The FSB has postponed these exams, until a date to be determined by the FSB.
They want to have a look at the qualifying criteria and method of delivery for these exams as they feel the current criteria are no longer valid and there have been a large number of complaints over the methods used in the first round of regulatory exams.
The original deadline of the end of this year was clearly going to have to be extended but I believe that they want to review criteria, methods and have stated in the circular they will involve stake holders in this process means that these dates will be pushed out for some time.
I also believe that this is an opportunity for FSP’s and representatives to improve their basic qualifications and ensure they have qualifications that are specific to their industry or business model.
Representatives who have qualified under the interim rules with 60 credits should, I believe complete these qualifications before these credits or qualifications expire and those with acceptable generic qualifications should be upgrading these qualifications to more specific financial planing qualifications.
These would include Wealth Management Certificate for generic financial planners quality assured by INSETA, the level 6 Financial Planning Certificate offered by Milpark, the Diploma in Finacial Markets quality assured by FASSIT and the Post Graduate Certificate from Various universities that will lead to a CFP for those who are serious about becoming a financial services professional.
Currently these qualifications are considered to specific or SP by the FSB which means they currently offer exemptions from RE.
My concern is that FSP’s and representatives see this delay as a reprieve and stop the learning process. They should use this breathing space to get ahead of the education requirement curve for a fit and proper adviser. Who said a financial professional should pally the minimum requirements when planning their personal and professional development.