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Tag Archives | Fit and Proper

COB

Class of Business deadlines – Clarity from the FSCA

The amended Fit and Proper requirements of Board Notice 194 of 2017 determined various requirements that need to be implemented and complied with before specific deadline dates. Since the release of the original Board Notice, various other notices and amendments have been released that provided updates on this. One of these deadlines is the new […]

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deadline

FAIS Fit and Proper requirements – A deadline is looming

The Fit and Proper requirements of Board Notice 194 of 2017 need to be implemented and complied with before specific deadline dates. Wednesday, 31 July 2019 is such a deadline. A Representative working under supervision as at 1 April 2018 or appointed in the period 1 April to 31 July 2018, must comply with Class of Business Training requirements by 31 July 2019. Class of […]

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F&P-Manager

Manage your Fit and Proper Obligations

Having to interpret and navigate through the endless collection of Board Notices, Circulars and Guidance Notes which regulates the requirements associated with either being approved as a Key Individual, appointed as a Representative, or authorised as a Sole Proprietor, has become a specialist role. Ask anyone attempting to stay up to date by means of […]

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finance

Financial Soundness of Representatives

The new Determination of Fit and Proper Requirements for Financial Services Providers, 2017 (Board Notice 194 of 2017) sets out a number of new requirements relating to the financial soundness requirement of representatives. Natural Persons The financial soundness requirements set out in Chapter 6 of the Board Notice do not apply to any representative who […]

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survey1

Good standing

Board Notice 194 of 2017 which contains the latest Fit and Proper requirements introduced a new concept called “Good standing”. This does not refer to your ability to consume copious amounts of alcohol and still stay in tune when joining Elton John in the chorus of “I’m still standing.” Dr Des Leatt, a FAIS and […]

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cpd

Moonstone Monitor approved for CPD hours

The new Fit and Proper Determination requires that certain individuals are required to obtain a specified number of Continuous Professional Development (CPD) hours between 1 June 2018 and 31 May 2019. In response to an application to the FPI, a SAQA recognised Professional Body, for recognition of the Moonstone Monitor as a vehicle towards obtaining (CPD) hours; we received […]

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operational

Operational Ability under the new F & P

Back in the good old days, you needed an ashtray, a phone and a filing cabinet to be regarded as operationally okay. Some even went to such extremes as having a fax machine installed. This was regarded as being a little over the top, particularly those with the paper that faded to nothing in a […]

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registration1

Fit and Proper Competence Register

Those who love record keeping will be elated by the new requirements contained in Board Notice 194 of 2017. “A FSP must establish, maintain and update on a regular basis a competence register in which all qualifications, successfully completed regulatory examinations, product specific training, class of business training and CPD of the FSP, its key individuals […]

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Training

Training requirements under the new Fit and Proper Determination

The Latest Determination of Fit and Proper requirements refers to three types of training under the competence requirements. A look at the definitions will help readers distinguish more clearly what impacts on them, and what not. I underlined what I regard as important aspects of the definitions. “class of business training” means training in respect […]

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