RE 1 – For Key Individuals – Online

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RE 1: Key individuals: Categories I, II, IIA, III & IV

FSP’s now operate in a more regulated environment after anti-money laundering legislation and an act governing the advisory and intermediary industry‛s professionalism was passed in 2002/2003. The Financial Advisory and Intermediary Services (FAIS) Act was passed by Parliament, promoting the fostering of good business ethics. Client relationships are also affected by the Financial Intelligence Centre Act (FICA), legislation established to combat money laundering.
The FAIS act prescribes that key individuals and representatives of FSP’s must be declared fit and proper to render advisory and intermediary services to clients. These requirements are applicable to the honesty and integrity as well as the competency of the key individuals and representatives. As part of the competency requirements key individuals and representatives are required to display knowledge of the various legislation governing the financial services industry. Their competency is tested by means of the Regulatory Examination Level 1 developed under the leadership of the Financial Sector Conduct Authority (FSCA)
FSP’s are licensed to provide certain services, grouped as service categories, in relation to certain financial products, grouped as sub-categories. Key individuals and representatives are approved and appointed to be operative within certain product categories and sub-categories.
This guide is designed to familiarise the reader with the Acts, Codes of Conduct and other legislation applicable to representatives operating in Category I, II and IIA, III and IV. Both content and practical application of the applicable statues are considered. This guide is a valuable tool in the preparation for FAIS RE1 examination as all knowledge criteria (as published in Board Notice 194 of 2017) accessed in the examination is covered.

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All rights reserved. No part of this publication may be reproduced, distributed, or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior written permission of the author, except in the case of brief quotations embodied in critical reviews and certain other non-commercial uses permitted by copyright law.

Instructor

Eugene Vermeulen

Eugene has vast experience in the Financial Services Industry. As Head: Examination Body at the Financial Planning Institute of Southern Africa, he was part of a team responsible for the trial, piloting and delivery of Regulatory Examinations to the Financial Services Industry. At Forward Personal and Business Excellence Institute, Eugene will guide you through the various regulatory exams as well as other regulatory requirements to be fit and proper in the Financial Services Industry.
R950.00