The Determination of Fit and Proper Requirements for Financial Services Providers (BN194 of 2017) prescribes that an FSP, a KI and a Rep must have a qualification recognised by the Financial Sector Conduct Authority (FSCA). The FSCA, either on application by a person or at their own initiative will recognise a qualification for each category of FSP and for the different types of financial services and financial products. It is the FSP and the Key Individual’s responsibility to make sure that a Rep has a relevant qualification for the financial products and services which they are appointed for. To do this, the FSP and Key Individual must check a Rep’s qualification against the list of qualifications which the FSCA has recognised. If a qualification is not on the list, an application can be made to the FSCA in this regard.
The FSCA recently published FSCA FAIS Notice 36 of 2019 which contains 12 lists of recognised qualifications for FSPs, KIs and Reps for each of the licence categories.
These listed qualifications are recognised in terms of section 24 of BN194 of 2017 and are also deemed to be recognised in terms of section 52(2) (Transitional provisions) of the same Determination, for FSPs, KIs and Reps.
The lists will assist in providing clarity regarding meeting the qualification aspect of the Competence Requirements for FSPs, KIs and Reps.