In the FAIS amendment Act October 2008, it was decided that part of the Fit and Proper requirements would be to have a national exam to ensure all Representatives are in fact fit and proper. This has come about due to the Inseta having identified certain irregularities with some training providers. (Not necessarily in the Motor Industry but the broader Insurance Industry).

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As a result the following is now required of all Key Individuals and Representatives:-

1.    Minimum FAIS compliant credits for those registered as representatives before December 2007, or a full FAIS compliant qualification. The minimum qualification requirements are as follows:-

o   Date of 1^st Licensing between 30^th September 2004 and 31^st December 2007 = F&I must have credits @ NQF 4 by deadline 31^st December 2009.

o   Date of 1^st Licensing between 1^st January 2008 and 31^st December 2008 = Has the OPTION of obtaining 60 credits @ NQF 4 by deadline 31^st December 2011 OR appropriate qualification at NQF 4 by 2013.

o   Date of 1^st Licensing between 1^st January 2009 and 31^st December 2009 = Must achieve an appropriate qualification at NQF 4 by 2013.

o   Date of 1^st Licensing between 1^st January 2010 and 31^st December 2010  = Minimum requirement of matric then must achieve an appropriate qualification at NQF 4 within 5 years of date of 1^st licensing.

2.   Regulatory Exam 1 – this exam will cover all the legislative requirements (i.e. Understanding FAIS Act and FICA). This is compulsory for everyone (No exceptions). This exam must be completed before the end of 2011. Pilot trials are currently on the go and the actual exams will probably only start in the second half of this year. There are 5 providers who have been identified to host the exams, among them are The Institute of Bankers and Moonstone.

3.    Regulatory Exam 2 – these exams will be on the actual products being sold. Certain specific qualifications may be exempt from these exam, however the Retail Insurance Qualification is NOT and therefore all F&I Business Managers will need to write these exams too. The deadline for this is December 2013. However nothing has even been started on them, and I doubt anything will until the RE1 is well underway.

4.   Continuous Professional Development. Once the individual has completed the required leaning and completed the RE1, the CPD will come into play. The individual will have to prove – continuous professional development. This can be done through attending refresher programmes, new training available, focus groups etc.