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IISA: FAIS Fit & Proper - Part-Qualification Recognition

02 October 2009 The Insurance Institute of South Africa (IISA)

Where a person appointed in 2004 to 2007 has enrolled for a full FAIS Fit and Proper qualification, but will not be able to complete the full qualification by 31 December 2009, this person can apply for “Part-Qualification Recognition” which means thatFinancial Services Board (FSB) will recognise the credits accumulated to date by 31 December 2009 provided that the full qualification is completed by 31 December 2011.

The following criteria apply:

· The person must currently be enrolled / must be a current student

· The person must provide a statement of credits to show what subjects / modules have already been completed in order for us to see what is still outstanding

· The person must have passed at least one module or subject and must have a reasonable chance in completing the full qualification by 31 December 2011.

The FSB hasreceivedapplications whereindividualswith no creditssince2004 and have now undertaken toenroll for a full qualification in order to obtain “dispensation”.Furthermore, the FSBhave noted applicationswhere individuals have only written one or two examinations for subjects and have failed both subjects, so in effect, theywouldnot have achieved a single credit for the 31 December 2009 deadline. These applications are declined because the purpose of this application process is to give those individuals who have actively studied and who have committed to a full qualification, but cannot practically complete the full qualification in time, the opportunity to obtain the full qualification.

Apply

The application forms will be made available on the IISA web site and completed forms must be submitted to the FSB. For more information, contact the Financial Services Board, http://www.fsb.co.za/.

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