Deadline looms

There has been a flurry of activity in the financial intermediary services sector recently as financial services providers (fsp) subject themselves to assessment examinations, while others are registering to be licensed as fsps.

This is all in anticipation of the section 7 date - to be announced next week - by which all fsps must be licensed in terms of the Financial Advisory and Intermediary Services Act, (Act 37 of 2002).

If a fsp is not licensed by the section 7 date, that fsp will not be allowed to operate as one. About 15 000 fsp are expected to be licensed and some may leave it too late.

The fsp are being assessed to determine their knowledge of the activities they are engaged in and to recognise prior learning (RPL).

RPL includes, but is not limited to learning outcomes achieved through formal, informal and non-formal learning and work experience.