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

Determinations

Amendment of the Determination of Fit and Proper Requirements, 2020

Chapter 3 : Competence Requirements

Part 2 : Minimum experience

16. Lapsing of experience
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(1)The experience gained by an FSP or a representative lapses when the FSP or representative has not rendered the particular financial service in respect of a particular financial product relevant to a particular category of FSP for a period of five consecutive years.

 

(2)The experience gained by a key individual lapses when the key individual has not managed or overseen the rendering of a particular financial service in respect of a particular category of FSP for a period of five consecutive years.