Subject Title - INSETA

epresentatives working in Subcategories 1.1 Long-term InsuranceCategory A and/or 1.19 Friendly Society Benefits must have thefollowing entry level qualifications when appointed by the FSP:– ABET Level 1; or– the proven ability to read, write and calculate to thesatisfaction of the FSP. 39The representative must complete an „appropriate‟ full qualificationwithin the prescribed date.The key individual is responsible for the management and oversight of therepresentatives who are rendering financial services under the FSP licence forwhich the key individual is appointed. As such, services under supervisionmust also be managed by the key individual.Exemption from competence requirements for Category II, IIA and IIIrepresentatives to qualify for the exemptionRepresentatives working in these categories must have a degree or similarprofessional qualification that meets the qualification requirements (discussedin Chapter 3) when appointed by the FSP:Board Notice 104 provides the following important definitions:Direct supervision means the supervision of the financial services rendered bya representative under the guidance, instructions and supervision of asupervisor, and which occurs on a regular (ranging between daily andweekly) basis.Ongoing level of supervision means the way in which supervision is exercisedafter the initial period of services under direct supervision has beencompleted, but the supervisee still requires supervision, and such supervisionoccurs on at least a bi-weekly to monthly basis.Investment team meetings means morning meetings and/or similarlystructured meetings that refer to the practice of discretionary financialservice providers where the investment team discusses and decides on theinvestment policy, strategy or the implementation of a specific investmentdecision.39 Ibid© INSETA - Section 1 12a 89