Representative Verification and Checks Services

Discover RE5 Online's comprehensive Representative Verification and Checks Services specifically for Financial Service Providers (FSPs) and companies. Ensure compliance, integrity, and competency within your workforce with our specialised checks and verifications.

Know your Representatives

When you as an FSP appoint or mandate a representative to act for and on behalf of the FSP, it is your responsibility in terms of the FAIS Act to ensure that the representative meets all of the FAIS Act requirements.

The requirements related to the appointment of representatives include:

1. 1. Fit and Proper Requirements
  2. Honesty, Integrity and Good Standing
  3. Competency Requirements
  4. Qualification Requirements
  5. Class of Business Training
  6. Regulatory Examinations

The RE5 Online – FSP Division has put together tools and measures that will ensure that your potential representatives comply with the requirements of the FAIS Act, minimising the risks associated to their appointment!

Representative Screening and Verification Solutions

RE5 Online – FSP Division offers a wide range of screening and verification services to Financial Service Providers. By using our Representative screening and verification solutions, FSPs can save costs, and reduce risks associated with the employment of Representatives, and ensure that they adhere to the rules and regulations pertaining to the appointment of Representatives, as stipulated by the FAIS Act.

Representative Fit and Proper Checks and Verifications

In many professions, legal systems, and organisations, the idea of a “fit and proper” person is essential since it serves as a gauge of a person’s honesty, integrity, and reputation, all of which are used to decide if they are suitable for the work they are doing. Nonetheless, there isn’t a single, universal standard for determining what makes someone “fit and proper,” and in many cases, the law doesn’t specify this need. When it comes to the Financial Advisory and Intermediary Services sector, the FAIS Act specifies the criteria Representatives need to adhere to, whereafter they are deemed Fit and Proper.

Debarred Representatives - FSCA Listing

In terms of Section 14(1) of the FAIS Act, an authorised FSP must debar a person from rendering financial services who is or was a representative of the FSP if the financial services provider is satisfied on the basis of available facts and information that the person

does not meet, or no longer complies with the fit and proper requirements, or
has contravened or failed to comply with any provision of the FAIS Act in a material manner.

RE5 Online can conduct a search of the FSCA’s debarred representatives list, which assists FSPs to shortlist employment shortlists.

DOFA Check - Date of First Appointment

The date of first appointment means the date on which a person was first deployed in a FAIS role; it does not mean the date on which they started to work in the current organisation.

Representatives can only work under supervision for a maximum of 6 years from their DOFA, during which certain requirements must be met. Checking their DOFA is vital to eliminate risks associated with Representatives not meeting these requirements.

ID Validation and Verification

Verification and Validation of a future employee’s ID (identity document) is a simple check that can be done to confirm that the ID number provided does belong to them.

The FSP, in appointing or mandating a representative, may refer to any information it has or anything that is brought to its attention, relating to the approval of the representative. The FAIS Registrar has similar powers, even though the FSCA does not approve or appoint a representative, the Registrar may still use information it has, to question the approval of a representative or even to debar a representative. As an FSP, it is important to ensure that Representatives meet this requirement at appointment, and maintain it during their employment.

Representative Honesty, Integrity and Goodstanding Checks and Verifications

Representative Credit Checks

RE5 Online can conduct Credit Checks on Representatives and provide detailed Credit Reporting. Our Credit Check Reports includes details obtained from all South Africa’s major credit bureaus.

Judgements and Defaults

Sequestrations and Notices

Debt Review Status and Information

Disputes and conducted enquiries

Represenetative Criminal Record Status

FSPs should safeguard themselves against the appointment of Representatives who have been found guilty (and that conviction has not been expunged) in any criminal proceedings or liable in any civil proceedings by a court under any law in any jurisdiction.

RE5 Online can conduct criminal checks on your Representatives.

Fraudulant Representative Checks

Fraud Checks on Representatives not only ensures that FSPs adhere to the Act when employing Financial Advisors, but also safeguards their company and clients against fraudsters!

Representative Competency and Experience Checks and Verifications

Representative Employment History Report

RE5 Online can conduct a comprehensive report on canditates' previous employment, position, duration, reason for leaving, and obtain employment references.

Representative Qualification Verifications

Verify Matric Certificates and qualifications obtained through any accredited institution offering Tertiary Qualifications as well as Globally recognised qualifications.

Our Qualification verification services also includes checking the status is Regulatory Exams and Broker accreditation of Health Service Representatives.

Check and Verify the competency and experience of future Financial Service Representatives before extending an employment offer and contract.

RE5 Online offers verification of:

1. Experience
2. Qualifications
3. Regulatory Examinations

DO YOU KNOW YOUR STAFF?

By using our representative verifications and checks services, you can ensure that your recruitment process is thorough, FAIS compliant, and aligned with industry standards. Contact us to learn more about how these services can benefit your organisation.