Membership Regulations

Transcription

1 Membership Regulations

2 Vision Professional financial planning for all. Our Mission The FPI s mission is to advance and promote the pre-eminence and status of financial planning professionals, while at all times acting in the interests of the society (community, constituency) whom the profession serves, by: 1. Improving the quality and accessibility of professional financial planning for all in Southern Africa. 2. Acting as advocate for professional financial planning, building a recognition of the importance and need for such planning by the general public. 3. Providing a framework within which members can achieve qualifications and maintain competence to create greater value for their clients, practices and employers. 4. Ensuring that members maintain the highest ethical standards in the pursuance of their profession. 5. Providing a leadership role within financial services by providing balanced, credible input and commentary to government and the public. 6. Facilitating transformation within the profession. 2

3 Table of Contents 1. Definitions and Interpretation 4 2. Certification 5 3. Professional Members Voting Rights 5 4. Professional Designations 6 5. Application for Certification and Fees 6 6. Mandatory Annual Re-certification 7 7. Termination of Professional Membership 8 8. Re-instatement of Professional Membership 9 9. Observance of the Code of Ethics and Professional Responsibility 10 3

4 1. Definitions and Interpretation 1.1 In these Regulations, unless the context clearly indicates otherwise: Memorandum of Incorporation shall mean the Memorandum of Incorporation of the Financial Planning Institute of Southern Africa NPC (the Institute or the Company ) a Non-Profit Company incorporated in terms of the Companies Act 71 of 2008, as amended, (the Act ) and Memorandum shall have a similar meaning. Board of Directors shall mean the Board of Directors of the Institute as constituted in accordance with the Memorandum and Board shall have a similar meaning. Regulations shall mean the Membership Regulations set forth herein, or as may be amended from time to time. Voting Rights shall mean the right to exercise a vote at all or some of the meetings of the Institute, and/ or during a ballot amongst members of the Institute in accordance with the provisions of the Memorandum. NQF Level NQF, in terms of the National Qualifications Framework Act 67 of 2008, as amended, is an organised series of levels of learning achievement, arranged in ascending order from one to ten and level shall mean on of these organised levels from one to ten. Professional Member shall mean a professional member of the Institute who is entitled to a professional designation, subject to the requirements of these regulations and certificant shall have a similar meaning. Professional Membership shall mean the approved affiliation of a person to the Institute and certification shall have a similar meaning. FPI Certification Standard shall mean the FPI Certification Standard as amended from time to time. Disciplinary Regulations shall mean the FPI Disciplinary Regulations of Institute as amended from time to time. 1.2 Terms and expressions defined and described in the memorandum shall have the same meaning and description when used in these regulations. 1.3 The interpretation of these regulations shall, with the necessary changes, be done in accordance with the interpretation provisions in the memorandum. 4

5 2. Certification 2.1 The Institute shall retain at its registered office a register of professional members as required by section 50 and 106 of the Act, which register shall be open to inspection as provided for in section 26 of the Act. 2.2 No person shall become a professional member and be entitled and subject to the rights and responsibilities of professional membership until such person s name has been entered in the register of professional members. 2.3 Upon fulfilling all the requirements of professional membership the name of the certificant shall be entered into the register of professional members as soon as is practically possible in the circumstances. 2.4 The Institute shall issue to each certificant, upon receiving professional membership, proof of certification. Such proof shall remain the property of the Institute and shall be returned upon cancellation or termination of professional membership. 2.5 Upon becoming a professional member of the Institute every certificant shall be deemed to have read, understood and agreed to all the rights, duties, responsibilities and other provisions of the memorandum, these regulations and any other policies of the Institute as well as the Code of Ethics and Professional Responsibility. 2.6 Professional membership of the Institute shall be personal and non- transferable. 2.7 Certificants, irrespective of professional designation, may be subjected to an annual certification audit. The audit shall be mandatory and failure to participate in the audit, to the reasonable satisfaction of the Institute, will be grounds for disciplinary action against a certificant The terms of reference for the audit will include, but not be limited to, the following: Compliance with the Code of Ethics and Professional Responsibility Use of the Institute s trademarks Evidence of recorded Continuous Professional Development (CPD). 3. Professional Members Voting Rights The Institute shall have Voting Members and Non-voting Members: 3.1 Voting Members shall be professional members of the Institute who are CERTIFIED FINANCIAL PLANNER professionals, in good standing, upon whom full voting rights are conferred in all matters relating to the governance of the Institute. 3.2 Non-voting Members shall include the remainder of the membership body of the Institute who are not identified in 3.1 above and who do not have voting rights. 5

6 4. Professional Designations The Institute recognises the following professional designations, subject to the requirements set out below: 4.1 CERTIFIED FINANCIAL PLANNER professional, also referred to as a CFP professional, who shall be a certificant who: Has obtained a suitable academic qualification, as determined by the Board from time to time, at a tertiary educational institution; Has satisfied all requirements for certification as set out in the Memorandum, the FPI Certification Standard and these Regulations; Shall have full voting rights in all matters relating to the governance of the Institute. 4.2 FINANCIAL SERVICES ADVISOR TM professional, also referred to as a FSA TM professional, who shall be a certificant who: Has satisfied all requirements for certification as set out in the Memorandum, the FPI Certification Standard and these Regulations; Shall have no voting rights. 4.3 Certificants who presently hold either the REGISTERED FINANCIAL PLANNER TM (RFP TM ) professional designation or ASSOCIATE FINANCIAL PLANNER TM (AFP TM ) professional designation shall have an opportunity to, within six (6) years from 31 December 2012, meet the requirements for attaining a professional designation on either CFP professional or FSA TM professional level, where after such AFP TM or RFP TM professional designation, as the case may be, shall fall away and such certificant shall cease to have a professional membership with the Institute. 4.4 The Institute may, in the sole discretion of the Board, grant Honorary Life Membership to a member subject to conditions as determined by the Board, from time to time. 4.5 The Institute may, in the sole discretion of the Board, agree to grant Retired Member status to a member subject to conditions as determined by the Board, from time to time. 5. Application for Certification and Fees Each applicant applying for certification shall submit a certification application, in the prescribed format, to the Institute for consideration, truthfully disclose all relevant information as requested and pay the required fee as determined by the Board, from time to time. 6

7 6. Mandatory Annual Re-certification 6.1 A certificant, regardless of their professional designation, shall on an annual basis apply for re-certification of their professional membership, as set out in the FPI Certification Standard, as amended from time to time. 6.2 The professional membership of a certificant who failed to timeously apply for annual re-certification shall be suspended on the first business day following the last day for completion of the annual re-certification process Following such suspension a certificant shall be granted one month, calculated from the first day of suspension, ( suspension period ) to the last day of the relevant month to rectify any outstanding aspect of their annual re-certification. 6.3 The professional membership of a certificant who failed to timeously apply for annual re-certification shall be terminated should such a professional member fail to rectify any outstanding aspect of their annual recertification process during the suspension period, as detailed in 6.2 above Such termination shall be effected on the first business day following the last day of the suspension period. 6.4 During the suspension period, as set out in 6.2 above, a suspended certificant may not use the any of the trademarks, in whatsoever form, of the Institute until such time as he/she has received written confirmation from the Institute that his/her suspension has been lifted. 6.5 Following a termination of professional membership an individual is prohibited from using any of the trademarks, in whatsoever form, of the Institute. 6.6 The Institute shall have the right to publish, in any media, the names of individuals whose professional membership has been terminated as a result of their failure to complete the annual re-certification process. 7

8 7. Termination of Professional Membership 7.1 The professional membership of any certificant may, in accordance the provisions of the Disciplinary Regulations, be terminated when: He/She is declared insane or incapable of managing his/her affairs by a competent Court; or His/Her regulation license and/or authority has been revoked, withdrawn or cancelled as a result of his/her incompetence and/or any unacceptable conduct on his/her part affecting his/her status as a fit and proper person as envisaged in any legislation referred to in this subparagraph, by any authority and/or employer acting in accordance with the provisions of the Financial Advisory and Intermediary Services (FAIS) Act, 37 of 2002 (as amended) or any other substituting or ancillary legislation; or A disciplinary or appeal tribunal, in terms of the provisions of the Disciplinary Regulations, terminates his/her membership; or His/her employer terminates his/her employment following a disciplinary hearing for misconduct or incapacity; He/She is sequestrated, provisionally or finally, or voluntarily surrenders his/her estate for the benefit of his/her creditors or makes an offer of compromise to his/her creditors in circumstances where his/her liabilities exceed his/her assets; or A civil judgement is given against him/her for any act or omission containing an element of dishonesty, misrepresentation or monies due and owing on his/her part; or He/She is convicted by a court of criminal justice in South Africa or elsewhere of any criminal offence of which dishonesty is an element, or which is listed in the First Schedule to the Criminal Procedure Act, 51 of 1977, as amended; Reasonable evidence, in whatsoever form, comes to the knowledge of the Institute indicating that any information furnished by the certificant in his/her application for certification in terms of par. 5 of these regulations, or his/her recertification in terms of par. 6 of these regulations, is materially incorrect or untruthful. 7.2 In the case of sub-par , ,4, 7.1.5, and above the certificant shall be obliged to, as soon after the event as is practically possible, inform Institute of such event. 7.3 The professional membership of any certificant shall be terminated when he/she personally notifies the Institute, in writing, of his/her cancellation of professional membership. 7.4 The Institute shall have the right to publish, in any media, the names of individuals whose professional membership has been terminated as set out in 7.1 and

9 8. Re-instatement of Professional Membership 8.1 A professional member who has cancelled his/her membership may request re-instatement of his/her professional membership at any time during a period of three years following the date of such cancellation, provided that such applicant complies in full with the certification requirements, as prescribed by the FPI Certification Standard, as amended from time to time, but excluding the provision of successfully completing a Professional Competency Examination (PCE) After the period of three (3) years, as set out in 8.1 above, an applicant wishing to re-instate his/ her membership will be required to apply for certification as if he/she is applying to become a professional member for the first time, and will, in addition to the normal certification requirements as per the FPI Certification Standard, be required to successfully complete a PCE as determined by the Board, from time to time. 8.2 A professional member whose certification has been terminated due to non-compliance with the annual re-certification process, as set out in par. 6 above, may request reinstatement of his/her professional membership at any time during a period of three years following the date of his/her initial certification or last complete re-certification, as the case may be, provided that such applicant complies in full with the certification requirements, as prescribed by the FPI Certification Standard, as amended from time to time, but excluding the provision of successfully completing a PCE After the period of three years (3), as set out in 8.2 above, an applicant wishing to reinstate his/ her membership will be required to apply for certification as if he/she is applying to become a professional member for the first time, and will, in addition to the normal certification requirements as per the FPI Certification Standard, be required to successfully complete a PCE as determined by the Board, from time to time. 8.3 In exceptional cases the Board may consider an application for re-instatement of professional membership following termination of such an individual s membership due to any instance as set out in to above. Should the Board authorise such application for re-instatement such application shall be processed according to the provisions of 8.2 or 8.2.1, whichever is more relevant. 8.4 The following additional provisions shall apply to any application for re-instatement: The applicant shall, in addition to the normal prescribed fee, be obliged to pay an additional reinstatement fee An application for re-instatement is not absolute and each application shall be considered on its individual merits, including the reason for initial cancellation or termination. 9

10 9. Observance of the Code of Ethics and Professional Responsibility A professional member shall upon his/her initial certification, and thereafter on an annual basis during the recertification period, undertake to observe and be bound by the Code of Ethics and Professional Responsibility ( the Code ) and shall remain bound by the Code until such time as he/she has completed subsequent recertification or until such time as he/she cancels his/her membership, or such membership is terminated as set out in par. 6 or par

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12 Financial Planning Institute of Southern Africa NPC Palms Office Court, Block A, Ground Floor Kudu Avenue, Allen s Nek PO Box 6493, Weltevredenpark, 1715 Tel: FPI (374) fpi@fpimail.co.za