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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 INSETA fit into the bigger Fit & Proper environment Where does the RE fit into the bigger F&P picture? The Regulatory Examinations? Who must write?

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FAIS Fit & Proper Regulatory Examinations Levels I & II

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

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

  3. Where does INSETA fit into the F&P process? • INSETA • Sector Education and Training Authority for the Insurance Sector. • Fit & Proper • Competence – Qualifications • Regulatory Exam learning material

  4. Which components of “Competence requirement” is INSETA involved…

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

  6. Regulatory Exam material Key Individuals -Person responsible for managing or overseeing any function relating to the rendering of a financial service “KI/Rep” Supervise representatives (involved in operational/ implementation) Own commission code “KI only” Manages and supervises business Usually has executive control/ or authority e.g. head of distribution channels

  7. 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

  8. 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

  9. 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

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

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

  12. 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)

  13. INSETA STRATEGY • Pre-examinations • Provider appointed Milpark Business School & IISA • Delivery date – approx May 2010 • End August 2010 – all material • Will be aligned to the qualifying criteria • Material developed : FSP I • Other FSP’s – to be advised • Public domain • Post-examinations • NLRD

  14. INSETA STRATEGY • Distribution • Available on INSETA website www.inseta.org.za • Other methods (hard copies, cd) • Note on INSETA website with dates on which dates will be available

  15. “The secret of success is to remain in a constant state of discomfort”

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