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What

By Anna Bouhail SAIFM. What. Why. Where. ?. H ow. Who. When. The FAIS “fit and proper” requirements have introduced numerous new educational requirements that the financial services industry are compelled to comply with. What?.

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What

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  1. By Anna Bouhail SAIFM What Why Where ? How Who When

  2. The FAIS “fit and proper” requirements have introduced numerous new educational requirements that the financial services industry are compelled to comply with What? • In addition to the stricter minimum formal educational qualifications requirements, individuals are mandated to write two levels of regulatory exams  RE1 & RE2 • These exams are being developed and delivered under the direction and management of the FSB

  3. The FAIS act was revised in order to better serve clients’ interest across the South African financial services sector Why? • FSP’s need to ensure that advisers are honest and act with integrity • Advisors need to have the necessary experience and knowledge in order to fulfil the responsibilities imposed by the Act • The REs will ensure that key individuals and representatives are familiar with the responsibilities imposed by the Act • The REs will also ensure that anyone giving financial advice will possess the necessary product knowledge

  4. In order for a licensed FSP to retain their compliant status, they have to ensure that all Key individuals and Representatives- • have the necessary qualifications • passed the REs • partake in CPD programmes Who? * Consult board Notice 64 of 2009 for a list of qualifications eligible for exemption

  5. The REs will roll out in a phased out manner late 2010 early 2011 When? • Time limits by when the RE1 and RE2 exams have to be completed by are dependant on date licensed or date appointed

  6. The REs will be multiple choice exams • There will be no limit on the number of attempts to prove competency How? • There will be only ONE national version of any of the REs • The REs will focus on the application of factual knowledge relating to- • relevant legal provisions  RE1 • the rendering of financial services applicable to specific categories and subcategories of clients  RE2 • The qualifying criteria as published in Board Notice 105 of 2008 will determine the scope and content of the exams

  7. SAIFM has been appointed as one of the approved examination bodies to assist with the development of the REs and the delivery thereof Where? • SAIFM will offer these examinations manually as well as electronically • SAIFM will afford you the opportunity to write almost “anywhere” • Registrations will be done on-line at www.regulatoryexams.co.za • Examination bodies may not provide training and study material • The FSB will make approved examinations guides with reference to suggested material available

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