4.4 Continuous Professional Development
An FSP must establish and maintain policies and procedures on Continuous Professional Development that include how the FSP, key individual and representative will- Maintain knowledge and skills that are appropriate for their activities and responsibilities. Update their knowledge and skills. Develop new knowledge and skills to assist with their current functions and responsibilities or functions […]
4.3 Competence Register
An FSP must establish, maintain and update on a regular basis a competence register in which all qualifications, successfully completed regulatory examinations, product specific training class of business training and CPD activities of the FSP, key individuals and representatives are recorded. An FSP must in the form and manner and at the intervals prescribed by […]
4.2 General Requirements
The amended fit and proper requirements prescribe that an FSP, key individual and representative must- Have adequate, appropriate and relevant knowledge and expertise in respect of financial services, financial products and functions that it performs. Comply with the minimum fit and proper requirements. Maintain their competence. The minimum competency requirements laid down for representatives and […]
4.1 Introduction
Board Notice 194 of 2017 also introduced responsibilities in relation to the competency requirements of representatives and key individuals. There responsibilities are part of the on-going licensing responsibilities of a financial services provider and failure to meet these responsibilities can lead to penalties as prescribed under the FAIS Act. The following subtopic consider the responsibilities […]
3.7 Summary of Exemptions to Requirements
The table following summarized the exemption applicable to the fit and proper requirements. Fit and proper requirement Exemption applicable Product specific training Category II representatives Class of business training Key individuals in Long-term insurance A & Friendly Society BenefitsRepresentatives providing execution of salesTier 2 representatives Recognised qualifications Key individuals in Long-term insurance A & Friendly […]
3.6 Continuous Professional Development Requirements
A. General requirements A representative must maintain the required competence to render or manage or oversee the financial services for which the representative is authorised. A representative must comply with the minimum CPD requirements stipulated A representative must ensure that the type and combination of CPD activities undertaken- Are relevant to the functions and role […]
3.5 Competency Requirements
The competency requirements for representatives include the minimum experience and qualifications a representative must meet before appointment or must obtain whilst working under supervision. All the competence requirements must be met except if the Commissioner exempted a representative from any of the requirements while rendering a financial service under supervision. A sole proprietor FSP cannot […]
3.4 Financial Soundness Requirements
An FSP must ensure that where it appoints a person as a representative that the person: Is not declared insolvent or provisionally insolvent or is not subject to any pending proceeding which may lead to this. Is not under liquidation, provisional liquidation or business rescue or is not subject to any pending proceeding which may […]
3.3 Operational Ability
A representative of an FSP must have the operational ability to effectively function as a representative of the FSP or perform the activities for which that person was appointed. A juristic representative must always have at least one key individual responsible for managing or overseeing the financial services rendered by the representative.
3.2 Honesty, and Integrity and Good Standing
The personal characteristics of representatives are clearly very important as clients rely on representatives to guide them honestly with respect to advice on financial services and products. An FSP must assess if a representative is guilty of one of the transgressions or offences mentioned in unit 2.2 If a representative is guilty of any of […]