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February 2013: Update on Regulatory exams and other Fit and Proper Requirements

RE Level 1

The deadline for passing the Level 1 Regulatory Examination (RE5) is 31 March 2013 for all representatives who were appointed before 31 December 2010.  At the FSB/Inseta workshops that were held countrywide during January and February 2013 to assist representatives in their preparation for the exam, the FSB indicated that there is no expectation that the deadline would be moved again.  This means that representatives who fail to comply by the 31 March 2013 deadline, must be debarred on 1 April 2013.  It is, however, possible to remove the names of representatives who do not comply from the FSP’s representative register  as well as the FSB’s central register before 31 March 2013, which means that the representatives can be placed on the register again when they do pass.  This process would be a lot simpler than debarring the representative and applying for re-instatement afterwards.

Please note that representatives cannot render financial services while their names are not on the representative register.

RE Level 2

The deadline for completing the level 2 Regulatory examination is 31 December 2013 for all representatives who were appointed before 31 December 2009.  So far, the FSB has not released any information on the implementation of the RE Level 2’s, and it seems that the 31 December 2013 deadline would not be achieved.

CPD

The requirements for CPD had not been finalised yet, and the introduction of CPD was put on ice with the publication of Board Notice 163 of 2012.

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