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FSB draws attention to correction of Fin 24 article on Regulatory Examination and Wealth Management Qualification Fraud

Published

2017

Mon

07

Aug

On 14 June 2017 the Financial Services Board (FSB) issued a press release regarding qualification and examination fraud that was discovered by the Financial Planning Institute of Southern Africa (FPI) which required the FSB to take regulatory action against a number of representatives that obtained their examination results illegitimately.
 
Subsequent to that, a media article from Fin 24 mistakenly stated that FSB instead of FPI staff members were involved in the criminal act, which was immediately corrected to reflect the facts. It has been brought to the Registrar’s attention that some of the industry players might have not seen this correction.
 
We hereby categorically state that the FSB was never in any way involved in such an act and continues to work closely with the recognised examination bodies, to ensure that all security measures are fully functional at all times. The FSB sees the regulatory examinations and the authenticity of qualifications as a critical component of the competency requirements for financial services providers, and as such the integrity of the examinations and qualifications must be protected at all times. 
 
Source: Financial Services Board
 
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Rand-cost Averaging:

Method of buying shares or unit trust units by investing the same amount of money regularly, regardless of the market price. Rand-cost averaging helps investors to avoid timing the market, as a Rand buys more units when the price is down and fewer when the price is up.
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