Various media reports on the regulatory examinations saw the light recently.
A document in this regard also appeared on the FSB website yesterday. It states that the pass rate is now 88%, presumably for representatives. No mention is made of the rate for Key Individuals.
At this stage, those of us in the industry who are affected by the regulatory examinations are basically in two camps: those who passed, and those who have yet to do so.
While the potential fall-out is a concern for the industry, we are adopting a wait and see approach. When the final figures are released (this could be quite a while after 31 March) one can assess the situation based on facts. There are just too many factors influencing the statistics at this stage to be able to make an accurate assessment.
As we pointed out recently, there is nothing preventing those, who did not complete the exams successfully by the end of the month, from trying again.
Many callers to our exam department enquire about the number of people who still has to write and pass. While there may be some consolation in knowing you are not alone, the figure of 8 852 quoted in the FSB report will not, in our view, lead to a further extension of the deadline date. Mr. Gerry Anderson is quoted as saying:
“We will be failing with the objectives of the Fais Act and consumer protection if we allow somebody that is not able to continue.”
The article does, however, also state that “…the FSB will consider extension and exemption requests.”
Our advice to those who still need to pass, is to focus on just doing that. Those who attended the Inseta and FSB workshops on preparation and exam techniques indicated that it made a positive difference. If you were not able to attend, but would like to order a DVD of the workshop, you can click here.
An earlier article in this publication covered steps one can take to minimise the impact of not passing by the deadline date.
Please click here to read it.