Many financial intermediaries yet to pass regulatory exams

Joe Kotz?, National Manager: Compliance at the FIA

Latest statistics from the Financial Services Board (FSB) reveal that a shocking 51,34% of key individuals and 61,53% of representatives are yet to pass the Regulatory Exams. With just 10 weeks to go until the 30th June 2012 deadline, and confirmation fro

This is according to Joe Kotzé, National Manager: Compliance at the FIA, who says providers who do not pass the relevant regulatory exams will have their licences withdrawn and will not be able to practise until they do write and pass the exam.

“Financial intermediaries that have their licences withdrawn will have to reapply to become an authorised financial services provider again. Key individuals, Sole proprietors and Representatives who do not pass the representative exam will not be able to give advice or render intermediary services until they successfully complete the exam.”

Kotze says reapplying for a licence can take up to 6 weeks until authorisation is granted. “The consequences of losing a license are extremely severe, considering the providers will no longer be generating cashflow, they could suffer severe financial loss and risk losing clients. Losing a license will also result in representatives and staff of the provider being left without a job and income.”

“There is no way to escape writing the Regulatory Exams, so those intermediaries still to pass the exams must make an effort to write the exams, bearing in mind that if they fail the exam they do have the opportunity to pass before the rewrite deadline of 30^th September 2012.”

“Those who have not yet registered must ensure they do so before 8^th June 2012 in order to give the examination bodies 15 working days to prepare, as the actual last day of writing the exam is Friday 28^th June 2012.”

Kotze says those who qualify to rewrite the exam after failing the June exam must also note that the final date for registering is the 6^th of September in order to write on the 28^th of September 2012.

“We urge everyone who must still complete these exams to get into the act and become part of the positive trend towards professionalising the industry. Register now and put your study plan into action,” concludes Kotze.

If anyone needs additional assistance they are welcome to contact Joe Kotzé at the FIA via telephone on 012 665 0085 or e-mail joe@fia.org.za.