Subject Title - INSETA

If there is a change in the circumstances of the key individual that affects herhonesty and integrity adversely, the FSP is responsible to advise theregulator and also tell the regulator what action the FSP has taken –including debarment (which we discuss later) of the key individual.This notification is also referred to as a profile change – which we discusslater.Section 8(4)(b) of the FAIS Act states that:if there is any change in the personal circumstances of a keyindividual which affects the fit and proper requirements and rendersor may render such person to be no longer a fit and proper person,no such person may be permitted to take part in the conduct ormanagement or oversight of the licensee‟s business in relation to therendering of financial services,unless such person has on application been approved by the registrarby the registrar by notice in the Gazette.In addition, Section 2(b)(ii) of Board Notice 122 of 2003, states that the FSPis responsible for providing the Regulator with full disclosure on steps thatthe key individual and the FSP intend to take in order to comply fully with therequirements of honesty, integrity and competence in due course. i2.3.4 Competency requirements for key individualsThe competency requirements for a key individual include 16 :minimum experience requirementsrelevant qualification requirementscompletion of relevant regulatory examinations; andongoing compliance with continuous professional development (CPD)requirements.16 Section 3(2) of BN 106© INSETA - Section 1 12a 31