There appears to be conflicting opinion on whether the following change, announced in this BN, will be applied retrospectively:
“(e) the representative must successfully complete the relevant first level regulatory examination by 30 June after the expiry of 24 months from the date of first appointment as a representative…”
Previously, the requirement was that it needed to be completed by 31 December, following the completion of 24 months service.
The controversy arises as a result of the fact that BN 260 became effective from 1 January 2014. How does this affect those appointed in 2012 and 2013?
Mike Strohman, a training service provider, responded to Monday’s Moonstone article:
Are you of the opinion that the fit and proper amendments in BN 260, which came into operation on 1 Jan 2014, apply at once to the “classes of 2012 and 2013”? The class of 2012 would have been appointed under the expectation that they would have had 2 years from date of first appointment to pass RE5, and under the previous arrangement, that would have translated into a practical deadline of 31 Dec 2014. If BN 260 applies to them at once, then those appointed in the first half of 2012 should have written by 30 Jun 2014 (last week!), and those appointed in the second half of 2012 now have until 30 June 2015 (i.e. 30 June after the expiry of 24 months).
In view of conflicting opinions, we asked the FSB for clarity, and will share this as soon as we hear from them.
Click here to download BN. 260.
The updated Juta Pocket Statutes edition of the FAIS Act is now available. LexisNexis also updated their Legislation Handbook and Preparation Guide for the RE 1 and RE 5 exams. Queries about the latter can be addressed to Nerine.
RE Schedules, Venues and Registration visit our Exam Page.