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Watchdog probing irregularities in financial planning exams

Jun 19 2018 07:47
Lameez Omarjee

Cape Town – The Financial Services Conduct Authority (FSCA) is investigating allegations of irregularities in regulatory examinations of the Financial Planning Institute (FPI).

According to a statement issued by the FSCA this week, it was alerted to the alleged irregularities by a third party. The FSCA has instructed the FPI to discontinue regulatory exams.

Exam body Moonstone is to conduct future exams until further notice.

The FSCA said that those who had written the exam in the past will not be affected by the development, except for those implicated in the alleged irregularities.

The FSCA is investigating the matter to determine the full extent of the allegations, the statement read.

“Where wrongdoing is established, the appropriate regulatory action will be taken. The FSCA takes these allegations very seriously and will continue to protect the integrity of the examination.”

The FSCA replaced the Financial Services Board after the Twin Peaks model for financial sector regulation came into effect in April.

Part of the FSCA’s objectives is to provide financial education programmes and promote financial literacy.

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