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Insurance Markets
Wednesday, July 1, 2009
Into categories

Financial Services Board (FSB) deputy executive officer for Market Conduct and Consumer Education, Gerry Anderson says the FSB has finalised the processing of 18 980 (previously 18 884) applications for authorisation as financial services providers to date. In total, 1 699 of these applications have been declined (previously 1 683).

“Some of the reasons why applications are declined are due to insufficient or incorrect information on the forms, no proof of payment of the application fee or not meeting the fit and proper requirements.”
The authorisations of three FSPs previously suspended have been lifted during the reporting period. A further three have been suspended, and six more have been withdrawn.
“Anderson adds, "FSPs whose applications have been unsuccessful, withdrawn or suspended are entitled to appeal to the FSB Appeal Board, an independent tribunal, if the applicant is dissatisfied with the decision taken by the Registrar.”
The Fais division of the FSB supervises financial and intermediary activities in the financial services sector in terms of the Financial Advisory and Intermediary Services Act, 2002 (the FAIS Act). The purpose of the Act is to regulate and supervise, in the interest of consumer protection, the provision of advice and intermediary services to clients in respect of a range of financial products and services.
The division consists of three departments: registration, supervision and enforcement.
The Registrar of Financial Services Providers authorises and renders ongoing supervision over five categories of financial services providers. The total number of approved FSPs as at 31st March 2009 is categorised as follows:


 

Copyright © Insurance Times and Investments® Vol:22.7 1st July, 2009
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