Subject Title - INSETA

Let‟s look at a summary of the competence requirements for representatives:Experience Qualification Regulatory exam Experience relates tothe products in thesubcategories for A completedqualificationfrom the list of First level regulatoryexamination forrepresentatives.which therepresentative isappointed.recognisedqualificationsappropriate to The first-levelregulatory examinationmust be completed The amount ofrepresentatives. successfully within tworequired experience(years) depends on Qualificationswhich are(2) years from date offirst appointment.the productsubcategory for whichthe representative isappointed.applicable tospecific productsubcategoriesmay also be Second-level regulatoryexaminations for eachof the productsubcategories that the The experience may obtained.representative isbe gained whilst The qualification responsible for.working undersupervision.can be obtainedwhilst workingundersupervision. The second-levelregulatory examinationsmust be successfullycompleted within six (6)years from the date offirst appointment. The first- and secondlevelregulatoryexaminations may becompleted whilstworking undersupervision.Representatives render a financial service that consists of either advice orintermediary service, or a combination of both.The FAIS Registrar does not issue licences to representatives, nor does theRegistrar "approve" representatives.The FSP appoints representatives and carries all the responsibilities inrelation to ensuring that the representatives are fit and proper and complywith legislation and the FAIS subordinate legislation in particular (like theGeneral Code).78 © INSETA - Section 1 12a