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FSB: Last chance to register for FAIS exams

10 April 2012 FSB

Time is running out for those Financial Service Providers (FSP’s) who have not yet completed the RE1 (Key individual for category I, II, IIA, III and IV) and/or RE5 (Representatives of Categories I, II, IIA, III and IV excluding representatives for subcat

While our statistics show that the majority of FSP’s have written the exams, there seem to be some individuals that are under the impression that the deadline will be extended. The Financial Services Board (FSB) wishes to clarify that the cut-off dates for these exams remains 30 June 2012 and the rewrite date, 30 September 2012. No further extensions are being considered. It is therefore critical that those individuals that have not yet written the examinations do so without delay.

“Individual FSP’s will be monitored and the FSB will communicate with them directly to update them on their individual examination status. It is the responsibility of each FSP to ensure compliance with the examination requirements,” says Stefanie Mackenzie, Manager: FAIS Registrations.

The FSB also wishes to update FSP’s on the investigation into the re-write fee. After careful consideration the FSB has decided, based on the actual cost of delivering the examination; that the cost of re-writing the first level regulatory examinations will remain at R900.

The Afrikaans version of the RE1 (Key individual for category I, II, IIA, III and IV) and/or RE5 (Representatives of Categories I, II, IIA, III and IV excluding representatives for subcategories and 1.19) was piloted on 6 March 2012, and the preliminary results have been impressive. Candidates also reported positive feedback. The rollout of the Afrikaans examinations was communicated in Circular 1 of 2012 and a follow-up circular will be available on the FSB website shortly. It will detail the exact physical addresses of the examination venues.

For a comprehensive update of the FAIS Circular 7/201, please refer to FAIS Circular 2/2012, Information Circular: Regulatory Exams on the FSB website (www.fsb.co.za).

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