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

TABLE 1

TABLE 1: EXPERIENCE REQUIREMENTS FOR AND IN RELATION TO CATEGORY I FSPs

Column A

Financial products

Column B

Advice: Min. experience

Column C:

Intermediary services:

Min. experience

1.1

Long-term Insurance subcategory A

6 months

2 months

1.2

Short-term Insurance Personal Lines 1 year 6 months

1 year

6 months

1.3

Long-term Insurance subcategory B1

1 year

6 months

1.4

Long-term Insurance subcategory C

1 year

6 months

1.5

Retail Pension Benefits

1 year

6 months

1.6

Short-term Insurance Commercial Lines

1 year

6 months

1.7

Pension Fund Benefits

1 year

6 months

1.8

Shares

2 years

1 year

1.9

Money-market instruments

2 years

1 year

1.10

Debentures and securitised debt

2 years

1 year

1.11

Warrants, certificates or other instruments

2 years

1 year

1.12

Bonds

2 years

1 year

1.13

Derivative instruments

2 years

1 year

1.14

Participatory interest in a collective investment scheme

1 year

1 year

1.15

Forex Investment

2 years

1 year

1.16

Health Service Benefits

2 years

2 years

1.17

Long-term Deposits

6 months

3 months

1.18

Short-term Deposits

6 months

3 months

1.19

Friendly Society Benefits

6 months

2 months

1.20

Long-term Insurance subcategory B2

1 year

6 months

1.21

Long-term Insurance subcategory B2-A

1 year

6 months

1.22

Long-term Insurance subcategory B1-A

1 year

6 months

1.23

Short-term Insurance Personal Lines A1

1 year

6 months

1.24

Structured Deposits

2 years

1 year

1.25

Securities and instruments

2 years

1 year

1.26

Participatory interest in a CIS hedge fund

2 years

1 year