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What is an FSP Competency Register and how should it be maintained

Duties of FSP's relating to Competency Registers

All training that is undertaken by a Financial Services Professional must be recorded in his or her Competency Register.

The FSP has 15-days from the date of training to record the information. Information recorded in a competency register must be retained for at least five years for all financial products that the FSP provided services for.

The following detail needs to be recorded:

  • Exams that have been attempted and passed
  • Training relating to Products and Class of Business
  • CPD activities

Competency Requirements

As stated by the FSB (Financial Services Board), competency requirements consist of experience, qualification and exam requirements. More detailed information is available here: https://www.fsb.co.za/Departments/fais/Pages/Competency-Requirements.aspx

As described in the Board Notice 194 of 2017:

“A FSP must establish, maintain and update on a regular basis a competence register in which all qualifications, successfully completed regulatory examinations, product specific training, class of business training and CPD of the FSP, its key individuals and representatives are recorded.”

 

About the author

FSP Editor

FSP Editor has been involved in academic Financial Services for the past 15 years.

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