Financial Advisory and Intermediary Services Act, 2002 (Act No. 37 of 2002)

Section 13(2)(a) of the Act determines that an authorised financial services provider must, inter alia, at all times be satisfied that a representative is in the rendering of financial services competent to act with reference to the same fit and proper requirements contemplated in section 8(1)(a) and (b) as set out in the Determination on Fit and Proper Requirements, 2008. The objective of this Exemption is to relieve the provider of the obligation under section 13(2)(a) as regards the competency requirements. This implies that a representative will, with regard to the experience and qualification and regulatory examination requirements, not have to comply with the standards set for the provider at date of appointment. The Registrar is satisfied that this Exemption meets the requirements of section 44(4) of the Act read with section 44(1) of the Act.