HOW TO


This information is also available on the FSB website. We have added some more detail in order to make it more user friendly. Should you need assistance with any of the below profile please contact us through our Questions and Queries page or contact the FSB directly. We are able to provide you with the FSP application forms although these are also available on the FSB website.

Click on any of the following quick links and proceed directly to that section of this web page :

  1. Add or remove a representative
    Please note that the representative is appointed by the FSP and that full responsibility lies with the FSP to ensure that the representative meets the Fit and Proper requirements.
    There are three ways to add or remove a representative from the FSP’s register. The quickest way is to use the electronic register (see below) or to use the newly added Maintain Representative Register under the “Online Submissions” tab. On the FSB website under FAIS, choose the online submissions and login as you would to submit your financial statements.  Choose the option ‘Maintain Representative Register’ and make the necessary changes.  In order to login you would need to have registered for the online submissions and this would allow an authorised Key Individual to make the change.
    Alternatively, the FSP5 form can be used to add a representative. This can take slightly longer as it needs to be manually processed by the FSB. 
    To remove a representative via the FSB profile changes department, a letter needs to be submitted requesting removal of the representative. This would need to include the ID number of the representative. It is advisable to rather use the electronic register for both the actions.
    Where a representative has been debarred, the FSB needs to be informed in writing as to the reasons for the debarment. This must be submitted together with the updates on the electronic register.
    The forms can be submitted to faispfc@fsb.co.za

  2. Update a Representative register electronically
    Please note that the representative is appointed by the FSP and that full responsibility lies with the FSP to ensure that the representative meets the Fit and Proper requirements.
    Although the electronic submission is the most efficient way to update the representative register, it can be frustrating if the correct information and format is not used. The pitfalls are generally Date of Appointment, Product Categories (Experience in Product Categories) and the Process Flag. The Date of Appointment should match the date used for the Product Categories. The format in which the Product categories is input is very specific. For example: a representative is appointed in 30 October 2015. The date of appointment should be 30/10/2015. If the representative is appointed for advice and intermediary service for Long Term Insurance B2 the experience per category would be:
    1/20/30102015/30102015;
    Where the representative is under supervision:
    1/20/30102015/30102015/30102015;
    No spaces should be used and the products must be separated with a semi-colon.
    The process flag shows whether the information for the representative is a new addition, an update or a removal.
    1A – add a representative
    2U – make changes to an existing representative
    3D – remove a representative
    It is also important to ensure that the correct information regarding the qualification and year obtained appears on the spread sheet. This column MUST be completed for the submission to be successful. If the representative has only Matric which was obtained in 2001 the code used is 101/2001. Where the representative has a qualification, the qualification must be checked against the FSBs list of approved qualification. If the Representative has a B.Comm from the University of Cape Town which was obtained in 2004, the code that would be used is 706/2004.
    User Guidelines on Completion of the spreadsheet.

  3. Apply for a new license
    A new license application, may be done electronically and submitted on line or manually. All the FSP application forms must be completed and submitted together with supporting documentation and proof of payment. The forms can be obtained through the FSB call centre or through a recognised body. They are also available on the FSB website. It is advisable to get assistance when completing the application in order to ensure that all the correct information and documentation are being submitted. The FSP should keep copies of all the application forms. When submitting the application, it is advisable to request acknowledgment of receipt. You should be provided with a temporary number which you can use to track the progress of the application. Please be sure to ask for this number when you submit.
    The application for a new license can be submitted to Fais.Newlicense@fsb.co.za

  4. Add a Key Individual
    In order to add a Key Individual, the FSP4 form needs to be completed together with the FSP14A. The FSP4 contains all the personal information on the proposed KI while the FSP 14A form details the attachments that need to be submitted with the application. The attachments include proof of qualifications and experience. Proof of experience can be in the form of letter from a previous employer and needs to detail the duties, responsibilities and scope of the position held by the applicant. This letter would ned to be on a letterhead of the previous employer. Any experience being used in the application needs to be within the previous 5 years. Where the application has been under supervision, the letter would be from the Supervisor stating that the supervision period has been completed and explain the extent of the supervision. Both letters would need to contain information on the product categories for which the applicant was registered and has gained experience in. A Key Individual also needs to be registered as a representative and the process for addition of a representative will need to be followed.
    There is a fee for adding a Key Individual and proof of payment needs to accompany the application. Please contact the FSB to ensure you get the correct fee as the fees are subject to change. The application will not be processed until such time as the full fee has been paid.
    The application can be submitted to faispfc@fsb.co.za

  5. Apply for new product category
    In order to add an additional product category, the FSP2 form needs to be completed. When you apply for a new product category the FSB requires that there is a Key Individual who has the necessary experience and qualification to manage and oversee the financial services which will fall under the new product category. As a result, the FSP4 and FSP14A will need to be completed (please see Add a New Key Individual above).
    There is a fee for adding a Key Individual and proof of payment needs to accompany the application. Please contact the FSB to ensure you get the correct fee as the fees are subject to change. The application will not be processed until such time as the full fee has been paid.
    The application can be submitted to faispfc@fsb.co.za

  6. Remove a product category
    Where a product category on the FSP license is not being utilised, the FSB may request that it be removed from the license. An FSP may also need to remove a product category when there is no Key Individual with the required experience or qualifications to manage and oversee the financial services rendered under this category.
    The FSP needs to submit a letter to the FSB requesting the removal of the product category together with the FSP2 and FSP14A. The FSP2 must contain only the product categories that need to remain on the license.
    There is no fee required for removal of a product category.
    The request to remove a product category can be submitted to faispfc@fsb.co.za

  7. Application for a New License Category
    This refers to adding a Category I, II, IIA, III, or IV to an existing license. This can be quite a long process and it is suggested that you get assistance with this application process. Your Compliance Officer should be able to assist. Should you not have a compliance officer, we will be able to assist you and guide you through the process.
    The FSP2 form detailing the additional license category and the product categories which will fall under the new license categories needs to be completed. You will also need to show that you have a Key Individual who meets the necessary requirements (see Add a New Key Individual above) who will need to complete the FSP4. If the Key Individual is already a KI of the FSP, then sections A, H and I need to be completed. The FSP will need to show that they are able to meet the necessary Operational Requirements and thus will also need to submit FSP7. Due to the fact that the financial requirements differ for the license categories, the FSP8 needs to be completed to show that the FSP is able to meet the additional requirements. The FSB would require supporting documentation in the form of financial statements. The FSP14A needs to be completed detailing the forms submitted and the supporting documentation.
    The fees for each of the Categories differ and are subject to change by the FSB. Please ensure that you confirm the correct fee with the FSB and submit proof of payment together with the application.
    The application can be submitted to faispfc@fsb.co.za

  8. Name change of Licensed Entity
    In order to request a change of name the FSP needs to submit a letter to the FSB on a letterhead requesting that the change be made. This needs to be submitted together with the approval and name change documentation. The same documentation is required for the conversion of a company or close corporation. The conversion of any other entity requires a new license application.
    Please confirm the fee with the FSB as it is subject to change. Proof of payment needs to be submitted with the application.
    The application can be submitted to faispfc@fsb.co.za

  9. Submission of Mandate/ Mandate changes
    Where an FSP applies for or has been granted a Category (Discretionary) license, the Code of Conduct for Administrative and Discretionary FSPs requires that the Discretionary Mandate be submitted for approval. This includes where there have been changes made to an existing mandate. The mandates need to include the criteria set out in the Code and it is advised that any new mandates or mandate changes be reviewed by a qualified Cat II compliance officer. There is a fee applicable for both new specimen mandates and for mandate changes and the amount should be confirmed with the FSB. The proof of payment must accompany the mandate application.
    The submission of specimen mandates must be sent to Fais.Mandates@fsb.co.za

  10. Appointment Procedures For Representatives
    The Key Individual is responsible for ensuring that representatives meet, or will be able to meet, the Fit and Proper requirements. An FSP/ Key Individual is required to do the necessary checks to ensure that the representative being appointed meets the necessary requirements.

This requires that the FSP has adequate procedures in place to accomplish this. This procedure needs to be followed and documented proof must be obtained and recorded.

The process should include due diligence on:

i. Honesty and Integrity – the representative should sign a declaration declaring the he/ she meets the necessary requirements.
ii. It is recommended that credit and criminal checks are conducted in order to ensure that the honesty and integrity requirements can be verified.
iii. Ensure that the representative has the necessary experience by confirming Date of First Appointment and the product categories for which the representative has previously been registered.
iv. Obtain letters of reference from previous employers and where possible contact them telephonically.
v. Obtain copies of all qualifications, including Regulatory Exam certificates

Once the FSP/ Key Individual are comfortable that the representative meets the requirements or will be able to meet outstanding requirements while under supervision within the allotted time, the representative can be appointed and added to the representative register.