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FSB Presentation BANKSETA Conference 26 October 2007 Charene Nortier FSB Presentation BANKSETA Conference 26 October 2007 Charene Nortier

Current position in terms of FSPs l l l Small FSPs: Medium Impact: High Current position in terms of FSPs l l l Small FSPs: Medium Impact: High Impact: 10 376 3 157 268 2

Categories of FSPs l There are 3 categories: l l l Category I: Advice Categories of FSPs l There are 3 categories: l l l Category I: Advice and Intermediary Services Category II: Discretionary License Category III: Administrative License 3

Category I l There are 19 sub-categories, broadly grouped as: l l l l Category I l There are 19 sub-categories, broadly grouped as: l l l l Long term insurance Short term insurance Assistance Business Deposit taking Shares and Securities Collective Investment Schemes Pension Fund Benefits Health Care Benefits 4

What is required? l The FAIS Act requires: l l l S. 8(1)(i) Honesty What is required? l The FAIS Act requires: l l l S. 8(1)(i) Honesty and Integrity S 8 (1)(ii) Competence Fit and Proper: l Table A, B and C: l l l Experience Minimum Qualifications Conditions 5

“Appropriateness” l an “appropriate” certificate, diploma, skills programme or degree, refers to such academic “Appropriateness” l an “appropriate” certificate, diploma, skills programme or degree, refers to such academic qualifications obtained in the fields of commerce and/or commercial law which includes modules on financial accounting, financial markets, commercial law, insurance law, estate and trust law and similar subjects, or other particular fields of study which equip such person to render a financial service in a specialised class of financial product, registered by SAQA and provided by a registered higher institution whether local or foreign 6

What is the situation? l Total FSPs: 14 211 l l Total KI’s: 18 What is the situation? l Total FSPs: 14 211 l l Total KI’s: 18 664 KI’s with conditions: 10 843 (58%) KI’s without conditions: 7 821 (42%) Assume that the % is same for Representatives: l l l Total Reps: 65 737 58%: 38 128 not meet the conditions 42%: 27 609 meet conditions 7

Amendment l BN 68 of 2007: l Amended F&P compliance dates l l l Amendment l BN 68 of 2007: l Amended F&P compliance dates l l l Licensed/ appointed 2004: 31 December 2008 Licensed/ appointed 2005 – 2009: 31 December 2009 Extended exemption regarding certain minimum qualifications (Cat 1. 1 and 1. 19) l l l Only applies to FSPs that applied in 2004 Meet Column 3: 31 December 2009 Meet Column 4: 31 December 2011 8

Compliance dates License date Compliance date On or before 31 December 2004 Total FSPs: Compliance dates License date Compliance date On or before 31 December 2004 Total FSPs: 1 377 31 December 2008 Between 1 January 2005 and 31 December 2009 Total FSPs: 12 909 31 December 2009 9

Scenarios we need to take into account 1/10/2004 31/12/2008/9 1/10/2004 – 31/12/2009 KI’s and Scenarios we need to take into account 1/10/2004 31/12/2008/9 1/10/2004 – 31/12/2009 KI’s and Representatives Meet the Column 4 Requirements: • 31/12/2008 • 31/12/2009 1/1/2010 and on A: Existing KI’s and Reps: No changes to their conditions B: Group A, but want to add categories to their licences/ registration C: New entrants, post 2009 10

Where to in the future? l l l Experience: gain under strict supervision Minimum Where to in the future? l l l Experience: gain under strict supervision Minimum education requirements: likely to be similar to current minimum requirements Conditions: probably based on l l Series of qualifying exams Based on standards set by industry and FSB Results recorded by SAQA Can be acknowledged against qualifications 11

Questions? Questions?