NEWS:

FAIS ACT: AMENDED FIT AND PROPER REQUIREMENTS
12/21/2017

The long awaited amended Fit and Proper requirements for financial services providers (FSPs) were published in the Government Gazette last week.

The requirements are set out in Board Notice 194 of 2017 issued under FAIS.

The Board Notice deals, among others, with the following requirements:

– Honesty, integrity and good standing
– Competence requirements (including minimum experience, minimum qualifications, regulatory examinations, class of business training and product specific training)
– Continuous Professional Development (including minimum CPD hours and reduction of CPD hours)
– Operational ability (including governance requirements, additional requirements applicable to FSPs that provide automated advice, outsourcing to a person other than a representative of the FSP, representatives and their appointment and key individuals)
– Financial Soundness (including requirements for specific categories of FSPs and their juristic representatives).

The Board Notice comes into operation on 1 April 2018, except for certain specified sections which will take effect later during 2018/2019.

A copy is available under the download section on our site.

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