The competence requirements relating to qualifications contained in this Part—
| (a) |
subject to paragraph (b), apply to all FSPs, key individuals and representatives; |
| (i) |
a Category I FSP, its key individuals and representatives that are authorised, approved or appointed only to render financial services or manage or oversee financial services in respect of the financial products: Long-term Insurance subcategory A and/or Friendly Society Benefits; and |
| (ii) |
a representative of a Category I FSP that is appointed only to perform the execution of sales in respect of a financial product provided that— |
| (aa) |
the representative has a Grade 12 National Certificate or an equivalent qualification; |
| (bb) |
the execution of sales is performed— |
| (aA) |
in accordance with a script approved by a key individual and the relevant governance structure of the FSP; and |
| (aB) |
under the direct oversight of a key individual; |
| (cc) |
where the execution of sales is performed by telephone, all conversations with clients are recorded and the recordings are stored and retrievable; |
| (dd) |
the FSP has sufficient and adequate controls in place to ensure and to monitor that— |
| (aA) |
the representative does not furnish clients with advice; and |
| (aB) |
the sales practices and techniques employed by the representative are not misleading, false, inappropriate to the expected target clients or will not result in unfair outcomes for clients; and |
| (ee) |
the FSP on a regular basis— |
| (aA) |
reviews the recordings referred to in (cc) and/or monitors the representatives, to ensure that they do not deviate from the script or supplement the script with content not approved as contemplated in (bb); |
| (aB) |
reviews and monitors the adequacy and efficiency of its controls and quality assurance processes in relation to the execution of sales; and |
| (aC) |
reviews the script for appropriateness and compliance with applicable legislation. |
Tobacco Products Control Act, 1993
