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The Financial Sector Conduct Authority (FSCA) recently provided clarity to Financial Services Providers (FSPs), key individuals, representatives, and compliance officers regarding the qualification requirements for CMS accreditation.

In terms of section 65(1) of the Medical Schemes Act 131 of 1998 (MSA), no person may act or offer to act as a broker unless the CMS has granted accreditation to such person.

For a person to be granted accreditation as a broker by the CMS, that person must be a fit and proper person. One of the fit and proper requirements is a Grade 12 education or an equivalent qualification.

Previously, if an applicant who seeks accreditation was unable to produce a Grade 12 National Certificate, the CMS accepted an affidavit confirming that the applicant has a Grade 12 education.

These are important developments to take note of.

If you would like more information on the opportunities that Bestmed offers for advisor accreditation, please do not hesitate to contact your Business Consultant.