The goal of the the FAIS Exchange to is to provide the independent financial adviser with one product assessment platform, which houses all the FSPs' major product exams. The Adviser will therefore use a single login to access his/her product exams, across all product providers.
The FAIS Exchange will manage all administration involved. This includes end user support, user management, uploading and editing of the assessments and meeting reporting requirements.
Product providers will receive a data feed or a daily file containing exam results of FSPs that can be uploaded to the Company's internal systems/server. Adviser groups can also get such feeds or files to be uploaded to their compliance systems or advice tools. For example, The FAIS Exchange already offers an XPLAN integration which "accredits" an adviser to sell a product on XPLAN, once he/she has passed the assessment on our system. We anticipate further integrations in future.
The FAIS Exchange is FREE OF CHARGE to Advisers.
The FAIS Exchange offers an online Competence Register to interested FSP Adviser groups The competence register is able to calculate the FAIS Fit and Proper status per adviser, track Supervision, Product Exams and CPD activities.
Please contact us for an FSP needs assessment and pricing proposal.
Plumb Line Risk Alignment (Pty) Ltd is the company behind the FAIS Exchange. Plumb Line is a Fintech company based in Cape Town that has been providing product assessment services to the financial services industry for the past 17 years.
Recently, Plumb Line has developed a FAIS Fit and Proper tracker to assist FSPs in their compliance to the new, more onerous, requirements of the FSCA.
The FSCA requirements, together with the recent legislative changes that make it compulsory for all Reps to write product exams, led to the founding of The FAIS Exchange that combines these offerings into one comprehensive service to the industry.
The Exchange is built on Plumb Line's proprietary platform called Avoda™, from which we address our clients' specific product assessment needs, and the competence register needs of FSPs and brokerages.
If you need assistance of any nature, whether it's logging in or submitting a new Exam, please feel free to contact our support desk.