CONSULTATION PAPER: EXEMPTION OF SERVICES UNDER SUPERVISION

The Consultation Paper dealing with the Exemption of Services under Supervision was published by the Financial Sector Conduct Authority (FSCA) on 31 July 2018.

Interested parties are invited to submit written submissions on the withdrawal of the 2008 Exemption and the Draft Exemption to FAIS.Consultation@fsca.co.za by 31 August 2018.

The purpose of the Draft Exemption is to facilitate the entry of new participants into the financial services industry without compromising the fair treatment of and good outcomes for clients.

Differences between the 2008 Exemption and the Draft Exemption include a change to the definition of “date of appointment” and compliance periods, the intensity of supervision and direct and ongoing supervision, entry level requirements, the supervision agreement and the duties of FSPs, supervisors and representatives.

Please contact your compliance officer at ICS should you have any queries regarding the above.

 

 

 

 

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