The amended Determination of Fit and Proper Requirements come into effect on 1 April 2018.
The competence requirements relating to regulatory examinations contained in the amended Determination apply to all FSPs, key individuals and representatives except:
- a Category I FSP, its key individuals and representatives authorised, approved or appointed only to render financial services or manage or oversee financial services in respect of the financial products: Long-term Insurance subcategory A and/or Friendly Society Benefits; and
- a representative of a Category I FSP that is appointed only to perform execution of sales in respect of a Tier 1 financial product provided that the requirements in section 22(b)(ii) are complied with;
- a representative of a Category I FSP that renders financial services in respect of a Tier 2 financial product only.
Regulatory Exam Study Material
The amended requirements contained in the 2017 Determination of Fit and Proper Requirements will have a substantial impact on the content of the study material for the REs.
Candidates who are currently preparing to write the exams should consider the possible implications of such changes, and endeavour to write the exams before it becomes effective.
We believe that the FSB is in the process of providing guidance on the deadline by when the amended requirements are to be incorporated in the regulatory exam questions. At this stage, we have to work on 1 April 2018, as this is the day the Determination comes into effect.
Inseta confirmed that they are in the process of updating the material, and “hope” to have it ready by 1 April 2018. LexisNexis advised that theirs will not be ready by then. Stock of their current material is almost sold out.
Candidates are advised to carefully consider the above, but should only write the REs once they are absolutely ready
Click here to read the full section on REs in the F & P Determination.