FAIS ACT: DEADLINE FOR ADDITION OF FINANCIAL PRODUCTS

The transitional provisions of the new fit and proper requirements contained in Board Notice 194 of 2017 allow for the addition of certain financial products to the licence of an FSP.

Please note the deadlines mentioned below:

For the relevant products to be added by the Commissioner (previously known as the Registrar) on application, an FSP must submit an application for authorisation to render the services in respect of the financial product to the Commissioner by 30 June 2018. ICS will assist you with this process.

If you have not done so already and would like to add products to your licence as envisaged in BN 194, please send an email to ics@complianceservices.co.za by no later than 11 June 2018, confirming which products you would like to add.

For products to be added by the Commissioner without application, an FSP has three months to update the central representative register, once the Commissioner has added the products, to correctly reflect the financial products in respect of which a representative is appointed to render financial services.

Kindly notify ICS of the representative profiles which require updating so that we can proceed with implementing this on the FSCA website.

 

 

 

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