Advertise Here
Icon

Directory

IconActuaries
IconAssociations & Institutes
IconAuditors
IconBBBEE Consulting and Verification Agencies
IconBenefit Administrators & Investment Managers
IconBusiness Chambers
IconBusiness Process Management
IconBusiness Process Outsourcing
IconCompliance
IconConsumer Protection
IconCorporate Governance
IconCredit Bureaus
IconDebit Order Collection Facilities
IconEducation and Training
IconFAIS
IconHuman Resources
IconInformation Technology and Software Partners
IconLegal
IconOmbud
IconPension Fund Trustee Liability Insurance
IconPension Fund Trustee Training
IconPension Funds Adjudicator
IconPolicy Administration
IconPolicy Trading
IconPublications
IconRegulatory Authorities
IconRetirement Funds registered by the FSB
IconRetirement Products
IconSocial Grants (Government)
IconSurveys and Research
IconTraining Courses & Workshops
IconTrust Establishment & Management
IconWellness Programs
Image
  Subscribe To »

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
 
« Back to previous page Print this page » |
 

Breaking News »

Allianz Global Corporate & Specialty appoints first Chief Data Officer

Chief Data Officer Ali Shahkarami will align global data initiatives, tools and investments and further drive AGCS’s data and analytics strategy With this newly created role Allianz Global Corporate & ...
Read More »

  

Allianz appoints Africa Head of Property, Energy and Construction

Robert Ter Morshuizen has been appointed Head of Property, Energy and Construction effective from April 1, 2020 reporting to Allianz Global Corporate & Specialty (AGCS) Africa CEO Thusang Mahlangu, Global Head ...
Read More »

  

Covid-19 and insurance claims

If you haven’t already dusted off the business interruption, liability and event cancellation policies you have underwritten, or placed for an insured, and checked for coronavirus coverage, now is the time ...
Read More »

  

Cyber risk during COVID-19 outbreak

A common response by businesses to the spread of COVID-19 has been to implement measures that require social distancing and remote working. To ensure business continuity, some of these measures rely on the availability ...
Read More »

 

More News »

Image

Healthcare »

Image

Investment »

Image

Life »

Image

Short-term »

Advertise Here
Image
Image
Advertise Here

From The Glossary »

Icon

Derivatives:

Any financial instrument whose value is derived from another, for example a call or a put option. The instrument its value is derived from is called the underlying. A financial security, such as an option or future, whose value is derived in part from the value and characteristics of another security (the underlying security).
More Definitions »

 

Advertise

 

eZine

 

Contact IG

 

Media Pack

 

RSS Feeds

By using this website you agree to the Terms of Use.
Copyright © Insurance Gateway (Pty) Ltd 2004 - 2020. All Rights Reserved.