Successful candidates eagerly await information about the next phase of the REs. There is general consensus that those who embraced the learning culture, created by the introduction of the regulatory exams, want to “stay in the groove”, as it were, but they do not want to proceed down the wrong path.
News about the way forward is expected any day now. The fact that the initial road map concerning the level 2 REs has not yet been implemented, does raise questions. If we were able to develop the question bank in time for the level 1 exams to start in November 2010, then it appears that those responsible for the level 2 RE question bank should have completed their work by now. This includes not only drawing up the questions, but also performing the required trials and pilots.
We are concerned that the lack of information may play into the hands of those eager to sow discontent in the fertile minds of those who have not yet accepted the necessity of the regulatory exams as a means of raising the professional standard of financial advice in the country.
One conclusion that one can draw is that the system, as originally proposed, is under scrutiny. This could be as a result of lessons learnt from the level 1 exams. We have already seen that some advisors have been offered the opportunity to apply for an exemption from RE 5 in view of the nature of the products that they advise on.
The last reference I could find to the level 2 REs, appeared in the FSB’s FAIS Circular 3 of 2012 published on 3 April:
“The question of the development process for the level 2 examinations is ongoing. The details regarding the level 2 regulatory examinations will be communicated in due course.”
We trust that this “due course” is not too far off.