The industry has been busy writing the first round of regulatory exams which cover the regulatory requirements for representatives and key individuals. I have been surprised to discover that many seem unaware that this is not the end of the regulatory examination requirements.
Each of the license area on the FSB have subject, matter regulatory exam requirements. A Representitive who sells life insurance and retirement annuities will have write a further regulatory exam in this area, while a Representitive who is licensed to give advice on collective investments will need to write a regulatory exam which will test their knowledge of this area.
Many representatives and FSP seem to think that they have completed the fit and proper requirements on completing the first round of regulatory exams recently completed.
To summaries the education and exam requirements for a Representitive or key individual are:
1. You require an acceptable qualification as listed in the FSB board notices.
2. You must complete regulatory exam on regulations for Representitive and/or key individuals
3. You must complete further regulatory exams for each license category in which you operate and give advice – long term insurance, personal line, commercial lines, pensions, collective investments, equities, banking products etc. if you are licensed in multiple areas you will have to write product specific exams for each of these license areas.
4. Once you have completed the above you are required complete continuing professional education each year to remain fit and proper.