Business Report writes that thousands of employees at major South African banks are at risk of losing their jobs after failing the Financial Advisory and Intermediary Services (Fais) regulatory examination.  

The once-off examination, the deadline in respect of which was the end of June, was meant to ensure that the employees met minimum competence requirements.  Sources in the industry on Wednesday estimated that thousands of bank employees had failed.  Some banks have already commenced with dismissals and with so-called incapacity inquiries against affected employees on the basis that the failure to complete the examinations breached conditions of employment.  Gizelle Conradie of the Finance Union, Sasbo, indicated that they recently took one of the big banks to the CCMA after it dismissed a member for not completing the examinations by 30 June.  The commissioner agreed with the union and the bank had to reinstate the individual with back pay.  But, the bank is taking the matter on legal review.

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