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Regulatory Examinations

Regulatory Examinations. Introduction. F&P was published for the first time as a draft in 2002 The first BN was published in 2003 Then updated in 2006 Latest version – BN 106 of 2008 The 2008 fit and proper requirements make provision for regulatory examinations. Fit and Proper.

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Regulatory Examinations

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  1. Regulatory Examinations

  2. Introduction F&P was published for the first time as a draft in 2002 The first BN was published in 2003 Then updated in 2006 Latest version – BN 106 of 2008 The 2008 fit and proper requirements make provision for regulatory examinations

  3. Fit and Proper • Honesty and integrity • Competence: • Experience • Qualifications • Regulatory examinations • Continuous Professional Development

  4. Development of criteria • Qualifying criteria was developed between industry and FSB • Oct 2006 to September 2008 • Almost 200 people involved • More than 60 meetings & workshops

  5. Purpose of examinations • Ensure that the consumers of financial products are served by professional, knowledgeable representatives • That FSPs are managed by key individuals who understand what they are required to do ito the Act and related legislation • Ensure sole proprietors understand and are able to manage their FSPs and provide good financial service to customers

  6. Level 1 examinations • Deals with legislation: • FAIS Act • FICA Act • General Code of Conduct • Regulations to FAIS Act • Fit and Proper • Specific Codes (Administrative & Discretionary) • Who writes: • Key individuals & sole proprietors • Representatives

  7. Level 2 examinations • Deals with: • Product category specific aspects • Write in capacity as: • Sole proprietor FSP • Representative

  8. Purpose of Examination Bodies Purpose of Examination Bodies: Develop the regulatory examination questions, and Implement the regulatory examinations on a national basis.

  9. Who are the Examination Bodies? • South African Institute of Financial Markets (SAIFM) • Financial Planning Institute (FPI) • Moonstone Information Refinery • Institute of Bankers / Leselo

  10. Questions?

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