An FSP must debar a representative from rendering financial services if the FSP is satisfied that the representative does not meet or no longer complies with the fit and proper requirements as set out in the FAIS Act.In terms of section 14(4) of the FAIS Act, the FSP must, in the form and manner determined by the Financial Sector Conduct Authority (FSCA), notify the FSCA within 5 days of the debarment and provide the FSCA with the grounds and reasons for the debarment in the format that the FSCA may require within 15 days of the debarment.
FSCA FAIS Notice 17 of 2018 sets out the form and manner of the notification and the provision of the grounds and reasons contemplated in section 14(4).
Kindly notify your compliance officer at ICS and copy in email@example.com within 2 days of the debarment to allow us to notify the FSCA timeously.
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