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Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002)

Determination of Fit and Proper Requirements for Financial Services Providers, 2008

Part III : Competency Requirements

 

 

3.
1) Subject to the provisions of the Act, and after consultation with the Advisory Committee, the Registrar must by notice in the Gazette publish qualifying criteria against which-
a) regulatory examinations will be set; and
b) the Registrar will evaluate and recognise qualifications for inclusion on the list of recognised qualifications.

 

2) Subject to paragraphs (3) to (7) below, an FSP of any Category and, where applicable, any key individual and/or representative of such FSP must-
a) comply with the applicable minimum experience requirements referred to in Part IV below;
b) have the relevant qualification referred to in Part V below;
c) have successfully passed the relevant first and/or second level Regulatory Examination(s), as may from time to time be set by the Registrar and as set out in Part VI below; and
d) comply with the CPO requirements as set out in Part VII below.

 

3) An FSP (who is a sole proprietor) must meet the minimum experience and all applicable qualification requirements, and must have completed the relevant regulatory examinations as required for an FSP and key individual for the specific Categories or subcategories before a licence will be granted.

 

4) A key individual must meet the minimum experience and all applicable qualification requirements and must have completed the relevant regulatory examination before the Registrar will approve the appointment.

 

5) An FSP must at all times ensure that at least one or more of the key individuals approved by the Registrar meet the same experience, qualifications and regulatory examination requirements as would apply to an FSP (who is a sole proprietor), in relation to anyone or more Categories or subcategories the provider is authorised for, and in respect of which that key individual will manage or oversee the provider's activities.

 

6) An FSP must ensure that each juristic representative must at all times have at least one key individual responsible for the managing and overseeing of the juristic representative who meets the same experience, qualifications and regulatory examination requirements as would apply to the key individual of the provider.

 

7) A representative must at the date of appointment by an FSP comply with the applicable minimum experience and all applicable qualification requirements, and must have completed the relevant regulatory examination(s), provided that the Registrar may exempt representatives from these requirements while rendering financial services under supervision.

 

8) An FSP or any representative that renders financial services in respect of health service benefits must be accredited as a broker, and a representative that renders financial services under supervision in respect of health services benefits must be accredited as an apprentice broker, in terms of the provisions of Regulation 28 B under the Medical Schemes Act, 1998.

 

9) An FSP, who is a sole proprietor, a Key individual and a representative must, after completion of all relevant qualification, experience and regulator examinations, meet the requirements relating to CPO as set out in Part VII of this Determination.