Regulatory exams: Some good news and some not so good news

A number of changes to the General Code of Conduct for Authorised Financial Services Providers and Representatives become effective on 26 June 2021.

The not so good news

We reported on these changes recently in an article by Alan Holton titled Complaints Management Framework – Effective date for full implementation.

The General Code of Conduct was significantly amended in June 2020. This is particularly true of Section 17 which requires the establishment of a complaints management framework.

Most of the new requirements had to be implemented by 27 December 2020. These changes included the actual establishment of the framework, the allocation of responsibilities for effective complaints management the establishment of an internal complaints escalation and review process, and requirements relating to record keeping, monitoring and analysis of complaints.

The remaining provisions of section 17 will become effective on 26 June 2021. These are sections 17(2), 17(4) and 17(7)(b)(iii), (c) and (d).

The good news

The 8th edition of the authoritative LexisNexis publication, the Legislation Handbook for Regulatory Exams RE1/5, already contains all these changes. This is good news for all those who have already bought the book and are busy studying for the regulatory exams.

The publication is not only of great use to those preparing for the regulatory exams. Any FSP (and that is every FSP) affected by these amendments will benefit from studying the sections of the Code which come into effect this Saturday.

Click here for more details on the Legislation Handbook.

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