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FSB Presentation

FSB Presentation. BANKSETA Conference 26 October 2007 Charene Nortier. Current position in terms of FSPs. Small FSPs: 10 376 Medium Impact: 3 157 High Impact: 268. Categories of FSPs. There are 3 categories: Category I: Advice and Intermediary Services

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FSB Presentation

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  1. FSB Presentation BANKSETA Conference 26 October 2007 Charene Nortier

  2. Current position in terms of FSPs • Small FSPs: 10 376 • Medium Impact: 3 157 • High Impact: 268

  3. Categories of FSPs • There are 3 categories: • Category I: Advice and Intermediary Services • Category II: Discretionary License • Category III: Administrative License

  4. Category I • There are 19 sub-categories, broadly grouped as: • Long term insurance • Short term insurance • Assistance Business • Deposit taking • Shares and Securities • Collective Investment Schemes • Pension Fund Benefits • Health Care Benefits

  5. What is required? • The FAIS Act requires: • S.8(1)(i) Honesty and Integrity • S 8 (1)(ii) Competence • Fit and Proper: • Table A, B and C: • Experience • Minimum Qualifications • Conditions

  6. “Appropriateness” • an “appropriate” certificate, diploma, skills programme or degree, refers to such academic qualifications obtained in the fields ofcommerce and/or commercial law which includes modules on financial accounting, financial markets, commercial law, insurance law, estate and trust law and similar subjects, or other particular fields of study which equip such person to render a financial service in a specialised class of financial product, registered by SAQA and provided by a registered higher institution whether local or foreign

  7. What is the situation? • Total FSPs: 14 211 • Total KI’s: 18 664 • KI’s with conditions: 10 843 (58%) • KI’s without conditions: 7 821 (42%) • Assume that the % is same for Representatives: • Total Reps: 65 737 • 58%: 38 128 not meet the conditions • 42%: 27 609 meet conditions

  8. Amendment • BN 68 of 2007: • Amended F&P compliance dates • Licensed/ appointed 2004: 31 December 2008 • Licensed/ appointed 2005 – 2009: 31 December 2009 • Extended exemption regarding certain minimum qualifications (Cat 1.1 and 1.19) • Only applies to FSPs that applied in 2004 • Meet Column 3: 31 December 2009 • Meet Column 4: 31 December 2011

  9. Compliance dates

  10. Scenarios we need to take into account 1/10/2004 31/12/2008/9 1/1/2010 and on A: Existing KI’s and Reps: No changes to their conditions 1/10/2004 – 31/12/2009 KI’s and Representatives • Meet the Column 4 • Requirements: • 31/12/2008 • 31/12/2009 B: Group A, but want to add categories to their licences/ registration C: New entrants, post 2009

  11. Where to in the future? • Experience: gain under strict supervision • Minimum education requirements: likely to be similar to current minimum requirements • Conditions: probably based on • Series of qualifying exams • Based on standards set by industry and FSB • Results recorded by SAQA • Can be acknowledged against qualifications

  12. Questions?

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