Regulators

South African Financial Sector Conduct Authority (FSCA)

FSCA takes over the responsibilities of the South African Financial Services Commission FSB from 1 April 2018

Organization Profile

The FSCA took over the responsibilities of the South African Financial Services Commission (FSB) on 1 April 2018.

Licence application

To apply for a Financial Service Provider (FSP) license, the applicant should meet the following requirements:
1. Fit and proper requirements
Appropriate and appropriate requirements for categories, key personnel and representatives of financial service providers refer to:
(1) Honesty and integrity;
(2) Good reputation;
(3) Competency requirements; including adequate, appropriate and relevant skills, knowledge and expertise related to financial services, financial products and functions.
(4) Continuous professional development;
(5) Operational capability;
(6) Financial stability;
2. Minimum experience requirements for various types of financial service providers
(1) Category I FSPs: their key personnel must have at least 1 year of experience in the management and supervision of specific financial services for Category I FSPs;
(2) Category II FSPs: their key personnel must have at least 1 year of experience in the management and supervision of Category II financial services;
(3) Category IIA FSPs: Category IIA FSP and its representatives must have at least 3 years of experience in Category IIA financial services, and its key personnel must have at least 1 year of experience in the management and supervision of Category IIA financial services;
(4) Category III FSPs: Category III FSPs and their representatives must have at least 3 years of experience in Category III financial services, and their key personnel must have at least 1 year of experience in Category III financial services management and supervision;
(5) Category IV FSPs: Category IV FSPs and their representatives must have at least 1 year of experience in Category IV financial services, and their key personnel must have at least 1 year of experience in Category IV financial services management and supervision;
3. Regulatory examination requirements for various types of financial service providers
Financial service provider key personnel and representatives must sit and pass the relevant RE exam as shown:

4. Financial soundness requirements for various types of financial service providers
Financial service providers must meet the corresponding additional capital requirements, working capital requirements and liquidity requirements for the respective categories, as shown in the diagram:

Application Fee

License Type

FSP License (Financial Service Provider) Category:
(1) Category I FSPs, which refer to financial service providers that are not Category II, IIA, III or IV FSPs;
(2) Category II FSPs, referring to free financial service providers;
(3) Category IIA FSPs, which refer to hedge fund financial service providers;
(4) Category III FSPs, which refer to managed financial service providers;
(5) Category IV FSPs, which refer to ancillary business financial service providers.

Regulatory Rules

Reporting Requirements
1. Within four months of the end of each fiscal year, financial service providers must submit financial statements to the FSCA registrar; when submitting financial statements, an external auditor’s report should also be provided, and small financial service providers should also provide financial statement preparation Guidance; a fine of R1000 per day overdue for failure to file financial statements within the specified time;
2. Compliance Reports

Regulatory Inquiries

You can directly go to https://www.fsca.co.za/Fais/Search_FSP.htm for query, the steps are as follows:
Step 1: First open the official website of the South African Financial Sector Conduct Authority: https://www.fsca.co.za/

Step 2: Click on "Regulated Entities" in the menu bar at the bottom of the web page, move the mouse to "List of Regulated Entities & Persons", and then move to FAIS One item.

Step 3: Click on the "Financial Services Provider" item in the menu bar at the top of the page.

Step 4: "Search For FSP No" (search by FSP number), "Search For FSP Name" (search by FSP name), "Search Per Postal Code" (search by postal code) or "Search Per Person (enter ID)" (search by person's ID number), and then click "Submit" to submit;

Regulatory complaints

Online complaint link: https://www.fsca.co.za/Customers/Pages/Complaints-Compliments-Feedback.aspx
FAIS Ombud (Financial Services Ombuds Authority of South Africa) handles complaints against financial service providers, and those beyond the jurisdiction of the Financial Services Ombuds Authority of South Africa can be referred to the Financial Advisory and Intermediary Services Department of the FSB (above R800,000).
If the complaint is not resolved or the parties do not accept the Ombudsman's proposal, the South African Financial Services Ombudsman will make a final decision, including:
1. Withdraw the complaint; or
2. Support the complaint in whole or in part, such as giving the complainant a reasonable amount of compensation to cover the financial discrimination or loss suffered by the complainant.

Penalties

Administrative fines and penalties original query page:
https://www.fsca.co.za/Enforcement-Matters/Pages/Enforcement-Actions.aspx

Contact information

Contact Centre: 0800 20 37 22 Switchboard: 27 12 428 8000
Fax: 27 12 346 6941
Email: [email protected]
Anonymous complaint email: [email protected]
Postal Address: 0102, Menlo Park, P.O. Box 35655
Online contact page: https://www.fsca.co.za/Pages/Contact-Us.aspx

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