The long anticipated amended “Determination of Fit and Proper Requirements for Financial Services Providers, 2017” was finally printed in December last year.
The amended determination comes 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 will have a substantial impact on the content of the study material for the REs.
We believe that the FSB will soon provide guidance on the deadline by when the amended requirements are to be incorporated in the regulatory exam questions.
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.
Candidates are advised to carefully consider the above and to only write the REs once they are absolutely ready.