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FAIS Fit & Proper Regulatory Examinations Levels I & II . Advocate Jane Appasamy. Road Map…. Background and Context Where does RE fit into the bigger F&P picture? Types of Regulatory Examinations The Regulatory Examinations? Who must write? Unpacking terminology INSETA’s role

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Presentation Transcript
road map
Road Map…

Background and Context

  • Where does RE fit into the bigger F&P picture?
  • Types of Regulatory Examinations

The Regulatory Examinations?

  • Who must write?
  • Unpacking terminology

INSETA’s role

  • INSETA Strategy – RE I & II
  • Learning material development
  • Roll-out of material
  • Way forward…
background context
Background & Context
  • Determination of Fit & Proper 2004
    • No mention of Regulatory Exams
  • Regulatory Examinations – introduced in 2008
  • Forms part of the “Competence” component of Fit & Proper
where does re fit into the bigger fit proper picture

COMPETENCE

HONESTY

& INTEGRITY

EXPERIENCE

REPRESENTATIVE

QUALIFICATONS

CPD

REGULATORY EXAMS

Where does RE fit into the bigger “Fit & Proper” picture?

NEW

NEW

types of regulatory exams
Types of Regulatory Exams

REGULATORY EXAMINATION

LEVEL II

REGULATORY EXAMINATION

LEVEL I

  • Generic
  • FAIS
  • FICA
  • GENERAL CODE
  • Product Specific
  • Per product category
  • Tests applied knowledge irt specific products
  • Can be exempted (“S”) or Table C
who must write regulatory examinations
Who must write Regulatory Examinations?

Key Individuals

-Person responsible for managing or overseeing any function relating to the rendering of a financial service

“Overseeing”

means officially

supervising

workers or

the work itself

(operational/

implementation)

“Managing”

Means having executive

control/ or authority

e.g. head of distribution

channels, or

distribution head

in a brokerage

re role dependant and product category dependant
RE: Role dependant and product category dependant

KEY INDIVIDUALS regulatory roles:

MANAGEMENT ROLE

ONLY

(more strategic

executive)

RE I

OVERSIGHT ROLE

(E.g. Branch Manager

Regional Manager)

RE I & II

date of first appointment important
Date of first appointment important….
  • “DOFA” is critical to determine deadline for completion of RE I and II
  • 2004-2009 – by 31 Dec 2011
  • 2008 & 2009 – by 31 Dec 2011
  • 2010 onwards – within 2 years
re deadlines
RE DEADLINES

31

DECEMBER 2011

Appointed

2004-2007

Appointed

2008

Appointed

2009

2

YEARS

Appointed

2010 onwards…

a closer look at qualifying criteria
A closer look at qualifying criteria …

The purpose of Qualifying criteria is to

provide the criteria:

  • Against which the Regulatory Examinations will be set; and
  • Against which any proposed qualifications will be considered and evaluated for recognition
a closer look at qualifications
A closer look at qualifications

What is a “qualification”?

  • Entry Level qualification
    • “means a qualification obtained on or by the date of first appointment (DOFA)
    • Normally at a lower level than the full qualification
  • Full qualification
    • Means a qualification that is appropriate to a category or sub-category of financial products
qualifications unpacked
Qualifications unpacked…

1. GENERIC – “G”

- Content generic

- Need to complete product specific Regulatory Exams (RE II)

2. SPECIFIC “S”

- 80% of contents specific

- If completed end 2009 exempted from RE II

- Falls away from Jan 2010

qualifications unpacked14
Qualifications unpacked…

3. SPECIFIC “SP”

- Matches qualifying criteria 100% in terms of contents

- Exempted from RE II

- Applies only from 2010 onwards

product categories no re ii
Product Categories – no RE II
  • Table C – BN 106
    • Long Term Insurance Category A
    • Long-Term Deposits
    • Short-Term Deposits
    • Friendly Society Benefits
    • Assistance Business FSP (Cat IV)
inseta strategy
INSETA STRATEGY
  • Pre-examinations
    • Provider appointed Milpark Business School & IISA
    • Timeframes – to be advised
    • Material developed : FSP I
    • Other FSP’s – to be advised
    • Public domain
  • Post-examinations
    • NLRD
inseta strategy18
INSETA STRATEGY
  • Distribution
    • Available on INSETA website
    • Other methods (hard copies, cd)