1 / 19

FAIS Fit & Proper Regulatory Examinations Levels I & II

FAIS Fit & Proper Regulatory Examinations Levels I & II . Advocate Jane Appasamy. Road Map…. Background and Context Where does RE fit into the bigger F&P picture? Types of Regulatory Examinations The Regulatory Examinations? Who must write? Unpacking terminology INSETA’s role

balthasar
Download Presentation

FAIS Fit & Proper Regulatory Examinations Levels I & II

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. FAIS Fit & ProperRegulatory Examinations Levels I & II Advocate Jane Appasamy

  2. Road Map… Background and Context • Where does RE fit into the bigger F&P picture? • Types of Regulatory Examinations The Regulatory Examinations? • Who must write? • Unpacking terminology INSETA’s role • INSETA Strategy – RE I & II • Learning material development • Roll-out of material • Way forward…

  3. Background & Context • Determination of Fit & Proper 2004 • No mention of Regulatory Exams • Regulatory Examinations – introduced in 2008 • Forms part of the “Competence” component of Fit & Proper

  4. Competence requirement

  5. COMPETENCE HONESTY & INTEGRITY EXPERIENCE REPRESENTATIVE QUALIFICATONS CPD REGULATORY EXAMS Where does RE fit into the bigger “Fit & Proper” picture? NEW NEW

  6. Types of Regulatory Exams REGULATORY EXAMINATION LEVEL II REGULATORY EXAMINATION LEVEL I • Generic • FAIS • FICA • GENERAL CODE • Product Specific • Per product category • Tests applied knowledge irt specific products • Can be exempted (“S”) or Table C

  7. Who must write Regulatory Examinations? Key Individuals -Person responsible for managing or overseeing any function relating to the rendering of a financial service “Overseeing” means officially supervising workers or the work itself (operational/ implementation) “Managing” Means having executive control/ or authority e.g. head of distribution channels, or distribution head in a brokerage

  8. RE: Role dependant and product category dependant KEY INDIVIDUALS regulatory roles: MANAGEMENT ROLE ONLY (more strategic executive) RE I OVERSIGHT ROLE (E.g. Branch Manager Regional Manager) RE I & II

  9. Date of first appointment important…. • “DOFA” is critical to determine deadline for completion of RE I and II • 2004-2009 – by 31 Dec 2011 • 2008 & 2009 – by 31 Dec 2011 • 2010 onwards – within 2 years

  10. RE DEADLINES 31 DECEMBER 2011 Appointed 2004-2007 Appointed 2008 Appointed 2009 2 YEARS Appointed 2010 onwards…

  11. A closer look at qualifying criteria … The purpose of Qualifying criteria is to provide the criteria: • Against which the Regulatory Examinations will be set; and • Against which any proposed qualifications will be considered and evaluated for recognition

  12. A closer look at qualifications What is a “qualification”? • Entry Level qualification • “means a qualification obtained on or by the date of first appointment (DOFA) • Normally at a lower level than the full qualification • Full qualification • Means a qualification that is appropriate to a category or sub-category of financial products

  13. Qualifications unpacked… 1. GENERIC – “G” - Content generic - Need to complete product specific Regulatory Exams (RE II) 2. SPECIFIC “S” - 80% of contents specific - If completed end 2009 exempted from RE II - Falls away from Jan 2010

  14. Qualifications unpacked… 3. SPECIFIC “SP” - Matches qualifying criteria 100% in terms of contents - Exempted from RE II - Applies only from 2010 onwards

  15. Abbreviations S, G & SP in list of qualifications

  16. Product Categories – no RE II • Table C – BN 106 • Long Term Insurance Category A • Long-Term Deposits • Short-Term Deposits • Friendly Society Benefits • Assistance Business FSP (Cat IV)

  17. INSETA STRATEGY • Pre-examinations • Provider appointed Milpark Business School & IISA • Timeframes – to be advised • Material developed : FSP I • Other FSP’s – to be advised • Public domain • Post-examinations • NLRD

  18. INSETA STRATEGY • Distribution • Available on INSETA website • Other methods (hard copies, cd)

  19. Thank you…

More Related