Subject Title - INSETA

2.3.5 Experience requirements for key individualsThe key individual's experience is one of the crucial elements whichdetermines whether he will be approved by the Registrar or not.When discussing the experience requirements for key individuals, one has todistinguish between general management experience and experiencerequired in a specific product category.General management and oversight experienceKey individuals of a Category 1 FSP must, on date of approval by theRegistrar, have at least one year‟s practical experience in the management oroversight of the activities of a business. Such experience:could have been gained either within or outside South Africacould have been gained during intermittent periods, not more thanfive years prior to the application of the approval of the keyindividual; andmay have been gained in the management or oversight of servicessimilar to or corresponding to the financial services rendered by theFSP.For key individuals of Category II and IIA FSPs, the requirement is similar,except that the key individual must have actually provided the financialservices in relation to the subcategories on date of approval. A key individualof a Category III FSP must have three years‟ practical experience gained inthe rendering of financial services in that category, in addition to meeting therequirement for one year management/oversight experience.Management and oversight experience must already exist when the keyindividual applies for approval; it can never be obtained under supervisionwhilst the key individual is fulfilling the duties of a key individual in terms ofthe Act. 1717 Generally in Section 4 of BN 106 – all FSP categories32 © INSETA - Section 1 12a