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FAIS Fit & Proper Regulatory Examinations Levels I & II

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FAIS Fit & Proper Regulatory Examinations Levels I & II. Advocate Jane Appasamy. Road Map…. Background and Context Where does INSETA fit into the bigger Fit & Proper environment Where does the RE fit into the bigger F&P picture? The Regulatory Examinations? Who must write? - PowerPoint PPT Presentation
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FAIS Fit & Proper Regulatory Examinations Levels I & II Advocate Jane Appasamy
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Page 1: FAIS Fit & Proper Regulatory Examinations  Levels I & II

FAIS Fit & ProperRegulatory Examinations Levels I & II

Advocate Jane Appasamy

Page 2: FAIS Fit & Proper Regulatory Examinations  Levels I & II

Road Map…

Background and Context Where does INSETA fit into the bigger Fit &

Proper environment Where does the RE fit into the bigger F&P

picture?The Regulatory Examinations?

Who must write? Unpacking terminology

INSETA’s role in the RE roll out INSETA Strategy – RE I & II Learning material development Roll-out of material Way forward…

Page 3: FAIS Fit & Proper Regulatory Examinations  Levels I & II

Where does INSETA fit into the F&P process?

INSETA Sector Education and Training Authority

for the Insurance Sector.

Fit & Proper Competence – Qualifications Regulatory Exam learning material

Page 4: FAIS Fit & Proper Regulatory Examinations  Levels I & II

Which components of “Competence requirement” is INSETA involved…

1. RECOGNISED QUALIFICATIONS

3. CONTINUOUS PROFESSIONAL DEVELOPMENT

2. REGULATORY EXAMSLEVELS I & II

Page 5: FAIS Fit & Proper Regulatory Examinations  Levels I & II

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

HONESTY & INTEGRITY

CPD

REPRESENTATIVE

COMPETENCE

EXPERIENCE

QUALIFICATONS

REGULATORY EXAMS

NEW NEW

Page 6: FAIS Fit & Proper Regulatory Examinations  Levels I & II

Regulatory Exam material

Key Individuals-Person responsible for managing or overseeing any

function relating to the rendering of a financial service

“KI only” Manages and supervises

businessUsually has executive control/ or authority

e.g. head of distribution channels

“KI/Rep” Supervise representatives

(involved in operational/implementation)

Own commission code

Page 7: FAIS Fit & Proper Regulatory Examinations  Levels I & II

A closer look at Qualifying Criteria …

The purpose of Qualifying criteria is toprovide the criteria:

Against which the Regulatory Examinations will be set; and

Against which any proposed qualifications will be considered and evaluated for recognition

Page 8: FAIS Fit & Proper Regulatory Examinations  Levels I & II

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

Page 9: FAIS Fit & Proper Regulatory Examinations  Levels I & II

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

Page 10: FAIS Fit & Proper Regulatory Examinations  Levels I & II

Qualifications unpacked…

3. SPECIFIC “SP”- Matches qualifying criteria 100% in

terms of contents - Exempted from RE II- Applies only from 2010 onwards

Page 11: FAIS Fit & Proper Regulatory Examinations  Levels I & II

Abbreviations S, G & SP in list of qualifications

Abbreviation

Definition

S Not required to do relevant regulatory exam II. Qualification is specific.

G Required to do relevant regulatory exam II. Qualification is generic.

SP Not required to do relevant regulatory exam II (post transitional requirements)Recognised as a specific qualification for a specific subcategory.

Page 12: FAIS Fit & Proper Regulatory Examinations  Levels I & 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)

Page 13: FAIS Fit & Proper Regulatory Examinations  Levels I & II

INSETA STRATEGY Pre-examinations

Provider appointed Milpark Business School & IISA

Delivery date – approx May 2010 End August 2010 – all material Will be aligned to the qualifying criteria Material developed : FSP I Other FSP’s – to be advised Public domain

Post-examinations NLRD

Page 14: FAIS Fit & Proper Regulatory Examinations  Levels I & II

INSETA STRATEGY Distribution

Available on INSETA website www.inseta.org.za Other methods (hard copies, cd) Note on INSETA website with dates on which

dates will be available

Page 15: FAIS Fit & Proper Regulatory Examinations  Levels I & II

“The secret of success is to remain in a constant state of discomfort”


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