Read more about Masthead’s easy-to-use online Competence Register
The Fit and Proper requirement to implement a Competence Register came into effect on 1 May 2018.
FSPs must be able to report to the Registrar if asked to do so, and therefore must establish a Competence Register where they must keep a record of all qualifications, regulatory exams, class of business and product specific training (provided both internally and obtained externally) and CPD.
The Competence Register must be updated with all class of business and product specific training completed by the FSP, its Key Individuals and Representatives within 15 days after the training occurred and retain all information and documentation relating to the training for at least 5 years.
For a schedule of timelines outlining the various requirements that need to be implemented and complied with before each deadline date, click here.