Board Notice 135 of 2012 contains the latest information pertaining to approved qualifications.
There are two bits of good news: It is printed in landscape format, so older readers like myself will not walk around with a stiff neck for days after trying to establish the status of their qualifications. Secondly, the FSB indicated in the discussion of qualifications via a TV broadcast, that they are busy developing a search facility to make it easier for FSPs to check the status of their qualifications.
As usual, there is also a slight problem, in that the list contains errors. This is being rectified at the moment, and the Board Notice will hopefully be replaced very soon. I am sure that a person with a level 4 qualification in short-term personal lines is not regarded as competent to advise on Securities and Instruments.
In the broadcast, the abbreviations used in the list of qualifications is explained again.
A “G” next to a qualification means that it is Generic – in other words, it is relevant to a specific licence category or more, but does not address more than 80% of the qualifying criteria applicable to that category. Having one of these will not exempt you from writing the level 2 REs.
An “S” rating does not imply that you have been kicked out of the industry for 5 years, as in the old days of the LOA. It means that people appointed between 2004 and 2009, and who have such a qualification, is exempted from writing the Level 2 regulatory exams for the licence category or categories, indicated in the Board Notice.
An “SP” rating is applied to a qualification that conforms 100% to the applicable qualifying criteria. This rating applies to people appointed from 2010 onwards, and also to people applying to add a new licence category after 2010.
The discussion also provides clarity on the difference between a Skills Qualification (typically where a person obtained the minimum 30 or 60 credits) and an approved qualification.
An Approved full qualification can exempt you from writing certain Level 2 regulatory exams. If you only have credits, and not an approved, full qualification, you will have to write the level 2 REs.
