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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 V : Qualifications

 

 

5.
1) Categories I and IV - Qualifications:
a) Subject to the qualifying criteria, the Registrar must, after consultation with the Advisory Committee, publish a list of recognised qualifications in the Gazette in respect of Category I and the subcategories listed in Table A above and Category IV.
b) An FSP (who is a sole proprietor) in respect of Category I or IV must have a recognised qualification, as determined by the Registrar by notice in the Gazette, as it applies to the applicable Categories or subcategories the FSP is authorised for.
c) A key individual of a Category I FSP must, at approval, have a recognised qualification, as determined by the Registrar by notice in the Gazette, as it applies to the applicable Categories or subcategories of the FSP.
d) A representative of a Category I provider must, on appointment, have a recognised qualification as determined by the Registrar by notice in the Gazette, as it applies to the applicable Categories or subcategories he or she is appointed for: Provided that the Registrar may, by notice in the Gazette, exempt representatives that on appointment only meet the following entry level qualifications while working under supervision until the recognised qualification is obtained:
i) Matric;
ii) Grade 12; or
iii) an equivalent school leaving certificate at NQF Level 4,

with the proviso that in respect of representatives in subcategory 1.1 Long Term Insurance Category A and/or 1.19 Friendly Society Benefits, the entry level qualification requirement is either ABET level 1, or the proven ability to read, write and calculate to the satisfaction of the provider.

e) Subject to subparagraphs (a) to (d) above, an FSP (who is a sole proprietor), key individual and/or a representative only need to have the most onerous qualification required in respect of all subcategories he or she is authorised, approved or appointed for.

 

Categories II, IIA and III - Qualifications:

a) Subject to the qualifying criteria, the Registrar must, after consultation with the Advisory Committee, publish in the Gazette a list of recognized qualifications in respect of Category II and the subcategories listed in Table B above, as well as Categories IIA and III.
b) A FSP (who is a sole proprietor) in respect of Categories II and IIA must have a recognised qualification, as determined by the Registrar by notice in the Gazette, as it applies to the applicable Categories or subcategories the FSP is authorised for.
c) A key individual of a FSP in respect of Category II, IIA and/or III must, on date of appointment, have a recognised qualification as determined by the Registrar by notice in the Gazette, as it applies to the applicable Categories or subcategories the FSP is authorised for.
d) A representative of a Category II, IIA or III provider must on appointment by the FSP have a recognised qualification as determined by the Registrar by notice in the Gazette, applicable to the Categories or subcategories he or she is authorised for: Provided that the Registrar may, by notice in the Gazette, exempt representatives that with authorisation only meet the entry level qualification requirements as published by the Registrar by notice in the Gazette, as they apply to the Categories or subcategories he or she is authorised for, while the representative works under supervision.