This article, published in September last year, is even more relevant today.
A reader recently wrote:
My query relates to the article headed “Qualification deadline at hand – 30 June 2016 is a very important date”.
I understand that representatives appointed after 2010 has 6 years in which to obtain a qualification by writing the Regulatory Exam. Please clarify why there are two different dates referred to namely 1 January 2010 – 30 June 2010 and then 1 July 2010 and 30 June 2011 in which representatives are appointed?
My colleague, Paull Lawrence, provided the following insight.
Firstly, there is a difference between
- obtaining a qualification and
- writing the regulatory examination.
These are two separate items that a representative appointed for the first time in a new licence sub-category on or after 1 January 2010 must obtain. The representative had two years in which to successfully pass the regulatory examination for representatives (RE5) and six years in which to obtain a recognised qualification.
There was an amendment to the “EXEMPTION OF SERVICES UNDER SUPERVISION IN TERMS OF REQUIREMENTS AND CONDITIONS, 2008” in 2013 (BN 260 of 2013, published 19/12/2013) which changed the two year and six year deadlines to read as follows:
|(e)||the representative must-|
|(i)||successfully complete the relevant first level regulatory examination by 30 June after the expiry of 24 months from the date of first appointment as a representative;… and|
|(iii)||obtain the relevant qualification by 30 June after the expiry of 72 months from the date of first appointment as a representative;”|
30 June 2010, then the period of 72 months will end on 29 June 2016. The 30 June after that date, will be the following day! If a representative was appointed on 1 July 2010, the period of 72 months will end on 30 June 2016. The 30 June after that date will be 30 June 2017 (a year later!)
We pointed out in the original article that, if your date of first appointment falls between 1 July 2010 and 30 June 2011, you only had a year left to obtain the required full qualification. This same fate now awaits those appointed between 1 July 2011 and 30 June 2012.
While six years seems like a long time when you were first appointed, time really does fly. If you require guidance and advice, please talk to the friendly folk at Moonstone Business School of Excellence, or visit our website.
One of their popular services is to assist learners with mapping out a qualification or career path. Whether you have to obtain a qualification by a certain date, or want to do so as part of your career planning, we can help you get there in the quickest possible manner.
Please click here for our contact details.