FAIS (2010 - 2011)
In February 2010 the Society applied for, and in May 2010 had its AMASSA and its FASSA qualifications included in the FAIS list of recognised qualifications as "Generic". More details appear in the following document, as well as in the two letters from the FSB on the successful outcome of the applications.
Report on FAIS applications by the Society (2010-07-23) 30kb
FAIS notice of successful application for AMASSA 51kb
FAIS notice of successful application for FASSA 51kb
Update: The Society has contracted an education specialist to map the curriculum of the Society examinations against that of the regulatory examinations to be set by the FAIS authorities from 2011. This exercise should be completed by March 2011 - at which time the Society will apply to the Regulator for exemption for holders of the FASSA and AMASSA qualifications from as many of the regulatory examinations as possible. (2010-10-30)
Update: The Practice Area Committees have been asked to assist in the mapping process - given their more intimate knowledge of the content of our education course material. This is taking some time to complete, and the March 2011 target will not be met. An update on a new deadline will be provided when available. (2011-03-17)
Update: The planned submission date for the application to the FSB is now September 2011. (2011-05-27)
FAIS Circular 7/2011 of 12 July 2011 with new deadlines for regulatory exams. 55kb
Update on application for exemption from the FAIS level 2 regulatory examinations (2011-09-11) 56kb
Useful links to the official FAIS website:
http://www.fsb.co.za/Faisdep/Newsletters.html
http://www.fsb.co.za/Faisdep/FAISCirculars.html
FAIS (2003)
In 2003 the AS Council decided not to apply for exemption for actuaries from registration for certain activities under the Financial Advisory and Intermediary Services ("FAIS") Act. The attached document, for which Council is grateful to Jeremy Andrew, sets out the position of actuaries in terms of the Act.
FAIS 114kb