Since the introduction of the FAIS Act, the South African Financial Service industry has been layered over with stipulation after stipulation. All of these terms point to one relatively simple idea: In order to continue practicing within the financial services sector, one must either be part of a service provider that has the necessary qualifications and training programs, as stipulated by the FAIS Act, or write the Mandatory Examination before the stipulated cut-off date.
The cut-off date has now been set at June 30th, 2012. Any professional affected by the FAIS Act must write the Regulatory exam by the deadline or face being debarred from further work in the industry. However, individuals who have been part of the industry since before 2010 will have until the end of September 2012 to complete the exam.
Subsequently, any professionals that started working in the industry in 2011 will have until December 2013 to complete the exam, and those who started in the first half of 2012 will have until December 2014 before risking debarment. However, it is strongly advised that the exam be written as early as possible to avoid potential glitches and mishaps.
The Learn Café provides training to individuals and groups looking to become compliant with the FAIS Act. The courses and training are dedicated to getting the client ready to successfully complete the FAIS Regulatory Examination (Level 1).
To learn more about how to effectively develop skills that will aid you in becoming a Financial Advisor, visit The Learn Cafe’s dedicated FAIS Training website to sign up and focus on preparing for the Level 1 FAIS Regulatory Exam, which is designed for Key Individuals and Representatives.
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