Secondary

Banner: Suitebox – Horizontal

FIC Feed back

National Credit Regulator Fee Guideline

We published an article on 16 November 2017 titled Insurer Obligations re Credit Reports which dealt with the National Credit Regulator’s (NCR) guideline for the submission of credit information and indicated that a fee structure would be published in December 2017. NCR have now published its fee guideline and schedules relating to the above for comment. The […]

Continue Reading
loud-hailer

Draft Determination on Equivalence of Reward

The sustainability of independent financial advice was always a key aspect in the Registrar’s approach to the Retail Distribution Review. Board Notice 181 of 2017, published on 10 November last year, aims to level the playing field as far as tied agents and independent advisers are concerned. The publication of this draft Determination follows RDR Proposal […]

Continue Reading
regulations

Changes to Regulatory Exam Questions

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, […]

Continue Reading
client_centric

Key Individual Operational Ability

The Fit and Proper Requirements 2017 published recently, also provides stipulations on operational ability. Billy Seyffert, COO of Moonstone Compliance and Risk Management, pointed out an important consideration for Key Individuals: A FSP must have at least one key individual per class of business in respect of which the FSP is authorized. This could be […]

Continue Reading
cpd

Continuous Professional Development

Under the old dispensation, Continuous Professional Development (CPD) was the third leg of the journey towards becoming a true professional, after successfully completing the level 1 and 2 regulatory examinations. Now that the level 2 REs have been replaced by line of business and product specific training under the new Fit and Proper requirements, CPD is a […]

Continue Reading
registration1

Professional Principal Executive Officer Qualification

Registration is now open for candidates who want to enrol for the first intake on 26 February 2018. The Professional Principal Executive Officer Qualification is a much-needed stimulus for the professionalisation of the role of the Principal Officer which has historically been unstructured and undefined. It will also support the very important transformation imperative as […]

Continue Reading
RE

New Fit and Proper Regulations and the Regulatory Exams

The long anticipated amended “Determination of Fit and Proper Requirements for Financial Services Providers, 2017” was finally printed in December last year. The following requirements are applicable in terms of the regulatory examinations: The competence requirements relating to regulatory examinations contained in this Part – (a) subject to paragraph (b), apply to all FSPs, key […]

Continue Reading
Training

Regulatory Impact of Product Training under new Fit and Proper

The Financial Services Board subcontracted the beleaguered KPMG to do an impact assessment on the proposed amendments related to the Fit and Proper requirements, as published in the Draft fit and proper requirements (2016). In particular, the study focused on the proposed changes to the second level Regulatory Examinations (REs) and the Continuous Professional Development […]

Continue Reading
debarment

Guidance on reappointment of debarred reps

A newly published document by the Registrar attempts to address some of the practical problems experienced in the past. “16. The frequency of representative complaints reported to the Registrar’s office, and the intensity of debate around the issue of debarments by FSPs in terms of section 14(1), prompted the Registrar on 5 November 2013 to issue a […]

Continue Reading
RE-pencil

New Fit and Proper Regulations and the Regulatory Exams

The long anticipated amended “Determination of Fit and Proper Requirements for Financial Services Providers, 2017” was finally printed in December last year. Do not be fooled by the fact that the determination, sans the annexures, only consists of 40 pages. There is a lot to consider. We will cover this in more detail in the […]

Continue Reading