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Moonstone Monitor - 25 January 2018 |
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Paul Kruger
Author/Editor |
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The critic is the one who knows the price of everything and the value of
nothing – Oscar Wilde |
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Distributed to 50,030 subscribers.
To advertise with us
click here |
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From the Crow's Nest |
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Transitional provisions under New Fit and Proper
Determination |
Whilst the 2017 Determination of Fit and Proper requirements rings in a
new era of onerous obligations, it also provides a substantial amount of relief
for the “oud-stryders” in terms of a number of exemptions.
It is important to note that the interim arrangements often refer to the
“commencement date” of the 2017 Determination, which is 1 April 2018.
Qualifications
The qualifications obtained by a FSP, key individual or a representative —
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relating to a particular financial product and particular financial service
in relation to a specific category of FSP in respect of which the FSP, key
individual or representative was authorised, approved or appointed prior to 1 January 2010; and
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that complied with the relevant requirements set out in section 10 of the
2008 Determination of Fit and Proper Requirements,
is deemed to meet the minimum qualification requirements but only insofar it
relates to that particular financial product and particular financial service in
respect of which it was so authorised, approved or appointed.
The qualifications recognised by the Registrar and published on the List of
Recognised Qualifications is deemed to be recognised for the particular
financial product and particular financial service for which the qualification
was recognised.
Experience
The experience gained by a FSP or a representative, excluding a representative
working under supervision, who was authorised or appointed for a particular
financial product and particular financial service in relation to a specific
category of FSP prior to the commencement of the 2017 Determination is deemed to
meet the minimum experience requirements for that particular financial product
and particular financial service.
The experience gained by a key individual approved prior to the commencement of
the 2017 Determination to manage or oversee the rendering of a particular
financial service in respect of a particular financial product in relation to a
specific category of FSP is deemed to meet the minimum experience requirements.
Product specific training
A FSP or representative, excluding representatives working under supervision,
authorised or appointed prior to the commencement of the 2017 Determination is
deemed to have completed the product specific training for which they were
authorised or appointed.
This provision is limited to the particular financial products for which the FSP
or representatives was authorised or appointed and in respect of which financial
services were rendered prior to 1 April 2018, and does not apply to the
requirement to complete product specific training on amendments to particular
financial products where those amendments occurred after the commencement of
this Notice.
A representative working under supervision at commencement of the 2017
Determination has three months from 1 May 2018 to comply with the product
specific training requirements.
A person authorised or appointed after commencement of the 2017 Determination,
but prior to 1 May 2018, also has three months from this date to comply with the
product specific training requirements.
Class of business training
Similarly, a FSP, key individual, other than a key individual of a Category I FSP, or representative authorised, approved or appointed prior to 1 April 2018
is deemed to have completed the class of business training in respect of the
financial products for which they were so authorised, approved or appointed.
A key individual of a Category I FSP, approved prior to 1 April 2018, is deemed
to have completed the class of business training in respect of the financial
products for which the key individual was approved to manage or oversee or, in
the case of a Category I FSP, in respect of which the key individual was
approved, was authorised, during any period prior to the commencement of this
Notice.
Such a key individual must, within six months after commencement of the 2017
Determination, inform the Registrar of the classes of business it currently
manages and oversees in respect of all FSPs for which it is approved and submit
the information in the manner and format prescribed by the Registrar.
A representative working under supervision on 1 April 2018 must complete Class
of Business training prior to 1 August 2019 to comply with the class of business
training requirements for the financial products in respect of which they are
working under supervision.
The flipside of the coin for those who enjoy an exemption from the above
requirements is that the long delayed
Continuous Professional Development kicks
in from 1 June 2018.
For a proper understanding of the above it is essential that you read the full
text of
Chapter 7 of the 2017 Determination of Fit and Proper Requirements. |
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Your Practice Made Perfect |
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New Fit and Proper Regulatory Exam Requirements |
Board Notice 194 of 2017 contains the latest information on who should
write which exams.
The competence requirements relating to regulatory examinations
determine that all FSPs, key individuals and representatives should
write and pass the relevant regulatory exam, as indicated in the table
below:
Column A
(Category
I) |
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Column B
(Category
II) |
Column C
(Category
IIA) |
Column D
(Category
III) |
Column E
(Category
IV) |
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FSP |
RE 1 |
RE 1; and
RE 3 |
RE 1; and
RE 3 |
RE 1; and
RE 4 |
RE 1 |
Key
Individual |
RE 1 |
RE 1; and
RE 3 |
RE 1; and
RE 3 |
RE 1; and
RE 4 |
RE 1 |
Represen-
tative |
RE 5 |
RE 5 |
RE 5 |
RE 5 |
RE 5 |
Of particular significance is the apparent removal of the
unnecessary obligation for both key individuals and sole
proprietors to write the RE 5 in addition to the RE 1. We
are in the process of ascertaining with the FSB whether this
also means that a KI who is also a rep in the same FSP now
no longer has to write the RE 5.
The following people are exempt from this requirement:
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A Category I FSP, its key individuals and representatives in respect
of the Long-term Insurance subcategory A and/or Friendly Society
Benefits only and
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A representative of a Category I FSP appointed only to perform the
execution of sales in respect of a Tier 1 financial product, and those
who render financial services in respect of a Tier 2 financial product.
Moonstone’s RE department is currently extremely busy with new
registrations as the June deadline draws nearer. They have asked that we
remind candidates to make sure that they are liable to write before
registration, as there are specific terms and conditions for cancellation which we have
to adhere to.
An interesting development is that many of our corporate clients are
encouraging their staff to write the regulatory exams despite not being
required to do so. The motivation is twofold: Firstly to help them
understand better what is required of them, and secondly to enhance
their career prospects.
Click here to read the full section on REs in the F & P Determination. |
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Changes to Regulatory Exam Questions
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The amended Determination of
Fit and Proper Requirements
comes into effect on 1 April 2018.
Regulatory Exam Study Material
The amended requirements will have a substantial impact on the content
of the study material for the REs.
We believe that the FSB will soon provide guidance on the deadline by
when the amended requirements are to be incorporated in the regulatory
exam questions.
Candidates who are currently preparing to write the exams should
consider the possible implications of such changes, and endeavour to
write the exams before it becomes effective.
Candidates are advised to carefully consider the above and to only write
the REs once they are absolutely ready.
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Technologically Speaking
Moonstone Information Refinery
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5 Top customer engagement tactics to try in 2018 |
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Neil Summers, Head of Sales at Moonstone, recently wrote an article
for Bizconnect which is of great interest to those keen to explore
new avenues to generate business by harnessing IT advances to their
benefit.
With increased Internet connectivity comes greater opportunity for
online commerce and subsequent client engagement.
Globally, 96% of customers with smartphone Internet access reach for
their devices as the first port of call before purchasing products
and services. They expect useful, relevant and convenient
information access, provided through their chosen channel.
These heightened and evolving consumer expectations also hold true
in Africa, where Internet penetration has reached 21.8%, according
to the International Telecommunication Union (ITU), Add wearables
such as smartwatches to the mix together with a plethora of
connected devices, also known as the Internet-of-Things, digital
customer interaction is both increasing daily and becoming even more
complex. So, just where are things headed this year?
Click here to read the brief but informative article.
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Regulatory Examinations
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2018 RE Schedules updated |
Please note: Registration cut-off is 11 working days before date of exam. |
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Frequently Asked Regulatory Exam
Questions |
| 1. |
What exam must I write?
Both the RE 5 and RE are Level One exams. RE 5 is for Representatives and
RE1 for Key Individuals. The RE 3 exam is for licence category II
candidates.
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| 2. |
How much does it cost?
The FSB determines the fee. Currently it costs R1163 per exam, also in
the case of a re-write.
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| 3. |
What preparation material is available?
Fully updated resources are available for those requiring access to the
legislation applicable to the regulatory examinations:
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Please make sure that you first read the
FSB’s Preparation Guide to
make sure you follow the right process in preparing. Page seven includes
a recent amendment to guide candidates in studying in the correct
manner. |
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Click on the following highlighted sections to download the relevant
updated Inseta learning material for key individuals,
RE 1, and
representatives,
RE 5. |
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LexisNexis provides a “Legislation Handbook” together with a
“Preparation Guide” containing the qualifying criteria, with a link to
the relevant legislation. |
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The
Juta FAIS Pocket Statutes also contains a CD with a comprehensive
list of updated supplementary legislative material for reference
purposes. Please click here to order this from our online shop. |
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The FSB’s telematics broadcast on the RE 1 and RE 5
provides a good introduction and overview, and can also be ordered
online in: |
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DVD format or on a
USB memory stick
MP4 direct download - 2 Gb |
| 4. |
Where can I write?
Go to:
http://www.faisexam.co.za/show_venues |
| 5. |
What dates are available?
Go to:
http://www.faisexam.co.za/view_schedule |
| 6. |
What training is available?
As an Exam body we are not allowed to recommend companies that offer
face-to-face Regulatory exam classes. You can try Google for someone in
your area.
Bear in mind that this exam tests your knowledge about the laws
applicable to the provision of financial advice and intermediary
services. The questions are based on very specific qualifying criteria
set out in the FSB preparation guide. Any training that does not have
this as a basis will not prepare you properly for the exam. Do your own
research and don’t just accept what others say. |
| 7. |
Where can I buy old question papers?
There are no genuine “old question papers” available. Be very careful
when buying such preparation aids as some of those on offer are not in
line with the high standard prevailing in the actual exams and often
lead to a false sense of knowledge which is sadly exposed when
confronted by the actual exam. Follow the guidelines provided in the FSB
Preparation Guide and you are far more likely to achieve success. |
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Careers Platform
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Are you hiring? Advertise your position on Moonstone’s Career Platform
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The Moonstone website -
www.moonstone.co.za
- enjoys an average of 20 000 visits and approximately 39 000 page views per month. |
| • |
Moonstone boasts an exclusive newsletter mailing list of over 49000
dedicated financial decision makers who receive 2 newsletters per week. |
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Our audience is relevant and industry specific: individual and corporate advisors and brokers in the following financial sectors:
Investment, Risk, Healthcare, Banking, Retirement, and Insurance. |
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Featured Positions |
-
Commercial
Underwriter:
HIC Underwriting Managers, Bedfordview - Join our dynamic team if
you are Fais compliant with 120 credits and 5 years of experience.
Read More
-
Insurance Field Sales
Reps:
Quantum Invest, Nationwide - We are looking for field Reps
nationwide. RE5 qualification is recommended. We offer a
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Financial Advisor:
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Senior Credit Controller:
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Short Term Insurance
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If you have a minimum of 3 years experience and, live in the vicinity of
the brokerage, then
Read More
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In Lighter Wyn |
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Meneer Weskus Reageer |
Maandag is daar ‘n berig oor nuwe wetgewing in Switserland wat dit
onwettig maak om kreef lewendig in ‘n pot kookwater te gooi.
Ek dag toe ek sal by my vriend Gappa in Vredenburg hoor wat hy
hiervan dink.
“Het jy die berig vanoggend in die koerant gesien? Switserland het
nou nuwe wetgewing wat bepaal dat dit te wreed is om kreef lewendig
in kookwater te gooi. Jy moet hulle eers doodskok. Is die wêreld
besig om heel te mal te raak?”
Gappa antwoord:
“Ja, ek het gesien.Gelukkig is die krewe aan die Weskus gewoond
daaraan om lewendig gekook te word en boonop kan hulle nie Switsers
verstaan nie.”
“As ons moes wag tot hulle dood is, sal ons te dronk wees om hulle
te kook.”
Gee daai man ‘n witblits.
Is nothing sacred anymore?
Spot the sacriledge…
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Tel: +27 21 883 8000 | Fax: +27 21 883 8005
info@moonstoneinfo.com
www.moonstone.co.za
P.O. Box 12662, Die Boord, Stellenbosch, 7613, Republic of South Africa
Disclaimer:
Services and products advertised by external product suppliers in
this newsletter are paid for by the respective suppliers. Moonstone
does not endorse any opinions, conclusions, data, products, services
or other information contained in this e-mail which is unrelated to
the official business of Moonstone and furthermore accepts no
liability in respect of the unauthorised use of its e-mail facility
or the sending of e-mail communications for other than strictly
business purposes.
The complete disclaimer can be accessed
here.
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©2015 Moonstone. All rights reserved. |
