NEWCASTLE – A frightening prospect for the future is on the cards for employees of South Africa’s major banks if the financial institutions have their way.
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According to Talk Radio 702, all employees in the sector who do not pass the Financial Advisory and Intermediary Services regulatory exams may face the chopping board.
It was reported by the Financial Services Providers at the Financial Services Board that the decision came after the pass rate at the 2014 Financial Advisory and Intermediary Services regulatory exams (91%), dropped to 87% last year.
The banking sector’s decision has been challenged by a financial union, which states that failure to pass the difficult exam does not automatically indicate incapacity of the employee to carry out their tasks and responsibilities.
Deputy Registrar of Financial Services Providers at the Financial Services Board, Caroline da Silva, told 702: “It’s about introducing a level of competence into the industry to make sure that the people who give advice on financial products are competent to do so and honest.”
Head of Legal Affairs at SA Society of Bank Officials, Gizelle Conradie, said in an interview the union was not happy about the decision, as it did not form part of incapacity.
