FAIS

BRC Workshops

BRC offers Regulatory exam preparation workshops to assist you with the self study that is imperative for you do.

2 day, public or in-house preparation workshop with a question and answer session plus additional questions and answers sheets for self-study purposes.

2 day, One-on-One preparation workshop for delegates who prefer not to be in a group environment or who are finding it difficult to pass the exams. (Maximum 3 delegates)

What you gain from BRC workshops

  • Breakdown of INSETA material
  • Understanding of knowledge criteria
  • How to approach self-study
  • What to expect in the exam
  • Question and answer session
  • Taking the fear out of writing the exams
Please contact us for available dates or a quote.

1st Level Regulatory Exams

Are general exams varying across all categories of the financial services industry.  These exams focus on the FAIS and FIC Acts.
These exams are compulsory for all Representatives and Key Individuals regardless of which category or sub-category you are licensed under.

Time frames for completing the Regulatory One Exams:

There are different dates by when you must have completed the Regulatory One Exams.  The cut-off dates depend on the date you were first registered as a Representative with the FSP:

  • Registered prior to 2009: 30 June 2012
  • Registered from January 2010 onward: 2 years from your date of appointment with the FSP
  • If you have written and failed the exam, you have until 30 September 2012 to rewrite.

2nd Level Regulatory Exams

Once you have written and passed the Fais Regulatory Level One Exam you will need to write the Regulatory Level Two exams which are product specific exams relating to the product category or sub-categories for which you are registered to render financial services.

These exams are product specific testing your technical knowledge and skill that you should have when dealing with the different financial products.

Time frames for completing the Regulatory Two Exams:

There are different dates by when you must complete the Regulatory Two Exam and this depends on the date you were first registered as a Representative with an FSP:

  • Registered prior to 2009: 30 December 2013
  • Registered from January 2010 onward: 6 years from your date of appointment with the FSP

Please refer to our website Board Notice 44 of 2010 for clarify on qualifications that are exempted from writing the Level 2 Regulatory Exams.

It is very important to note that if you are registered to render financial services in more than one sub-category you will be required to write a Level 2 Regulatory Exam for each sub-category.

For example:

FSP licensed for Short Term Commercial Lines, Long Term Category C and Health Service Benefits may have to do up to three separate Level Two exams (in addition to the mandatory Level One exam) i.e. 4 exams in total.

What exams do I need to complete

If you have been authorized, approved or appointed as a sole proprietor, key individual or representative between 2004 to 2009, then you need to
  • complete the level 1 regulatory examination by 30 June 2012, and
  • complete the level 2 regulatory examination by 31 December 2013
If you are a sole proprietor applying for authorisation from 2010 onwards, then you need to
  • complete the level 1 regulatory examination immediately / at the time that you apply for authorization for an FSP license, and
  • complete the level 2 regulatory examination within 6 years of authorization.
If you are a key individual applying for approval as a key individual from 2010 onwards, then you need to.
  • complete the level 1 regulatory examination before you apply for approval as a key individual.
If you are a key individual that also act as a Representative, then you need to
  • complete the level 1 regulatory examination before you apply for approval as a key individual, and
  • complete the level 2 regulatory examination within 6 years of approval.
If you are a representative appointed from 2010 onwards, then you need to
  • complete the level 1 regulatory examination within 2 years of the date that you have been appointed as a representative while you work under supervision, and
  • complete the level 2 regulatory examination within 6 years of approval while you work under supervision.

Difference between Credits and Regulatory Exams

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