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
Last week Sake24 reported that thousands of people selling
entry-level financial services products to the entry-level market have received
They will in time write exams specifically developed for
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
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.
For more business news in Afrikaans, go to Sake24.com.