Jobs could be on the line for employees in South Africa's banks who don't pass the Financial Advisory and Intermediary Services regulatory exams.
This comes after the financial union's decision to take action against banks that dismiss employees who fail their exams.
702's John Robbie spoke to Head of Legal Affairs at SA Society of Bank Officials, Gizelle Conradie, on the implications.
Listen to the interview below:
Conradie argued that the regulatory exams aren't a measure of incapacity for financial advisors to execute their duties and responsibilities.
We as a union are not happy about this because this does not form part of incapacity.— Gizella Conradie, SA Society of Bank Officials
Robbie also spoke to Deputy Registrar of Financial Services Providers at the Financial Services Board, Caroline da Silva, about the decision.
Listen to the explanation below:
Da Silva countered that the decision comes after the pass rate at 2014 exams (91%), dropped to 87% last year.
It's about introducing a level of competence into the industry to make sure that the people who give advice on financial products are competent to do so and honest.— Caroline da Silva, Financial Services Board