Hmm I dont quite concur with Andrew but empathise with is sentiment. Some facts that I am aware
a newly employed representative has 2 years to complete his RE 1 rep or Ki exam whilst we were only able to do it from october last year so have 10 months short fall in the requirement
The registrar is on the opinion that board notices, FIAS, FIC acts and general codes of conduct (X4 if you know) as in the Juta material is all the reference material that is required. Is he aware that the legalese is difficult to understand and the average category 1 accreditated planner is not conversant with that level of communication and the exams are structured in the legalese and as such difficult to understand. lets not even start looking at the member of the black broker forum members who are on a hiding to nothing
The re exams are required to test the planners understanding of FAIS FICA and general codes of conduct but not in a tricky, legalese context. Heck explaining the role and responsibility of Ki's or representative can be done easier explaining in plain language what needs to be done. (The companies act was simplifiedto accommodfate this even though it has now caused major problems with explanation for lawyers and anyone else who is lucky enough to have to explain it)
I have passed both the Ki and reps exams last year november when material was a bit thin and since then facilitated both ki and reps preparation for a number of providers (Nedbank have statistics that show 66% of nedbank writers have passed after facilittion compared to the stats that show about 30000 have written and 4500 have passed)
I could spend another hour explaing why.
I have the credential to criticise this process as an assessor, moderator with a number of SETA's and two post grad qualifications that have enabled me to facilitate right upto NQF6, running my own brokerage, internal compliance officer approved by the FSB
I am still stunned at left field the registrars questions come from with double negatives!!! (what is not
an incorrect answer
!!!!!)that do not necessarly test the qualifying criteria to adequately demonstrate the outcomes, but come from somewhat left field and include questions that require reference to acts that are not on the curriculum like financial intermediaries protection of funds act!!!!! re enforcement committee!!!! for example and briefly with out detailed explantion about the finer details the Enforcements committees determinations being unlimited but specififed penalties, compensatin costs, standard costs and extended costs. I have had to add this to my material as I am aware that this question may appear but beg the4 question why
The pass rate is improving as I speak, as participants are taking this serious and understanding that some or other intervention explaining what is required is imperative and this will further strengther the registrars resolve that his thinking is correct.
Stats I have access to futher explain 1500 brokers per quarter are leaving the industy and 909 FSP's currectly sit in suspension or withdrawal status. No wonder the bigger comanies are squealing that production is down as the distribution force is reducing daily.
I believe the questioning criteria is 100% correct but the questioning rational needs to be moderated by a subject matter expert that has hands on experience regards the legislation and the practical application of the legislation form a simple plain language perspective. the queation begs why did the regulator design and develop the plain languagte guides (X3) and the preparation guides if he did not already identify that it needed to be in plain language, why the exams in legalese and the tricky questioning
Dont get me wrong this process is required 1000% not 100% but why at higher or degreed type level and not at a practical plain language matric NQF4 level. test the same outcomes without the trick or difficult to understand questions with doube negatives!!!
Andrew I agree this will go nowhere and is a way to vent frustrations
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