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Supervision Agreement Fais

In accordance with condition 3 of the FAIS 86 Communication, the PSP and the monitored representative must enter into a written surveillance agreement under surveillance before providing services. This agreement may be part of any other relevant agreement or the PSF`s performance management process. In this article, we discuss the entry-level requirements and specific timelines available to supervised reps to meet competency requirements. In a later edition, we will examine the monitoring agreement, the obligations of the PSP, supervisor and supervised rep, and the intensity of supervision. A supervisor has an obligation to implement and ensure compliance with the supervisory agreement, to supervise and coach the supervised representative, to verify and evaluate the learning activities and progress of the supervised representative, to report to the PSP all acts of the supervised representative that led to unfair treatment of clients, and to record all documents related to supervision. The requirement for a supervised representative to start collecting CPD hours begins once he/she has completed the appropriate class of business training, UI and qualification requirements, OR after six years from the date of the first appointment – whichever happens first. If the start date mentioned above does not correspond to the start date of the formal CPD cycle (i.e.dem June 1 of each year), a proportional calculation of the CPD hours is required. Since there may be different classes of business, or even qualification deadlines, where representatives are appointed at different points in their careers under supervision for different financial products, SPPs should use the relevant early deadlines to know when the SCP requirement begins. PSPs that have monitored reps should review their monitoring agreements to ensure they meet the new requirements. The new fit-and-proper requirements impose the minimum experience required for each financial product in each FSP category. The supervised representative must work under supervision for at least the minimum prescribed period of experience. The period shall begin on the day on which the supervised representative was first appointed as a representative in respect of a particular class of financial services or financial products and may operate at the same time if he or she has been appointed for more than one. The supervised representative must remain under supervision until he or she has the necessary experience.

In other words, the incumbents under surveillance must have a monitoring agreement before 1 June. In case of renewal, this should be part of their employment contract. Before deciding to appoint a representative under supervision, a PSP must ensure that the person meets at least the entry requirements. It depends on the category for which the representative is to be appointed. A supervised representative for a: Condition 7 establishes a new obligation of the PSP, which relates to the intensity of the monitoring. Previously, the intensity of surveillance was imposed. .


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