FSB: Stop the exams

The upcoming exams that financial advisors and intermediaries, operating in South Africa, need to pass in order to stay in business, is another attempt by the FSB to put legal and regulatory impediments in the path of the majority of honest and diligent advisors and intermediaries.

We understand that compliance remains the responsibility of advisors and intermediaries; We dont understand why we need to write an exam to test our knowledge of the applicable law.

We call on the FSB to halt the proposed exams until they have properly consulted with intermediaries and advisors (not their regulatory bodies).
We call on the FSB to explain why advisors and intermediaries should write the exams.
We call on the FSB to develop a system of credits for advisors and intermediaries who have been in the industry for more than 10 years (grandfather clause).
We call on the FSB to recognize prior learning and qualifications, in lieu of exams.
We call on the FSB to allow advisors and intermediaries to write the exams in the language of their choice.

The petition results will be sent to the FSB to show that advisors and intermediaries are united in their rejection of the exams.