financial planning in 2010, said that a bachelor’s degree should be a compulsory minimum requirement for practising financial planners.

About the learning curve between the academic and work environments in the financial planning profession, Adv. Oosthuizen said: “Implementing a career-path model that supports a more structured approach to apprenticeships and supervised practice would complement a specialised financial planning body of knowledge and provide entrants to the profession with the necessary theoretical knowledge and practical experience to offer competent and ethical financial planning.”

The World Financial Planning Summit engaged global leaders of more than 17 financial planning standards-setting bodies, as well as regulators, financial planning educators and other invited guests in a dialogue about the steps needed to gain recognition for financial planning as a distinct, global profession.
 

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