Transitional arrangements for Reps under supervision

Board Notice 194 (Determination of Fit and Proper Requirements) stipulates that a “…FSP and representative must, prior to the rendering of any financial service in respect of a particular financial product, complete

  1. the class of business training; and
  2. product specific training,

relevant to that financial product for which they are authorised or appointed…”

What about those people already appointed and working under supervision?

Class of Business training

A representative working under supervision on 1 April 2018, as well as those appointed between this date and 31 July has 12 months from 1 August 2018 to comply with the class of business training requirements for the financial products in respect of which they are working under supervision. In other words, they need to have completed Class of Business training by 31 July 2019.

Product Specific training

A representative working under supervision on 1 April 2018, or appointed during April 2018, has three months from 1 May 2018 to comply with the product specific training requirements.

Continuous Professional Development

The new Fit and Proper Board Notice kicks in from 1 April, and states that a representative under supervision will have to comply with CPD from 1 June 2018.

We anticipate that the new Supervision Board Notice will be published prior to the 1st of April and that the Board Notice will provide that the CPD Cycle for a Representative working under supervision will only commence once the other requirements have been met.


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