Fit and Proper for Key Individuals5 CPD
Board Notice 194 of 2017 issued in terms of FAIS contains a new Determination of Fit and Proper Requirements for Financial Services Providers, and came into effect on 1 April 2018.
It has introduced a whole new set of fit-and-proper requirements for FSPs, key individuals and representatives. Given that you – as the key individual – are the person responsible for ensuring that the financial services provider (FSP) complies with the legislation, it is crucial that you know what to comply with and how to comply; and this is, hopefully, what you will find in this short course.
This course covers two main aspects: firstly, the new fit-and-proper requirements applicable to you as a key individual; and secondly, your responsibilities as regards these requirements in your FSP.
Once you have completed this course you will be able to:
- know the fit-and-proper requirements for key individuals in terms of honesty, integrity and good standing, competence, CPD, operational ability and financial soundness.
- know and be able to apply the fit-and-proper requirements when appointing natural or juristic representatives, know what the remuneration requirements are, and be able to deal with the termination of the services of a representative.
- establish policies, systems and mechanisms to ensure the competence of people who render financial services in your FSP, evaluate and review their competence, establish policies and procedures on CPD, and implement and maintain a competence register for your FSP.
- implement processes to enable your FSP to meet the governance requirements stipulated in Board Notice 194 of 2017.
- apply the requirements regarding outsourcing of functions to persons other than representatives of the FSP, and be able to review and manage outsourcing contracts.
- know the financial soundness requirements for different categories and sub-categories of FSP, and be able to calculate whether your FSP complies with the financial soundness requirements set out in Board Notice 194 of 2017.
Who Should Register
- Key Individual