DOFA Demystified

Newcomers to our industry is often baffled by the seemingly endless array of abbreviations. DOFA is not a person who is not very bright, nor is it an airport in the Middle East.

Your date of first appointment (DOFA) has become almost as important as your ID when it comes to establishing what obligations apply to whom. Requirements in respect of experience, qualifications and RE dates are all based on your date of first appointment in the industry – not your current employer, if it differs.

A number of FSPs received “DOFA letters” towards the end of June. It was in fact a reminder from the regulator about the status of the FSP in terms of the RE exams. We heard from some readers who were annoyed that their information was not correctly reflected on the FSB register. There are a lot of activities taking place behind the scenes to detect and rectify possible errors.

It is very likely that the June exercise will be repeated towards the end of September. If you want to check your status in terms of you DOFA, please send an e-mail with your ID, to FAIS.DOFA@fsb.co.za. This address, can in fact, be used for any queries related to this subject.

A very handy tip from Moonstone’s Billy Seyffert, is to make sure that, when you change jobs, you get a service letter detailing your date of employment and the licence categories you advised on.

An interesting fact that I learnt is that someone who was out of the industry for five years is regarded as a new entrant to the industry. Such a person forfeits all benefits related to previous experience, as well the reduced qualification requirement that apply to people appointed before 2009. If he has an approved full qualification, however, this will still count.

The latest TV broadcast by the FSB discusses these requirements in detail. Please see below for details on how to obtain a copy.