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Moonstone Monitor - 19 April 2018 |
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Practice is the best of all instructors - Publilius |
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From the Crow's Nest |
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February 2018 Update on Regulatory Examinations |
This was also the title of FAIS Information Circular 1/2018 which
announced certain changes to the RE 1 and RE 5 exams resulting from new
legislation. We publish a brief synopsis below in response to numerous enquiries
from concerned candidates.
INTRODUCTION
The purpose of this information circular is to provide information and clarity
in respect of the update of the regulatory examinations insofar as the following
two examinations are concerned:
Only the two examinations listed above will be affected and will be updated.
BACKGROUND
The Determination of Fit and Proper Requirements for Financial Services
Providers, 2017, was published in Government Gazette No 41321 on
15 December 2017 (Board Notice 194 of 2017). These requirements will come into
effect on 1 April 2018. As a result the questions contained in the RE 1 and RE 5
must be aligned with the amended requirements.
IMPLEMENTATION OF THE UPDATED QUESTIONS
Persons who register to write the regulatory examination ON or AFTER Tuesday,
3 April 2018 are obliged to write the new version of the regulatory examination,
which will contain the updated questions.
Persons who write the level 1 regulatory examination on or after Tuesday, 3
April 2018, must ensure that they use updated preparation material that is
aligned with the qualifying criteria in Annexure Five of Board Notice 194 of
2018.
UPDATED STUDY MATERIAL
There are two sets of material which can be used for preparation purposes:
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The FSB Preparation Guide for RE 1 and RE 5 together with the relevant
legislation, and
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The relevant Training Manuals that are made available by the BANKSETA /
INSETA on their official websites.
N.B. According to the Inseta website, these training manuals will only be
available from the middle of May onwards.
It is therefore important that learners familiarise themselves with the latest
Preparation Guide, which contains the amended qualifying criteria and tasks.
INSETA STUDY MATERIAL
We are inundated with enquiries about “the new” INSETA study material.
There is no NEW INSETA study material. There
will soon be updated study material which will include the amended Fit
and Proper requirements.
The original intention, as outlined in the Preparation Guide, is for learners to
use the Qualifying Criteria, which is really just the syllabus of the regulatory
exams, and to refer to the appropriate Acts, Board Notices etc outlined in the
Preparation Guide.
The INSETA material is an excellent aid to easier understanding of the
applicable rules and regulations, but the official source of learning remains
the actual legislation. |
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Your Practice Made Perfect |
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Keeping our promise leads to growth in consumer confidence |
There is a Scottish proverb that says that “there is no greater fraud
than a promise not kept”. This relates very strongly to the insurance
industry. Last year the National Treasury published comments received on
the new Insurance Bill and remarked that insurance requires strong
regulation as insurance is a business in which the insurer promises to
protect the consumer against the small probability of a large loss in
exchange for a regular ongoing payment. Insurance is characterised by a
high level of asymmetry of information between providers and consumers
and requires payment for the service long before the customer has an
opportunity to experience its value. As a result, this “business of
promises” requires a high level of consumer confidence and trust in the
industry if markets are to develop and grow. Therefore effective
regulation and supervision are essential to build consumer confidence
and trust and help ensure financial stability.
Recent reports show that confidence levels in SA are the highest in 6
years with the financial sector recording the largest increase in
confidence. Sentiment in the sector soared 65 percent to 69 points, on
the back of a surge of 105.3 percent increase in confidence relating to
economic conditions and an increase of 71.1 percent in industry growth
expectations.
Kabelo Khumalo reports in Business Report that “the sentiment sensitive
banking and financial services sector has enjoyed a stellar start to the
year, riding the wave of the positive sentiment”.
Click here to read the article. |
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Joint home loans, debt review and a partner
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A recent article in City Press by Angelique Ruzicka provides a timely
reminder about the pitfalls along the debt pathway.
It appears that there is quite a bit of confusion on how to handle joint
mortgages under debt review as it is not clearly defined in the National
Credit Act (NCA). The City Press article discussed a case where a reader
was not informed when her former partner put himself under voluntary
debt review. It ended in a blame-game when the debt counsellor blamed
the bank and the bank blamed the debt counsellor for not informing the
other partner in the joint home loan.
Paul Slot, the head of the Debt Counselling Association of SA, said that
although the joint mortgage can form part of the debt review process
without the consent of the partner, the partner cannot be included in
the debt review process if the partner is not over indebted, and
therefore it should not affect the partner’s credit record.
Sounds confusing? You’re not alone.
Click here to read the FIN24 article.
Gerrit Viviers is an NCA compliance specialist at Moonstone
Compliance and Risk Management Services. Please contact Gerrit on
021 883 8000 or by email to
gviviers@moonstonecompliance.co.za if you require assistance with
NCA related queries. |
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Technologically Speaking
Moonstone Information Refinery
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How to host successful digital meetings |
Meetings happen every day, it’s how we communicate, make decisions,
and work together on the most key matters. With the rise of
technology, digital tools are used in one way or another in meeting
rooms.
In a recent article by Neil Summers, Head of Sales at Moonstone he
mentions that many of us are already familiar with the convenience
of using meeting technologies such as Skype, WhatsApp or Facetime in
our private lives. The question now is how to use it in our business
environment. This will enable us to have ‘face-to-face’ client
interactions via video, anywhere, anytime.
As Neil states “with proper preparation and a grasp of digital
meeting protocols, you are ready to harness the benefits of digital
client engagement to increase your business efficiencies and your
client availability”.
Click here to read how to prepare for digital engagement and to
master digital protocol.
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Regulatory Examinations
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Regulatory Exams – how to prepare |
Are you, as a financial advisor prepping for your RE exam, feeling
intimidated by the changes introduced on 1 April 2018?
The updated version of the regulatory examinations, based on the new
Qualifying Criteria became effective from 3 April 2018. It is therefore
very important for exam candidates to ensure that they use the updated
preparation material that is aligned with the qualifying criteria in
Annexure Five of Board Notice 194 of 2017.
The FSCA (old FSB) regularly updates the Preparation Guide for
Regulatory Examinations (RE 1 and RE 5).
Click here to download the latest version dated 17 April 2018.
The Preparation guide explains how to read the Qualifying criteria and
lists the resources that candidates need to access as reference
material. Your study material therefore should include the
Preparation Guide, Qualifying Criteria and all applicable legislation.
Some background on the Qualifying criteria
The qualifying criteria provide the basis of knowledge and skills
against which the regulatory examinations are set. The qualifying
criteria were developed in a process of consultation between the FSB
(now FSCA) and industry representatives, spanning from 2006 to 2008.
Only questions based on these criteria will be included in the exams.
The qualifying criteria were originally published in
Board Notice 105 of
2008, and amendments were published as below:
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BN 151 |
Gazette 31755 |
29 December 2008 w.e.f. 31 December 2008 |
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BN 64 |
Gazette 32268 |
29 May 2009 |
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BN 95 |
Gazette 32496 |
17 August 2009 |
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BN 44 |
Gazette 33052 |
26 March 2010 |
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BN 60 |
Gazette 33166 |
12 May 2010 |
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BN 194 |
Gazette 41321 |
15 December 2017 |
What do I need to access as resource material?
In the Appendix of the Preparation guide all the resource
material is mapped to the criteria.
I have access to all the material, what steps do I follow
to prepare for the exam?
In the Preparation Guide the FSCA shares 6 steps that will
work most effectively for examination preparation – here is
a summary of the steps:
Step 1: Refer to the mapping document for the exam you are
planning to write. (Appendix A in the Preparation Guide)
Step 2: Look at the number of criteria for each task (RE 1
has 16 tasks that will be tested RE 5 has 8 tasks that will
be tested).
Step 3: To prepare for the exam, you must spend time each
day and study the legislation and supporting training
material. One should systematically select one criteria at a
time. (allocate study hours per day to prepare)
Step 4: To start, read the task, and then the first
criteria. Then refer to the legislation for these criteria,
and read the legislation referred to.
Step 5: Now refer to the additional support or training
material (for example the INSETA training material) and
study the section in the training material dealing with
those particular criteria.
Step 6: Then go back to the legislation itself, and read it
again.
Of course, if you are in a position to attend training, so
much the better. Just make sure that the trainer has updated
his or her study material with the latest Preparation Guide.
Frequently asked Questions
Please
click here to access a list of questions and answers,
including information on what exams to write, the cost
thereof, study material, training and a lot more. |
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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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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. |
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Moonstone boasts an exclusive newsletter mailing list of over 51000
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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In Lighter Wyn |
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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:
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or the sending of e-mail communications for other than strictly
business purposes.
The complete disclaimer can be accessed
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