by Zenahrea Damon

Financial adviser exam extension

Seta prepares learners for extended regulatory exam

An extension granted for regulatory exams writers
exams.jpg

The Financial Services Board (FBS) has announces a further extension for the Level One regulatory exam for prospective financial advisers who wrote the exam before 30 June, and failed.

Given the new extension, critics have questioned the FSB’s commitment to running the regulatory exam in a controlled fashion.

However, the recently published global competitiveness survey of the World Economic Forum shows that South Africa has been ranked first out of the 144 countries surveyed for securities market regulation, which INSETA CEO Sandra Dunn, says, attests to its commitment and professionalism in handling the examination, and wider regulatory processes.

A statement issued by the FSB stated that the results meant “that the country’s securities market regulators, the Johannesburg Stock Exchange (JSE) and its financial services regulator, the FSB truly are world leaders in their respective regulatory spheres”.

Dunn says that at this stage finger pointing is not moving the regulation process along: “The exams are straightforward – adequate preparation simply needs to be done. 

"Any adult learner can attest to the fact that studying while working is no easy feat, and so it is imperative that all parties involved work together as an industry to ensure that regulation is integrated easily and successfully; so that we remain a responsible industry that offers only the best services,” she says.

In order to take full advantage of the time remaining to the examinees, INSETA has joined with the FSB to assist advisors in learning exam techniques, to successfully complete the multiple-choice questions in the exam paper.

"To this end INSETA and the FSB will be conducting free seminars countrywide in the near future.

These seminars will focus on “problem areas” identified from analyses of students who have failed multiple times or passed after a few attempts. 

Some of the problem areas identified to be discussed at the seminars include the structure of the questions, using the time available wisely, and preparation for the exam.

INSETA has previously run two sets of country-wide seminars, in 2011 and 2012, which have met with great success and positive feedback. Brenda Green of Peter Dirksen Insurance Brokers said that attending the workshop held at the Elangeni Hotel in Durban enabled her to pass her exams.

“It was a fantastic workshop; I found the INSETA books so much easier to understand and to follow than all the others that are available in the market. I am now going to attempt the exam for 'key individuals' and will definitely be using the INSETA material,” she said.

When the FSB initially announced the regulatory exams, INSETA commissioned a service provider to prepare learning material on all the FAIS regulatory examination.

This material is available through both the INSETA and FSB websites.

An online survey to determine brokers’ experiences in using the INSETA learning material revealed that time spent studying the INSETA learning material was one of the top two contributors to successfully passing the exam.

The extended deadline for the extension is now 31 March 2013. This applies only to financial advisors who fall into this category. Full details on how to register for a seminar will appear on the INSETA website by 15 October 2012.

 

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