Lusanda Bill
8 April 2011
According to an industry organization an estimated 300 000 people in the financial service sector may lose their jobs before the end of the year because of regulatory exams.
An estimated 140 000 people need to take the exam to continue working in the industry.
Chris van der Walt of the National Association of Independent Financial Advisers (Naifa) calculates that, if the employees of financial intermediaries are included, the job losses could top 300 000.
Phillip Matlakala, chief executive of Metropolitan Retail, also weighed in on the matter this week, saying it would have a negative impact on life assurers like metropolitan operating in the low- and middle-income market, and on the industry’s ability to create jobs.
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