We hear that there are people who believe that the 31 March 2013 deadline can be bypassed by simply placing representatives who have failed, under supervision.
This is not correct.
If the final date by which you have to write and pass the level 1 RE is 31 March 2013, and you have not done so, your key individual is obliged to debar you until such time as you do pass. We believe that removing such a representative from the business’s reps register before the end of March is the wiser route to take, as reinstatement is far less complicated. Please note that such a representative is no longer allowed to do business, along with the other steps prescribed by the FAIS Act. This was discussed in last Monday’s Moonstone Investment Indicators which is available on our website.
A KI is appointed by the FSB, who will debar such persons if they fail to make the deadline. Upon successful completion of the RE 1, they can apply for reinstatement. The same restrictions apply here.