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FAIS FIT & PROPER BEYOND 2009…. JANE APPASAMY. Road Map…. Background and Context Why it all began… Where it all began… How F & P has evolved… Going forward into 2010 The “old” & the “new” 2004 vs 2008 Importance of “DOFA” “Transitional” generation versus “non-transitional”

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Presentation Transcript
road map
Road Map…
  • Background and Context
    • Why it all began…
    • Where it all began…
    • How F & P has evolved…
  • Going forward into 2010
    • The “old” & the “new” 2004 vs 2008
    • Importance of “DOFA”
    • “Transitional” generation versus “non-transitional”
    • Competence focus
why it all began
Why it all began?
  • Image of industry – tainted by unscrupulous/dishonest behaviour
  • Professionalizing industry meant qualifications, experience and accountability for staying current (like most other professions)
  • In order for Financial Planning seen as a serious career choice, had to have “serious” criteria…
where it all began
Where it all began…
  • FAIS introduced into the financial services world…2004
    • Determination of Fit & Proper 2004
    • All the fuss was about Columns 1,2,3 and 4!!!
    • Concern at the time – meeting column 4 requirements
    • No CPD
    • No Regulatory Exams
    • No “transitional arrangements”
    • Just Financial soundness; Honesty & Integrity, Operational Ability, Competency (S.H.O.C.)
2008 fit proper requirements

COMPETENCE

HONESTY

& INTEGRITY

EXPERIENCE

REPRESENTATIVE

QUALIFICATONS

CPD

REGULATORY EXAMS

2008 Fit & Proper requirements

NEW

NEW

how fit proper has evolved
How Fit & Proper has evolved

BOARD NOTICES

103,104,105,106,

of 2008

DETERMINATION

OF FIT & PROPER

2004

Column 3 & 4 requirements

“Entry” & “deadline” requirements.

Qualifying criteria

Relates to knowledge & skill.

List of Recognised Qualif:

Content must satisfy the qualifying Criteria.

date of first appointment
Date of first appointment
  • Critical to determine whether “transitional” or not
  • “Break” in service: take original date of appointment in industry
the 04 09 transitional generation
The ’04-’09 “transitional generation”

All representatives appointed between September 2004 and 31

December 2009 can be grouped into the following groupings:

CHOICE: credits/whole qual.

Group 1:

Appointed between

September 2004

& 31 December 2007

Group 2:

Appointed between

1 January 2008

& 31 December 2009

CREDITS:

31 DEC 09 DEADLINE

QUALIFICATION & RE:

2011 & 2013 DEADLINE

transitional versus non transitional

T

R

A

N

S

I

T

I

O

N

A

L

TRANSITIONAL versus “NON-TRANSITIONAL”

Appointed

2004-2007

Appointed

2008

Appointed

2009

BEYOND 2009…..

Appointed

2010 onwards…

competence in more detail
Competence in more detail…
  • Experience;
  • Qualifications (qualifying criteria)
  • Regulatory Exams
qualifications unpacked
Qualifications unpacked…

1. GENERIC – “G”

- Content generic

- Also complete product specific Regulatory Exams

2. SPECIFIC “S”

- 80% of contents specific

- If completed end 2009 exempted from product specific RE

- Falls away from Jan 2010

qualifications unpacked12
Qualifications unpacked…

3. SPECIFIC “SP”

- Match qualifying criteria 100% in terms of contents

- Exempted from product specific RE

- Applies only from 2010 onwards

beyond 2010 04 09 generation
Beyond 2010: ’04-’09 generation
  • Did not meet deadline of Dec 2009
    • No longer fit and proper
    • Remove from Representative Register
      • 31 December 09 – debarment and must follow reinstatement process
      • E.g. 20 Dec 09 - remove with 3A, not debarment, no reinstatement necessary (1A)
    • FSP – competitors & non-advice positions
    • Awaiting clarity from FSB re requirements.
    • Reintegration to advice-giving position
the 2010 onwards generation
The “2010 onwards generation”

Experience:

-Must be product specific

-Can be gained under supervision

-Depends on product subcategory

  • Qualification:
  • -Completed qualification
  • from list of recognised
  • qualifications appropriate
  • Can be obtained under
  • supervision

Regulatory Exam:

-Level 1 must be completed 2 yrs from appt.

-Level 2 within 6 yrs from date of first appt.

-May be completed whilst under supervision