Financial Services Board (FSB) deputy executive officer for Financial Advisory and Intermediary Services (FAIS) and Consumer Education, Gerry Anderson says despite receiving several new applications for licensing, the steady reduction of the number of applications in process, is continuing.
To date the FSB has finalised 13 174 applications for authorisation as financial services providers (FSP's).
In total, 706 of these applications have been declined. Previously, the FSB had reported that 662 applications had been declined. Two applications that had previously been declined, have been reversed namely:
1. FSP 25486 Athol Wootton and Associates, Port Elizabeth, Eastern Cape;
2. FSP 25478 Niemel Beleggings BK trading as Kmart Auto, Klerksdorp, North West.
Anderson says: "The declining of the vast majority of the above applications can be attributed to their being incomplete and not meeting the minimum requirements for approval".
The FSB issues these media releases in the public interest to list the names of FSP's whose license applications have been unsuccessful. This is the twelth in the series and follows the releases issued on 5 May, 27 May, 28 June, 26 July, 22 August, 28 September, 25 October, 1 December 2005, 26 January, 7 March and 7 April 2006.
Anderson adds, "FSP's whose applications had been unsuccessful are entitled to appeal to the FSB Appeal Board, an independent tribunal, if the applicant is dissatisfied with the decision by the registrar".
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