INVOICES AND PAYMENT OF FINANCIAL SERVICES BOARD LEVIES 2015/2016
As mentioned in an earlier Compliance Update, the Financial Services Board (FSB) imposes levies on the institutions it supervises, to cover the costs of supervision.
Please note that the FSB will send out the levy invoices by 30 September 2015 (in respect of the levy year from 1 April 2015 to 31 March 2016) and the levies are payable by 31 October 2015.
Please further note that the practice of removing representatives from the register before the levy calculation date (31 August) and then to update the register with the same representatives after that date is viewed in a serious light by the FSB and could jeopardise the license of an FSP.
Furthermore, the Registrar has the power to withdraw any license if satisfied that the licensee is liable for payment of a levy in terms of the FSB Act and has failed to pay the levy and interest in respect thereof.
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