1. Stefanie Mackenzie

2. 2 2 Representatives (50 Questions) FSP II & IIA Exam (30) FSP 1.1 & 1.19 General Exam (50) FSP III Exam (30) FSP I & IV, II, IIA & III General Exam (80) 1 Long Term Cat ALong Term Cat BLong Term Cat CShort Term PersonalShort Term CommercialRetail Pension BenefitsPension Fund BenefitsCollective Investment SchemeSecurities & Instruments (x6)Friendly Society Benefits FSP 1.1 & 1.19 Level 2 (30) Assistance Business FSPForex Investment BusinessHealth Services BenefitsLong & Short Term Deposits

3. 3 Level 4 Level 3 Level 2 Level 1 Question Levels

4. 4 Predefined Layout Level one and two more in the beginning and end of questionnaire Level three and four in middle of questionnaire

5. 5 QuestionLevelQuestionLevelQuestionLevelQuestionLevelQuestionLevel 11 111 214 313 412 21 121 223 323 422 31 132 233 332 431 42 142 244 343 441 51 152 253 352 451 62 162 264 362 462 72 172 273 372 471 81 182 284 382 482 92 193 294 392 491 101 203 303 401 501

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7. 7 Closed Book examination; Pass mark 65%

8. 8 Question Data Bank ExaminationBodies IndividualExaminations

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10. 10 TaskTask Name 1Describe the role of the key individual in terms of the FAIS Act. 2Describe the role of the representative in terms of the FAIS Act. 3Manage and oversee the appointment of representatives. 4Manage the rendering of services under supervision. 5Manage and oversee the ongoing development/employment of representatives. 6Debar representatives that have been found to act fraudulently, or committed any other act that gives rise to debarment. 7Awareness of the regulatory environment in which the FSP functions 8Awareness of the specific obligations in terms of the relevant Code of Conduct and other subordinate legislation.

11. 11 TaskTask Name 9Oversee and manage the compliance functions as required by the FAIS Act. 10Maintain the license of the FSP including the management of the licensing conditions 11Take the necessary action if the FSP voluntarily lapses its license. 12Verify that the proper record keeping activities are carried out. 13Manage and oversee / participate in the setting up and/or managing of the infrastructure of the FSP. 14Manage and oversee the requirements that auditors/accounting officers must adhere to. 15Manage and oversee the FSP's adherence to the requirements of FICA and other relevant anti-money laundering legislation, as it applies to the FSP. 16Manage any processes required in the event of an investigation by the FAIS Ombud.

12. 12 Regulatory Examination - Key Individuals Qualifying Criteria per Task (184) 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 01020304050607080910111213141516

13. 13 TaskTask Name 1Execute the required actions as a Representative, in terms of the FAIS Act. 2Contribute towards maintaining a FSP licence. 3Adhere to the specific obligations in terms of the relevant Code of Conduct and other subordinate legislation. 4Apply knowledge of financial products. 5 Awareness of consequences for Representatives that have been found to act fraudulently, or committed any other act that gives rise to debarment. 6Align execution of duties and actions with the compliance requirements. 7Carry out the proper record keeping activities. 8 Adhere to the requirements of FICA and other relevant anti-money laundering legislation, as it applies to the FSP.

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15. 15 Follow invigilator instructions carefully Answers marked on the question papers will NOT be marked – i.e. 0% Ensure that you fill in the circles clearly –Colour in –Do not Tick or mark with a Cross Clearly enter you name, FSP number and ID number Sign the form Complete the date of the examination

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17. 17 Examination Terms and Conditions What is a re-mark? What is an appeal? Fees for the above Process for the above Refunds

18. 18 “Exam questions are designed to trip us up”! FSB endorsed training provider? 64% - now what? “Questions in the exam do not match my training material” Deadlines?

19. 19 Total number of authorised FSPs in SA: 10 768 Total number of approved Key Individuals: 12 694 Total number of Registered Representatives: 121 518 As at 26 October 2011

20. 20 Percentage of KIs that have written: 43.74% of KI population Percentage of Reps that have written: 35.27% of Rep population Majority of KIs and Reps that pass the exam obtain a result between 71 – 80% Majority of KIs and Reps that fail the exam obtain a result between 51 – 60% As at 26 October 2011

21. 21 Increase in the pass rate since roll-out = average of >3% per month for both exams Preparation is critical – systematic structured approach is proving to be the most effective Serious increase in cancellations from small FSPs / individuals since July 2011 and poor registration figures. Corporate are doing bulk enrolments – will have impact on availability of seats at examination venues. As at 26 October 2011

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24. 24 Letter received from a financial planner dated 20 September 2011

25. 25 We wish you success!

26. 26 Board Notice 103 of 2008 – provided broad guidelines re application process and requirements Lessons learned from the qualification application process – must differentiate between different types of applications to ensure the correct information is obtained New Board Notice to be published to provide more clarity in terms of application process and requirements NOTE: No changes to the CPD requirements. Only clarification regarding the application process.

27. 27 CPDApplication Training Providers / Conference Organisers Employers Professional bodies / industry Associations Individuals

28. 28 Employers / Professional Bodies / Industry Associations Can apply for recognition as a CPD provider Yearly submission of programmes scheduled for the next 12 months All individuals participating in this programme(s) must meet the requirements of the CPD provider CPD provider to supply monthly updates to Registrar – update the CPD records of learners Customised application form supplied

29. 29 Organisation to apply for recognition of individual CPD activities Customised application form supplied Individuals to apply to have own CPD activities recognised Individuals to apply to have own CPD activities recognised Customised application form supplied

30. 30 List of definitions to provide clarity re different types of CPD applications, etc. Purpose of CPD Specific conditions Recognised CPD programmes / activities Keeping of records and reporting Format of approval of CPD programmes Application forms

31. 31 CPD 1 – CPD Providers of CPD Programmes CPD 2 – CPD Providers of CPD activities CPD 3 – CPD programme and CPD activity recognition: Employers and/or Product suppliers CPD 4: Application Form: Individuals CPD 5: Application Form: Removal of CPD Programme or CPD Activity

32. 32 Submission of Board Notice to FAIS Advisory Committee: 23 November 2011 Publication of Board Notice: December 2011

33. 33 CPD BOARD NOTICE