On 26 March 2020 the FSCA published an updated list of recognised qualifications for FSPs, Key Individuals and Representatives (FSCA FAIS Notice 16 of 2020), which replaces the previous list published by FAIS Notice 36 of 2019.
The list includes qualifications which are recognised for each Category of FSP (i.e. Category I, II, IIA, III and IV) and product category, as well as those qualifications recognised for the transitional period. The lists can also be accessed and downloaded from the FSCA’s website in excel spreadsheet format, making it easier to search.
In terms of Board Notice 194 of 2017 (Fit and Proper Requirements), an FSP, a Key Individual and a Representative must have a qualification which has been recognised by the FSCA, unless the qualification requirement does not apply. Either the FSCA will recognise a qualification on its own initiative, or an application can be submitted to the FSCA requesting a qualification to be recognised. The application form can be downloaded from the FSCA’s website and must be accompanied by the required application fee. There are criteria set out in the Fit and Proper Requirements which will be considered by the FSCA in assessing the appropriateness of a qualification.
It is advisable for an FSP or a Key Individual to check that they have a qualification that is recognised for the category(ies) of FSP and each product category prior to submitting an application to the FSCA. Furthermore, an FSP must, before appointing a Representative, ensure that the Representative has an appropriate qualification for the licence and product categories the Representative is to be appointed for. Representatives appointed to act under supervision, or a person looking to enter the industry, should consult the list of recognised qualifications and the qualification criteria before deciding which qualification to enrol for, to avoid wasting time and money on a qualification that does not meet requirements.