FAIS Supervision Requirements

For a FAIS Rep to be supervised she needs to meet certain requirements and the FSP and KI comply with certain parameters. Here we shortly sum up the items that need to be covered. We also look into what needs to be covered in the Supervision Agreement as new regulations have been issued that impacts that content.

Summary of Supervision Requirements

1. The Rep must meet the entry level requirements for qualifications;
2. The Rep must finish the RE exams, Class of Business Training, CPD requirements and experience requirements within the set periods;
3. There must be a supervision agreement that conforms to the requirements of the FSCA in terms of content;
4. The FSP must complete its duties during the supervision period;
5. The Supervisor must complete her duties during the period;
6. The Rep must complete her duties during the period;
7. The intensity of the supervision must be of a commensurate level with regard to the representative skill level, the risk to clients and nature of the financial services rendered.

More information on the content of the Supervision Contract

​The agreement must:

1. Identify who the Supervisor is;
2. Set out tasks and functions the Rep performs and categories under which she will render services;
3. Set out knowledge and skills required to perform the job correctly;
4. Set out the training needs of the Rep
5. Set out supervision arrangements such as:

• ​Duties of both parties
• Supervision Methodology and Procedures
• Assessment Procedures and intervals thereof
• Referral to the intensity of supervision
• Sign-off criteria by the supervisor

For full information on these processes please see the relevant board notice here or contact us for more information.

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