Following the recent announcement by the Financial Sector Conduct Authority (FSCA) to suspend FPI’s authority to conduct FAIS regulatory examinations, the below press release explains the withdrawal of the FPI as a recognised examination body
Withdrawal of the Financial Planning Institute (FPI) as a recognised examination body The FSCA confirms that the recognition of the Financial Planning Institute (FPI) as an examination body will be withdrawn. The process of transferring all examination data, records and archives over from the FPI to the FSCA will be completed by November 2018.
The FPI will continue to provide the following support function until all examination records have been transferred over to the FSCA, and all exam records have been reconciled:
- Attending to all queries in respect of examinations that were conducted by the FPI up to 12 June 2018;
- Assistance in obtaining duplicate FPI examination certificates.
The FSCA will communicate to the industry once this transfer of examination records has been completed. Only then will the FSCA be in a position to take over all the support functions insofar as the FPI examinations are concerned.
As communicated previously, all new examination registrations must be referred to Moonstone. The FSCA investigation into the FPI examination fraud is still on-going and will not be affected by the withdrawal of the FPI’s examination body recognition or the transferring of the examination records. The FPI has made a commitment to the FSCA to provide its full co-operation and support in respect of the handover process as well as the fraud investigation.
Members are welcome to contact Joe Kotzé at joe@fia.org.za or 087 945 5381 for any queries.
