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FAIS Qualification Deadlines Revisited

Published

2016

Wed

21

Sep

 

A reader recently wrote to Paul Kruger at Moonstone Compliance:

My query relates to the article headed “Qualification deadline at hand – 30 June 2016 is a very important date”.

I understand that representatives appointed after 2010 has 6 years in which to obtain a qualification by writing the Regulatory Exam. Please clarify why there are two different dates referred to namely 1 January 2010 – 30 June 2010 and then 1 July 2010 and 30 June 2011 in which representatives are appointed?


My colleague, Paull Lawrence, responded:

Firstly, there is a difference between obtaining a qualification and writing the regulatory examination. These are two separate items that a representative appointed for the first time in a new licence sub-category on or after 1 January 2010 must obtain. The representative had two years in which to successfully pass the regulatory examination for representatives (RE5) and six years in which to obtain a recognised qualification.

There was an amendment to the “EXEMPTION OF SERVICES UNDER SUPERVISION IN TERMS OF REQUIREMENTS AND CONDITIONS, 2008” in 2013 (BN 260 of 2013, published 19/12/2013) which changed the two year and six year deadline to read as follows:

(e)

the representative must-

 

(i)

successfully complete the relevant first level regulatory examination by 30 June after the expiry of 24 months from the date of first appointment as a representative;… and

 

(iii)

obtain the relevant qualification by 30 June after the expiry of 72 months from the date of first appointment as a representative;”

The implication of this is that, if a representative was appointed on 30 June 2010, then the period of 72 months will end on 29 June 2016. The 30 June after that date, will be the following day! If a representative was appointed on 1 July 2010, the period of 72 months will end on 30 June 2016. The 30 June after that date will be 30 June 2017 (a year later!)

We pointed out in the original article that, if your date of first appointment falls between 1 July 2010 and 30 June 2011, you only have a year left to obtain the required full qualification.

While six years seemed like a long time when you were first appointed, the last year normally speeds past. If you require guidance and advice, please talk to the friendly folk at Moonstone Business School of Excellence, or visit our website. We have a range of products which can address almost all your needs.

 
Source: Paul Kruger: Moonstone Compliance (Pty) Ltd
 
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