New law snares financial advisers in red tape
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Concern has spread among the more than 200 000 people operating as financial advisers in the banking, insurance and associated industries over a new law that requires them to be registered or stop practising. Glen Edwards of the Insurance Sector Education and Training Authority (Inseta), said there were about 75 000 people working in the insurance industry, 60 000 in banking, 20 000 chartered accountants, and at least 50 000 who worked in townships and rural communities who would be affected. Already, more than 10 000 advisers have signed up for competency skills tests scheduled to take place at University of South Africa (Unisa) campuses around the country this week. Inseta organised the assessments to check the preparedness of financial advisers before they formally register. |