FSB Regulatory Exams
The announcement by the Financial Services Board this year that all Representatives and Key Individuals had to write Regularoty Exams Level 1 introduced a dizzying dimension to the word 'challenging'.
True to the character and ‘gees’ of the Garrun team, we took on the challenge. Colleagues
from as young as their early twenties to people in their seventies started gathering
tons of study material, attended preparatory seminars, and started studying – something
most of us had not done for years!
Despite the initial poor results in the industry, The Garrun Group produced excellent
results. Not all affected members of our team have written the exam but we have
made huge progress. We have reason to be proud of ourselves!
Reflecting on the process and event, Cliff Garrun commented “Notwithstanding initial
resistance and people being very perturbed, I think it turned out very well. A lot
of people have now engaged with the FSB, the board that governs us. We are a regulated
industry. People are a lot more knowledgeable about what is expected of them dealing
with clients; the rules and regulations which govern our relationship with insurers
and clients; what our responsibilities are. This has enhanced people’s knowledge
and skills and given them pride in what they do, which is very important. Certainly
in Johannesburg, there has been a lot of mutual encouragement and celebration when
people passed. It has certainly been a very useful exercise.”
Comments from colleagues and staff -
“ Learning points that stand out for us are that this gave us insight into how companies
should be run, with reference to compliance with FAIS, handling of complaints, advising
clients on the procedure regarding the Ombudsman as a resource, benefits of adhering
to the General Code of Conduct, record keeping, the stringent rules regarding FICA
and how we as employees assist Garrun Group as Financial Service Provider in adhering
to FICA regulations with regard to money laundering”.
“After a period of procrastination to start studying for the dreaded exam and a
slight amount of pressure from my peers (who were not only writing the exam, but
were passing) I decided it was time to get cracking. Probably the most motivating
factor was the reality that without writing the RE exam I would not be able to operate
as a Financial Services Provider. To my absolute shock and horror, there was a whole
lot of legislation that I had no idea existed. So I persevered through the material
and was fortunate to pass on my first attempt. The bottom line is basically that
the Insurance Industry has needed to step up and become more professional in our
dealings with clients. The volumes of regulations and compliance have ensured that
the ‘Insurance Cowboys’ are a thing of the past. Clients can rest assured that those
of us who remain in the industry truly have their best interests as our primary
concern.”
Best of luck to those who still have to write.
Neill le Roux
Garrun Group HR Consultant