March 2018
Dear IDA and IDA Risk Management Member,

FAIS Qualifications and CPD

Further to my previous FAIS and CPD article and the huge response thereon, I would like to share some more information.

All representatives that were appointed before 1 January 2010, were required to complete 30 or 60 credits in order to meet the requirements in terms of the financial products that they are listed for. Please remember that representatives that only completed 30 credits, are not allowed to offer or advise on Short-term Commercial Line business.

Representatives that were appointed during 2010 and up to and including April 2018, are required to have a recognised qualification by a set date (based on the date of first appointment). This requirement still stands, and representatives need to comply based on the financial product/s they are listed for.

For any new appointments or the adding of a financial product after April 2018, representatives have to complete a recognised qualification – unless the present qualification is sufficient or recognised.

Representatives that render a financial service in respect of a Tier 2 financial product and / or render an intermediary service in respect of a Tier 1 financial product, are exempted from CPD.

A Tier 2 Financial Product in our environment is Short-term Insurance Personal Lines A1 and Long-term Insurance subcategory B1-A. Tier 1 Financial Products in our environment is Short-term Personal and Commercial Lines and Long-term Insurance subcategory B1.

In short, representatives that advise on or render Intermediary Services on Short-term Commercial Line Business must comply with the requirements of CPD (Continuous Professional Development).

Many happy sales,

Robbie Starke
General Manager: IDA

PS: I would like to congratulate Len van Wyk and his team on yet another successful annual SAPS HQ Inspection at our IDA office during February 2018. Pictured below, from left to right, are Capt. Mbatha, Len van Wyk and Capt. Phatlane.


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