The FSCA has issued FAIS Notice 52 of 2018 containing an exemption of certain representatives from class of business training requirements as set out in Part 5 of Chapter 3 of the Fit and Proper Requirements Board Notice, number 194 of 2017.
A person who was first appointed as a representative (new entrant) of a financial services provider on 1 August 2018 or thereafter, is exempted from the class of business training requirements, on condition that the person must comply with the class of business training requirements on or before 31 January 2019
The new entrant must also work under supervision subject to the conditions and requirements set out in the Services under Supervision Notice, Board Notice 104 of 2008.
This exemption will be valid until such time that Board Notice 104 of 2008 is withdrawn.
Please note the following requirement in terms of section 29 of Board Notice 194 of 2017 that must be adhered to:
- An FSP and representative must, prior to the rendering of any financial service in respect of a particular financial product, complete product specific training, relevant to that financial product and for which they are authorised or appointed or in respect of which authorisation or appointment is sought.
The exemption referred to in FAIS Notice 52 of 2018 is therefore only in respect of class of business training and not product specific training.
FAIS Notice 52 of 2018 can be accessed at this secure link:https://www.fsca.co.za/Notices/FSCA%20FAIS%20Notice%2052%20of%202018.pdf
Members are welcome to contact Joe Kotzé at email@example.com or 087 945 5381 for more information.