Dear Valued IDA Member,
The Financial Services Board has published the new Determination of Fit and Proper Requirements for FSPs. This comes into operation on 1 April 2018.
As a Juristic representative, with a Fit and Proper Natural representative (F&I) listed as such in terms of your mandatory agreement, these requirements/determinations are applicable to us.
Some of the requirements are that the FSP must evaluate and record the competence and appropriateness of training and CPD of Key-Individuals and Representatives. The FSP must also keep record of the qualifications / regulatory exams / training / CPD / of all the KI’s and Representatives.
Although we do possess most of this information, the challenge will be with the training (must be accredited) and with the Continuous Professional Development (the minimum number of hours of CPD activity required in each CPD cycle). This means a period of 12 months which commence on the 1st of June every year and ends on the 31st of May the following year. So, it is almost back to school.
Besides the cost implications of the training, the above will have an impact on acceptance and turnaround time from the FSP to the dealer.
Although the CPD requirements do allow for exemptions, we are not sure if we would qualify and will be discussing this with Moonstone Compliance in the next week or two.
In the meantime, back to your core business of selling cars!
All the best,
Robbie Starke
General Manager: IDA
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