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Trade union Solidarity handed a first memorandum to the Financial Services Board (FSB) today as part of a massive campaign against this statutory body. In the memorandum Solidarity calls for a moratorium of at least a year on all regulatory examinations for financial advisors. The memorandum also sets out ten demands to the FSB. Furthermore, Solidarity appealed to all employees in the financial industry to mandate the union to seek the moratorium on their behalf by signing the memorandum on the webpage www.stopfsb.co.za <http://www.stopfsb.co.za> .
 
According to Johan Kruger, spokesperson for Solidarity, the poor management of the regulatory exams by the FSB is causing widespread uncertainty among employees in the financial industry. ‘Thousands of financial advisors could lose their jobs by the end of March 2013 if employers carry out their threats of dismissing brokers who do not pass the regulatory exams before the cut-off date,’ said Kruger. ‘The moratorium on all regulatory exams must be in force until all managerial glitches have been ironed out and contingency plans to deal with the effects of implementing the exams have been draw up.’
 
Meanwhile, Solidarity has embarked on a legal process in terms of the Promotion of Access to Information Act in order to force the FSB to make public the minutes of the oversight committee that was set up in accordance with the Financial Advisory and Intermediary Services (Fais) Act. ‘This committee acts in an advisory capacity and is responsible for ensuring that the FSB’s processes are carried out fairly and efficiently. The continuing problems with respect to the regulatory exams have convinced Solidarity that the oversight committee is most likely not functioning effectively. The trade union is demanding that the committee’s minutes be made public in order to remove all doubt as to the transparency of the FSB’s processes,’ said Kruger.

Solidarity’s memorandum to the FSB is enclosed.