Representatives who do not meet all the competency requirements are able to be appointed under supervision but are required to meet the necessary requirements by the prescribed deadline date. This deadline is measured from their date of first appointment and always falls on the 30th June.
A representative must obtain a relevant qualification by 30 June after the expiry of 72 months from the date of first appointment. This means that if a representative’s date of first appointment was 15 November 2009, then a relevant qualification must be achieved by 30 June 2016.
First level regulatory exam deadline
The first level regulatory exam requirement must be met by 30 June after the expiry of 24 months from the date of first appointment. This means that if a representative was appointed on 15 November 2013, then the deadline to pass the exam is 30 June 2016.
Failure to meet this deadline means that the representative will no longer meet the fit and proper requirements.
FSPs who have representatives acting under supervision and who are subject to the 30 June 2016 deadline either for meeting the qualification or regulatory exam requirement must ensure that these are met.