To give financial advice in South Africa you must be authorised as a financial services provider or appointed as a representative of one, and you must meet the fit and proper requirements set under the financial advisory legislation. Giving advice without that authorisation is unlawful.
The requirements cover honesty and integrity, competence, and continuous professional development. Competence is established through a recognised qualification, regulatory examinations and documented experience for the products you advise on.
Entry Requirements at a Glance
Authorisation is assessed on the following.
- Honesty, integrity and good standing, including a clear criminal and credit history
- A recognised qualification appropriate to the product categories you will advise on
- The regulatory examinations required for your role
- Documented experience in the relevant product categories
- Continuous professional development, once authorised
- Appointment by an authorised financial services provider, or your own licence
Education and Subject Requirements
A recognised qualification is required, and the acceptable list is published by the regulator. Degrees and diplomas in finance, investment, accounting and related fields commonly qualify.
Regulatory examinations test your knowledge of the legislation and of the products you advise on. They are separate from your academic qualification and must be passed within set timeframes after appointment.
Age, Fitness, Licence and Background Requirements
Fit and proper requirements include honesty and integrity. A criminal record involving dishonesty, or in some cases an impaired credit record, can disqualify you, since the role involves handling other people money.
Once authorised you must complete continuous professional development each cycle and maintain your competence for the categories you advise on. Advising outside your authorised categories is a breach.
Documents and Evidence Required
Expect to provide the following.
- Certified copies of your qualifications
- Proof of regulatory examination results
- A certified copy of your identity document
- A police clearance certificate
- Documented experience records for the relevant product categories
- References and employment history
Application and Selection Process
Most advisers enter by being appointed as a representative of an existing authorised provider, which supervises you while you complete examinations and build experience.
Operating your own licence requires meeting the requirements for a key individual as well, which adds management and compliance obligations on top of the advice requirements.
Frequently Asked Questions
Can I give financial advice without authorisation?
No. Giving financial advice without being authorised or appointed as a representative of an authorised provider is unlawful.
What qualification do I need?
A recognised qualification from the regulator published list, appropriate to the product categories you will advise on.
What are the regulatory examinations?
Examinations testing your knowledge of the legislation and products, separate from your academic qualification and required within set timeframes.
Can a poor credit record disqualify me?
It can, since fit and proper requirements cover honesty and integrity and the role involves handling other people money.
Confirm current fit and proper requirements, recognised qualifications and examination requirements with the Financial Sector Conduct Authority. Browse all career requirements.