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FSB test deadline extended

Cape Town – The Financial Services Board (FSB) has again accommodated financial advisers and brokers who failed to write the compulsory examinations by the end of June.

They can get extension to July 15 to “put their case to the registrar”, according to a statement issued on Friday.

“The registrar will review every individual case and take a decision on each.”

It's also the deadline for people selling products in specific categories, to whom the FSB a week ago gave special exemption to an undetermined date.

Last week Sake24 reported that thousands of people selling entry-level financial services products to the entry-level market have received indeterminate exemption.

They will in time write exams specifically developed for them.

The FSB said most representatives of financial services providers wrote the regulatory exam in terms of the Fais Act before end-June.

Only those appointed before January 2010 were required to write the exam now.

Those who have not written the exam “at least once” before the cut-off date may possibly be unable to continue doing business.

FSB comunications specialist Tembisa Marele denied that it was a “general exemption” and said that each case would be considered on its merits.

Magnus Heystek of Brenthurst Wealth said that the extension has been welcomed.

The exams come at a very inconvenient time for people in the industry, who are already under pressure.

According to him there is great “discomfort” about regulation through exams.

He said that people who have been in the industry for 30 years, and against whom no complaints have ever been lodged and who have achieved considerable success in the industry, now have to be treated the same as someone who started working two years ago and still knows nothing.

He says many skilled people have left the industry because they are not prepared to write the exam at the age of 60 of 65.

Brokers or advisers who wish to ask the Financial Services Board for extension or who have for some or other reason not written the exam, should send their explanations to FAIS.Exemptions@fsb.co.za.

 - Sake24

For more business news in Afrikaans, go to Sake24.com.

 
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