The Representative under Supervision: Aspects and Implications
CPD Accreditation detail
CPD Accreditation Body/Professional Body: Compliance Institute Southern Africa
In this course, we will take a look at the Representative under Supervision process, identifying the legislative allowance for Supervision, the different role players and the actions that can be taken to enhance the success of Supervision.
The following outcomes will be achieved:
- Review Sections 6, 7 and 13 of the FAIS Act, which establish the requirement for Representatives to be Fit and Proper, and BN 194 which sets out the details of the F&P requirements.
- Identify the relationship between the FAIS Act and the BN, and the Exemption contained in the revised Notice 86 of 2018.
- Name the seven conditions of the Exemption.
- Identify the Supervision Agreement requirements.
- Define the duties and skills set of the Supervisor and the duties of the Supervised Representative.
- Examine the appropriate supervision activities, including:
- support and verification of training ( but not training itself).
- checking advice prior to proposal.
- pre-transaction sign-off and post-transaction sampling.
- case studies.
- observation of representative by Supervisor,
- client follow-up calls.
- administration and correspondence checks.
- Define the intensity and duration of supervision.
- Be able to document supervision, signing off supervision and transition to CPD.