Our workshop options are aimed at licensed FSPs (Financial Service Providers) who are mandated by law to ensure that all their Representatives complete the FAIS 'Fit and Proper' regulatory exams.
We combined the RE1 and RE5 over a three day period due the 8 tasks applied to both RE1 and RE5.
The Fit and Proper Requirements have introduced regulatory examinations as part of the competence requirements.
Background on the regulatory examinations
In October 2008 the new FAIS Fit and Proper requirements were published in Gazette No. 21514. Specific reference should be made to Board Notice 103, 104, 105, 106 and 151. The new requirements have a significant impact on the financial services industry in that it requires all key individuals and representatives to successfully complete regulatory examinations based on their roles and the product sub-categories they are responsible for.
These regulatory examinations form part of the competence requirements, and consist of two levels:
Regulatory examinations Level 1: These regulatory examinations must be completed within 2 years of appointment or approval. People currently in the industry appointed or approved between 2004 and 2009 must complete these regulatory examinations successfully by 31 June 2012. People entering the industry from 2010 must complete these regulatory examinations successfully within two years of appointment / approval.
The content of these regulatory examinations are based on the regulatory framework and the regulatory role of the individual, for example the FAIS Act, Code of Conduct, FICA etc. Please refer to BN 105 Annexure 1 for more detailed information regarding the content. These regulatory examinations are compulsory and all representatives and key individuals are required to complete these regulatory examinations.