Contingency Fees Act, 1997
R 385.00
Financial Advisory and Intermediary Services Act 2002 (Act No. 37 of 2002)DeterminationsAmendment of the Determination of Fit and Proper Requirements, 2020Chapter 3 : Competence RequirementsPart 5 : Class of business Training and Product Specific Training30. Record keeping and reporting requirements |
An FSP must—
| (a) | within 15 days after the training has occurred, record in the competence register of the FSP the product specific or class of business training of the FSP, its key individuals and representatives; |
| (b) | retain all information and documentation relating to the training referred to in (a) for a period not less than five years after— |
| (i) | the FSP or the representative on behalf of that FSP, has ceased to render financial services in respect of a particular financial product or a particular class of business; and |
| (ii) | the key individual has ceased to manage or oversee the rendering of financial services by the FSP in respect of a particular financial product or a particular class of business; |
| (c) | within a reasonable time after being requested to do so— |
| (i) | by a product supplier, provide confirmation to that product supplier that it, or its representatives have obtained the requisite class of business and product specific training, where the product supplier requires the confirmation in order to ensure compliance with its own legal obligations; and |
| (ii) | by a key individual or representative of, or a former key individual or representative of the FSP, provide confirmation to the key individual or representative of the product specific and class of business training completed by that key individual or representative. |
