Subject Title - INSETA

For example, a person may have started an insurance or banking career on 1June 2006. The person was not appointed as a representative at that stage.On 1 September 2008, the person started in a new function, with the sameorganisation (or another one), as a FAIS representative. This date – 1September 2008 – is the „date of first appointment‟ for purposes of the FAISAct.What are the fit and proper requirements for representatives?The fit and proper requirements for all representatives include the following:3.3.2 Honesty and integrityThe requirements in terms of honesty and integrity are the same for keyindividuals and representatives.The FSP, in appointing or mandating a representative, may refer to anyinformation it has or anything that is brought to its attention, relating to theapproval of the representative. 24The FAIS Registrar has similar powers, even though the FSB does notapprove or appoint a representative, the Registrar may still use information ithas, to question the approval of a representative or even to debar arepresentative.As with key individuals, the honesty and integrity requirement is ongoing andthe FSP must ensure that the representatives appointed and mandated toprovide financial service remain qualified in terms of these personalattributes.To achieve this, the representative must declare to the FSP on a regular basisif there is any change in his personal situation that affects his statusnegatively 25 .24 This is implied in Section 13(2) and 8(2)(b) of the Act25 This is implied in Section 13(2)(b) of the Act62 © INSETA - Section 1 12a