FSB: Deadline for regulatory examinations
Saturday 30 June 2012 marks the final date for Financial Service Providers (FSP’s) and their representatives to write their regulatory examinations in terms of the Financial Advisory and Intermediary Services Act (FAIS Act) of 2002. The Financial Services
It is important to note that various repeated attempts have been made by the regulator to urge all affected individuals in the industry to register and write the exams. To demonstrate its commitment, the FSB granted an extension from the previous deadline of 31 December 2011 to the current deadline of 30 June 2012 (as communicated in information circular 7 of 2011). A number of reminders were also issued both in the media and in information circulars, urging industry players to ensure that they complete the exams by 30 June 2012.
The FSB has repeatedly communicated that those who fail to attempt the examinations at least once by the current deadline, face the possibility of not being able to conduct business any further, as per the FAIS Act. However, as a responsible regulator the FSB has allowed room for FSP’s and their representatives to apply for an exemption by 30 June 2012. The Registrar will consider each individual application on its own merits and take a decision regarding each of the applications. FSPs that have not yet applied for the exemption are therefore urged to do so urgently. Those that have neither attempted to write, nor applied for the exemption have until the 15th of July 2012 to come forward and state their case to the registrar who will review each individual case and take a decision on the matter.
Such FSP’s/key individuals/Representatives should contact the FSB on the following email address: FAIS.Exemptions@fsb.co.za
