Board Notice 194 of 2017, published by the Financial Services Board – now called the Financial Sector Conduct Authority (FSCA) – introduced the new Fit and Proper Requirements as from 1 April 2018.

The publication of the Fit and Proper requirements prescribe that all authorised Financial Services Providers (FSPs), their Key Individuals (KIs) and Representatives (Reps) meet specific competency requirements.  Competence is defined in Board Notice 194 as “having the skills, knowledge and expertise needed for the proper discharge of a person’s responsibilities in the performance of his or her functions.”

Current and prospective Reps and KIs in the financial services industry will mainly be affected by the following changes:

  • Class of Business training
  • Product Specific training
  • Attainment of Continuous Professional Development (CPD) credits

Product Specific training for Group Risk insurance products

Product Specific training means training in respect of a particular financial product which is assessed, and it includes amendments to that particular financial product. 

Product Specific training applies to all FSP’s and Reps, except for Category II, IIA or III FSPs or Reps and KIs of all categories of FSP’s, provided they comply with section 12 of the Board Notice.

It is the responsibility of the FSP to ensure Reps and KIs do not render advice until they have passed the relevant product assessments. 

Sanlam Employee Benefits: Group Risk (SGR)’s online tool provides the relevant study material and accreditation assessments to assist Reps and KIs to, through self-learning, meet these competency requirements. 

The study material is consists of the following 5 parts:

  • Part 1: Basic principles of group insurance
  • Part 2: Group Life insurance
  • Part 3: Group Funeral insurance
  • Part 4: Group Disability insurance
  • Part 5: Group Severe Illness insurance

Users are required to, after studying the material, complete each assessment for the product/s he/she is authorised/approved to sell; Part 1 of the study material is however compulsory for all users.  Upon completion a certificate will be generated as proof of accreditation.

The Sanlam elearning online tool can be accessed on the Sanlam Corporate Cluster Learning Portal.  Reps and KIs create their own account to gain access to the study material and complete the respective assessments. 

Alternatively, if an FSP is registered on SanPort, Reps and KIs are able to complete the assessments on this platform.

(Please note: SanPort is only available to intermediaries, for whom a broker agreement is in place with Sanlam Personal Finance (SPF).  This means each Rep and KI has access to the platform via a contract with SPF.) 

Click here for a quick access and registration guide to the Sanlam elearning online tool.