Secondary

Stokvels and Burial Societies Exempt from Licensing

Board Notice 43 of 2013 exempts Stokvels and Burial Societies from being licensed. This obviously means that they no longer fall under the jurisdiction of the FSB. It is very specific about who is affected, and defines each of these entities in the Board Notice.

If you are in doubt, kindly consult the BN for the definitions of the two impacted bodies.

It does not include other FSPs in licence category A, for instance funeral parlours.

This is the third example that I am aware of where a distinction is being made based on the type of product involved.

Board Notice 102 of 2012 exempted certain categories of FSPs, on application for such an exemption, from writing the level 1 REs. A “bespoke” exam would be developed for them.

Relief was also granted to representatives in licence category 1.1 and 1.19 from writing the REs. Only the key individuals were obliged to write, and their exam is a hybrid of the KI and reps level 1 exams.

Comments are closed.