African Bank Elevating FAIS Compliance with a 31% Surge in Exam Pass Rates
Objective
The strategic objective of this initiative was to ensure up to 1000 staff members attained FAIS (Financial Advisory and Intermediary Services) compliance by passing the FAIS RE5 exam.
Challenges
- The Company needed to transition to Financial Services Institution: The company needed to facilitate a shift from a credit provider to a full-fledged financial services institution, necessitating compliance with FAIS regulations.
- Training Cost and Time Constraints: The 3-day training masterclasses were time-consuming and costly, resulting in poor pass rates and a significant impact on operational efficiency.
- Increasing FAIS Compliance Requirement: FAIS regulations were becoming increasingly critical, making it imperative for the company’s staff to pass the FAIS RE5 exam.
The Outcome
A 31% Surge in Pass Rates compared to any prior intervention.
Achieved cost savings for client by reducing staff Time Away from Work
Enhanced Marks for Repeat Exam Takers were recorded