Your One-Stop Fit and Proper Solution

The long awaited announcement of the new Determination of Fit and Proper requirements has certainly put the cat amongst the pigeons. A lot of businesses need to re-schedule their planning in view of the content of this important document.

Apart from redefining how honesty, integrity and good standing will be gauged, it also formalised the replacement of what was termed the Level 2 Regulatory Exams and Continuous Professional Development (CPD) which was expected to kick in from around 2012/2013.

As the prominent provider of Level 1 REs, we were geared to assist students down the road after completion of the Level 1 REs. When it became clear that the originally envisaged format would not materialise, we redeployed our resources towards what we expected to happen, and which culminated in what is contained in Board Notice 194 of 2017.

What will the impact be?

The grandfathering clause for experienced advisers and exemption of certain sections of the industry means that the Class of Business (COB) Training requirement will focus more on new entrants and those currently working under supervision.

Whereas CPD was in the past regarded as being on the backburner after completion of the Level 2 REs, it has suddenly leapfrogged into prominence, with an effective date of 1 June 2018.

This will very specifically impact on those people who benefitted from the grandfathering provisions in terms of COB, as they will now need to earn the required CPD points for the period starting 1 June 2018 and ending 31 May 2019.

What does Moonstone offer?

A lot more than just top class training, that’s for sure.

The F & P requirements determined 9 classes of business. Those who are licenced for more than one class of business will have to attend Class of Business training for each one.

At Moonstone we are also in the process of obtaining approval for a whole range of CPD activities that will add relevant knowledge and skills to your team, allowing you to plan intelligently to meet the deadline requirements as per your specific business model.

But wait, that’s not all

Possibly the biggest challenge for most employers will be to keep track of what is happening, and making sure that you plan ahead to ensure deadlines, both in terms of COB and CPD. Moonstone is in the final stages of field testing a “Fit and Proper Tracking Tool” to empower our clients to stay on track as far as these requirements are concerned, amidst so many other bureaucratic demands on time and resources.

Watch this space

Please keep the above in mind when planning your approach to the obligations contained in Board Notice 194. Moonstone may just provide you with the best early Christmas present in 2018.

Click here for a more detailed Powerpoint presentation on Class of Business training.


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