Are you compliant?

FAIS and the regulatory exams FAIS Fit & Proper Local consumer law
Notification to Motor Dealers Notice Update to Motor Dealers

There are a large number of FAIS Representatives who think they are FAIS compliant but are NOT. These representatives will be debarred and their companies fined up to
R1 million.

Are you one of them? If you are not sure, answer the following questions:-

  1. Have you been registered as a representative with the FSB?
  2. Have you acquired a relevant qualification?
  3. If not - have you gained 60 credits towards a relevant qualification?
  4. Are these credits only core or elective unit standards? (Fundamental unit standards DO NOT count for Fit & Proper purposes).
  5. Are you sure your Training Provider has loaded your credits on the Inseta database?

At the request of some FSP's Expede runs a check on representatives to establish if the above requirements are in place. The results are that a number of representatives have not been registered with the FSB, and an even greater number do not have the minimum number of credits loaded on the Inseta database. In essence, this means these representatives are not Fit & Proper and may be debarred. The FSP might also be fined for not complying with the FAIS requirements.

As a FSP or representative, it is imperative to know your status . ( A quick reference on how to do this is at the bottom of this article). If you find you are not on the Inseta website or are short of credits, you should contact the Training Provider and request a detailed report of this omission.All the information should have been loaded by the deadline 31st December 2009.

If you are not registered with the FSB, contact your compliance officer / company and find out why you are not registered. You must be registered immediately. Please note that even if you have been practising for years, if you are only registered in 2010 this is considered your date of appointment or licensing.

What are the Fit and Proper Requirements?

There has been a lot of confusion about the minimum requirements and what changes have taken place. The following information is for awareness purposes. As From 1st January 2010, all Key Individuals and Representatives (who give advice on Short-term Personal Lines, Short-term Commercial Lines and Category B Long Term) were required to have the following minimum qualifications/credits:-
  • Date of 1st Licensing between 30th September 2004 and 31st December 2007 = F&I must have 60 credits @ NQF 4 by deadline 31st December 2009.
  • Date of 1st Licensing between 1st January 2008 and 31st December 2009 = has the OPTION of obtaining 60 credits @ NQF 4 by deadline 31st December 2011 OR appropriate qualification at NQF 4 by 2013.
  • Date of 1st Licensing from 1st January 2010 onwards = Minimum requirement: matric then must achieve an appropriate qualification at NQF 4 within 5 years of date of 1st licensing.

However this is NOT where the learning ends!!

Once you are on track with your minimum credits or working towards getting your qualification you will also be required to complete the following:-
  1. Regulatory Exam level 1 this examination will cover all the legislative requirements (i.e. Understanding FAIS Act and FICA). This is compulsory for everyone (No exceptions). This examination must be completed before the end of June 2012. There are 5 providers who have been identified to host the exams.
  2. Regulatory Exam level 2 these examinations will be on the actual products being sold. Certain specific qualifications may be exempt from these exams, however the Retail Insurance Qualification is NOT one of these and the learners will need to write these exams too. The deadline for this is December 2013.
  3. Continuous Professional Development. Once you have completed the required learning and completed the RE1, the CPD will come into play. You will have to prove continuous professional development. This can be done through attending refresher programmes, new training available and focus groups.

You can check your status by following these simple instructions. Log onto the Internet:-

1. To check you are registered with the FSB Log into

  • Click on FAIS
  • Click on Search for Financial Service Providers.
  • Type in your ID number. This entry will show whether you are registered with a provider. If you are not registered, it will say there is no match.

2. To check that you have credits registered against your name log into

  • Click on Learner Information.
  • Click on Inseta management System.
  • User name is your ID number.
  • Your surname is the password.
  • Log onto ETQA & L/ships.

Your details will appear - click on the information icon and then on the assessment tab to view the unit standards accredited to you.
If after doing this you are still unsure of where you stand, please call us on 011 4312612 or email to and we will gladly help you.