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Moonstone offers an end-to-end solution in response to the new fit and proper demands







The Determination of fit and proper requirements (Board Notice 194 of 2017) published in December last year, completely transformed the world of financial services providers, their key individuals and representatives.

The new requirements add significantly to the requirements FSPs have been accustomed to since 2008 and introduce a number of new requirements for FSPs including class of business training; product specific training; continuous professional development; good standing; financial soundness and competence registers.

Hjalmar Bekker, Managing Director of Moonstone agrees, “Not only does the new fit and proper create challenges for FSPs in complying with all the new requirements; it sets a challenge in terms of managing and reporting thereon.”

“At Moonstone our core objective has always been to provide practical support services to FSPs, and once again we have been hard at work to extend these to provide our clients with a complete solution to the challenges presented by the new fit and proper determination.”

“With certain sections of the new fit and proper already coming into effect on 1 April 2018, we are delighted to introduce the Moonstone end-to-end solution as an answer to the new fit and proper demands,” Bekker states.

The Moonstone solution addresses compliance, qualifications, class of business training (CoB), regulatory exams, continuous professional development (CPD), licensing and a competence register that will track the fit and proper journey of individuals and monitor ongoing compliance.

“If you require a complete, integrated and logical solution to the challenges posed by the new fit and proper requirements, you need look no further than Moonstone,” Bekker concludes.

The Moonstone Compliance team will host a series of roadshows on the new fit and proper requirements once the arrangements regarding representatives under supervision have been published.

Unpacking the Moonstone end-to-end solution:


Moonstone’s compliance officers will take every client through a fit and proper assessment of their current position and advise them on the requirements as it applies to them. Throughout 2018 we will retain a focus on fit and proper as and when the different elements come into effect to ensure ongoing compliance with all requirements. As was the case in 2008 we will guide our clients, step by step.


Moonstone offers various flexible e-learning options where students can complete the relevant class of business training as an integral part of each skills programme. This means that the student can receive the benefit of complying with the class of business requirements much earlier than at completion of the qualification. As these are unit-standard-based qualifications, students will receive credits for the skills programmes they complete.

National Certificate in Wealth Management (NQF5)
The following Classes of Business will be covered as an integral part of the qualification:

  • Long-term Insurance
  • Pension Fund Benefits
  • Investments
  • Health Service Benefits

A grade 12 certificate or equivalent qualification is a minimum requirement for admission to the qualification.

Further Education and Training (FETC): Short-term Insurance (NQF4)
The following Classes of Business will be covered as an integral part of the qualification:

  • Short-term Insurance: Personal Lines; OR
  • Short-term Insurance: Commercial Lines.

There are no admission requirements.

Class of Business Training

The Moonstone Business School of Excellence is an accredited provider with the Council for Higher Education as well as the Quality Council for Trades and Occupations and meets the requirements to provide Class of Business Training as intended by the new fit and proper. We will be offering class of business training on all classes of business and enrolments open on 3 April 2018.

Regulatory Exams

As an approved exam body Moonstone will continue to facilitate the regulatory exams at both our permanent and temporary venues. The new fit and proper knowledge criteria will be included in all exams offered as from 3 April 2018.

Continuous Professional Development

Moonstone will be offering a two-tiered solution to CPD requirements.
The Moonstone Business School of Excellence will be offering fully accredited CPD interventions which will primarily be in the form of on-line self-study modules.

Moonstone Compliance will continue with our regulatory update workshops throughout the year, which workshops will also be duly accredited.

Competence Register

One of the greatest challenges FSPs will face will be the tracking of the fit and proper journey of individuals and monitoring ongoing compliance.

Moonstone Compliance will be offering an integrated electronic solution to precisely monitor, evaluate and report on the full Fit & Proper competency life-cycle of key individuals and representatives including their class of business training and CPD - For simpler FSP workforce management and better business performance at the press of a button.

The Fit & Proper Tracker will allow you to:

  • Assess on-boarding criteria, track competency profiles and manage your staff members’ CPD training requirements
  • Easily assess and report whether individual staff members meet the relevant fit and proper requirements
  • Automatically update your FSP’s Competence Register, Representative Register and Training Plan
  • Receive early warning notifications for individual Fit & Proper deadline dates
  • Automatically update staff members’ profiles when they complete their Qualifications, Regulatory Examinations, Class of Business Training and CPD Activities through Moonstone


As the fit and proper requirements change so too will the competencies required at licensing stage. Our licensing department has assisted FSPs with new license applications and profile changes since 2004 and will continue to guide applicants and FSPs through understanding the new requirements and assist with the completion and submission of the required forms to the Regulator.

Visit for more information.  

Source: Paul Kruger: Moonstone Compliance (Pty) Ltd
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