Secondary

Compliance

FAIS Newsletter 21

Enquiries indicate that many FSPs do not share important information like this with all their staff. Below is a summary and a link to the full document.

Electronic submission of Handover Compliance Reports

Handover Reports can now be submitted electronically by way of the FAIS online reporting system. The newsletter provides details of the conditions applicable for the submission of this report.

Feedback is also provided on two changes announced in Newsletter 19:

  • Changes to the representative register of FSPs; and
  • Submission of requests to amend a license (“profile changes”)

Regulatory Exam Registration Conditions

The FSB discusses a number of examples that often lead to unhappiness amongst candidates who are not aware of matters such as the cancellation policy, or the consequences of double bookings.

Competency Framework

The draft competency framework review for industry consultation forms part of the amended draft Fit and Proper requirements originally published in December 2015 for comment. A detailed explanatory note on the rationale behind the amended competency requirements will be included in the draft document scheduled for publication in September 2016.

What are “FAIS Credits”?

The term “FAIS credits” is an informal industry creation that refers to the qualification requirements that affected persons, appointed in the industry for the first time prior to 2009, had to meet. Those appointed from 2010 onwards were required to obtain full qualifications recognised by the Registrar as appropriate / relevant to the financial services industry.

We receive numerous enquiries on this matter, and urge readers to study the comprehensive explanation supplied by the FSB in the newsletter.

FAIS dedicated E-mail inboxes

The FAIS Division has 21 active, dedicated e-mail inboxes for external stakeholders to ensure that all queries/submissions are sent to the correct department.

A list of all the active inboxes can also be found on the FAIS Homepage on the FSB website under the contact us icon. We suggest you download and save a copy here for easy access when required.

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