FSB steadily reduces fsp licence applications

10 April 2006 FSB

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 13 260 applications for authorisation as financial services providers (FSP's).

In total, 662 of these applications have been declined. Previously, the FSB had reported that 611 applications had been declined. Three applications that had previously been declined, have been reversed namely:

1. FSP 25487 Zambesi Woonwaens CC, Montana, Pretoria, Gauteng;

2. FSP 25489 Mzileni and Associates CC, Richards Bay, Kwa Zulu Natal;

3. FSP 3563 Sisa William Giyose trading as SW Giyose Insurance, Butterworth, Eastern Cape.

The details of a further 54 applications representing declines are listed below:-

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 licence applications have been unsuccessful. This is the eleventh in the series and follows releases issued on 5 May, 27 May, 28 June, 26 July, 22 August, 28 September, 25 October, 1 December 2005, 26 January and 7 March 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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