First Level Regulatory Examination: Representatives

NB!!

Clarification on who should be writing these examinations:
If you are a key individual, you will have to write the first level regulatory examination for key individuals (RE1)
if you are a representative you will have to write the first level representative examination (RE5).
If you are a sole proprietor, or if you fulfil the roles of both the key individual and representative, you will be required to write both examinations.

First Level Regulatory Examination Preparation: REPRESENTATIVES

Course Overview

All Representatives, including those employed or mandated by an FSP, who render a financial service to a client (excluding a person rendering clerical, technical, administrative, legal, accounting or other service in a subsidiary or subordinate capacity which does not require judgment or does not lead to a specific transaction in respect of a financial product in response to general enquiries) are required to write this examination.

This examination will test your understanding of:

  • The role and responsibilities of the Representative and Key Individual,
  • The Representative’s contribution towards the maintenance of the FSP’s license in accordance with the FAIS Act,
  • The Fit and Proper requirements and services under supervision,
  • The ability to execute the actions required of a Representative in terms of the Code of Conduct,
  • Representative’s obligations when receiving client funds or premiums, handling complaints, custody, risk management, insurance, advertising and termination,
  • Disclosures to clients,
  • Ethical conduct,
  • The consequences of fraudulent behaviour,
  • The debarment process will also be tested,
  • Knowledge of the financial products,
  • FICA requirements and requirements relating to proper record keeping activities,
    and more.

Course Duration

2 day public workshops or in-house group sessions.

Who Should Attend

All delegates already appointed as REPRESENTATIVES, KEY INDIVIDUALS and/or SOLE PROPRIETORS with a licenced FSP in categories I, II, IIA, III, and IV.
All NEW entrants who entered the Financial Service Industry after 1 January 2010.

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