Regulatory Alerts2021-04-15
FSCA Communication 6 of 2021: Qualification Requirements for CMS Accreditation
The Financial Sector Conduct Authority clarifies that the Council for Medical Schemes now requires actual Grade 12 National Certificates or equivalent NQF Level 4+ qualifications for broker accreditation, no longer accepting affidavits. Financial Services Providers and compliance officers must ensure brokers produce verifiable certificates or successfully apply for a two-year formal exemption to complete a qualifying certification. This updated verification process ensures that all accredited brokers meet the statutory fit-and-proper education standards under the FAIS and Medical Schemes Acts.
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