The Fit and Proper Requirements have introduced regulatory examinations as part of the competence requirements.
Background on the regulatory examinations
In October 2008 the new FAIS Fit and Proper requirements were published in Gazette No. 21514. Specific reference should be made to Board Notice 103, 104, 105, 106 and 151. The new requirements have a significant impact on the financial services industry in that it requires all key individuals and representatives to successfully complete regulatory examinations based on their roles and the product sub-categories they are responsible for.
These regulatory examinations form part of the competence requirements, and consist of two levels:
Regulatory examinations Level 1:
These regulatory examinations must be completed within 2 years of appointment or approval. People currently in the industry appointed or approved between 2004 and 2009 must complete these regulatory examinations successfully by 31 June 2012. People entering the industry from 2010 must complete these regulatory examinations successfully within two years of appointment / approval.
The content of these regulatory examinations are based on the regulatory framework and the regulatory role of the individual, for example the FAIS Act, Code of Conduct, FICA etc. Please refer to BN 105 Annexure 1 for more detailed information regarding the content. These regulatory examinations are compulsory and all representatives and key individuals are required to complete these regulatory examinations.
The effects of debarment
We refer to the FSB FAIS Circular No.8/2011, discussing the latest consequences for representatives not meeting all the Fit and Proper requirements.
Although the BUZZword now is “RE” there are equally important other requirements:
1. Minimum experience required– unless working under supervision.
2. Achieving the relevant qualification requirements by stipulated deadline dates.
3. Continuous professional development
The implications of not meeting all the Fit and Proper requirements can result in debarment. (Refer to Section 13 & 14 of FAIS Act)
How to achieve competence first time around
Reduce your daily stress levels and enrol on our two-day intensive and interactive workshop.
The workshop process and outcome will require that you prepare yourself for the two-day workshop to ensure maximum effectiveness. Your pre-workshop preparation will require that you work through the free INSETA manual.
The Intelligo will provide a Resource at the workshop.
Many of the successful candidates indicated in their feedback that you will require a minimum of 60 hours pre and post workshop self-preparation and understanding of the purpose, the knowledge and the application of the legislation.
Our two-day workshop allows opportunity to thoroughly analyse and debate the representatives tasks aligned to the FSB requirements of the FAIS Act and subordinate legislation.
COUNT DOWN TO THE DEADLINE DATE 30 JUNE 2012
1 January 2012 26 weeks
1 February 2012 22 weeks
1 March 2012 18 weeks
1 April 2012 13 weeks
1 May 2012 09 weeks
1 June 2012 30 days
The re-write deadline is 30 September 2012; this will only provide you 13 weeks to prepare for your re-write from 1 July 2012
INTELLIGO Solutions is an independent Skills Development Training provider within Retail Finance and Insurance Industry.
The INTELLIGO Solutions team collectively has more than 30 years of Skills Development and Motor Retail Finance and Insurance experience.
INTELLIGO Solutions’ teamwork stimulates our strengths and adds value to our customers learning experiences thereby empowering our learners to achieve successful results for both the organisation and the individual and to promote skills development in Southern Africa.
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