Subject Title - INSETA

PurposeIn Chapter 4 you will learn when and under what conditions representativesmay perform services under supervision.The 2010 fit and proper requirements make provision for people who are notquite as competent as they should be on appointment (as far as the requiredqualifications are concerned), to continue with their activities whilst gettingthe required experience or qualifications. These services will then berendered under supervision.4.1 WHEN CAN REPRESENTATIVES ACT UNDER SUPERVISION?4.1.1 When can representatives act under supervision?It is not always possible to appoint representatives who meet the experienceand qualification requirements at date of appointment. Therefore, the FAISRegulator provided an exemption (published in Board Notice 104 of 2008)from the requirement in Section 13 (2) of the Act, which requiresrepresentatives to meet all the fit and proper requirements when renderingfinancial services.In terms of the exemption, 35 representatives will not have to comply inrespect of experience qualifications and regulatory examinations with thestandards set for the representatives at the date of appointment.The exemption allows representatives to gain experience, get qualificationsand complete the regulatory examinations whilst working under supervisionin Categories I, II, IIA, III and IV.The exemption is subject to certain conditions, which are discussed later inthis chapter.Representatives can only be offered the opportunity to work undersupervision if the authorised FSP can satisfy the Registrar that it has therequired operational ability to facilitate services under supervision. 3635 Published in Board Notice 104 of 200836 Section 4(1)(a) of BN 10486 © INSETA - Section 1 12a