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FAIS FIT & PROPER BEYOND 2009…

FAIS FIT & PROPER BEYOND 2009…. JANE APPASAMY. Road Map…. Background and Context Why it all began… Where it all began… How F & P has evolved… Going forward into 2010 The “old” & the “new” 2004 vs 2008 Importance of “DOFA” “Transitional” generation versus “non-transitional”

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FAIS FIT & PROPER BEYOND 2009…

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  1. FAIS FIT & PROPERBEYOND 2009… JANE APPASAMY

  2. Road Map… • Background and Context • Why it all began… • Where it all began… • How F & P has evolved… • Going forward into 2010 • The “old” & the “new” 2004 vs 2008 • Importance of “DOFA” • “Transitional” generation versus “non-transitional” • Competence focus

  3. Why it all began? • Image of industry – tainted by unscrupulous/dishonest behaviour • Professionalizing industry meant qualifications, experience and accountability for staying current (like most other professions) • In order for Financial Planning seen as a serious career choice, had to have “serious” criteria…

  4. Where it all began… • FAIS introduced into the financial services world…2004 • Determination of Fit & Proper 2004 • All the fuss was about Columns 1,2,3 and 4!!! • Concern at the time – meeting column 4 requirements • No CPD • No Regulatory Exams • No “transitional arrangements” • Just Financial soundness; Honesty & Integrity, Operational Ability, Competency (S.H.O.C.)

  5. COMPETENCE HONESTY & INTEGRITY EXPERIENCE REPRESENTATIVE QUALIFICATONS CPD REGULATORY EXAMS 2008 Fit & Proper requirements NEW NEW

  6. How Fit & Proper has evolved BOARD NOTICES 103,104,105,106, of 2008 DETERMINATION OF FIT & PROPER 2004 Column 3 & 4 requirements “Entry” & “deadline” requirements. Qualifying criteria Relates to knowledge & skill. List of Recognised Qualif: Content must satisfy the qualifying Criteria.

  7. Date of first appointment • Critical to determine whether “transitional” or not • “Break” in service: take original date of appointment in industry

  8. The ’04-’09 “transitional generation” All representatives appointed between September 2004 and 31 December 2009 can be grouped into the following groupings: CHOICE: credits/whole qual. Group 1: Appointed between September 2004 & 31 December 2007 Group 2: Appointed between 1 January 2008 & 31 December 2009 CREDITS: 31 DEC 09 DEADLINE QUALIFICATION & RE: 2011 & 2013 DEADLINE

  9. T R A N S I T I O N A L TRANSITIONAL versus “NON-TRANSITIONAL” Appointed 2004-2007 Appointed 2008 Appointed 2009 BEYOND 2009….. Appointed 2010 onwards…

  10. Competence in more detail… • Experience; • Qualifications (qualifying criteria) • Regulatory Exams

  11. Qualifications unpacked… 1. GENERIC – “G” - Content generic - Also complete product specific Regulatory Exams 2. SPECIFIC “S” - 80% of contents specific - If completed end 2009 exempted from product specific RE - Falls away from Jan 2010

  12. Qualifications unpacked… 3. SPECIFIC “SP” - Match qualifying criteria 100% in terms of contents - Exempted from product specific RE - Applies only from 2010 onwards

  13. Beyond 2010: ’04-’09 generation • Did not meet deadline of Dec 2009 • No longer fit and proper • Remove from Representative Register • 31 December 09 – debarment and must follow reinstatement process • E.g. 20 Dec 09 - remove with 3A, not debarment, no reinstatement necessary (1A) • FSP – competitors & non-advice positions • Awaiting clarity from FSB re requirements. • Reintegration to advice-giving position

  14. The “2010 onwards generation” Experience: -Must be product specific -Can be gained under supervision -Depends on product subcategory • Qualification: • -Completed qualification • from list of recognised • qualifications appropriate • Can be obtained under • supervision Regulatory Exam: -Level 1 must be completed 2 yrs from appt. -Level 2 within 6 yrs from date of first appt. -May be completed whilst under supervision

  15. Thank you…

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