FSP licensing process nearly complete

31 July 2006 Russel Michaels

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 in the number of applications in process, is continuing.

The FSB has finalised the processing of 14 073 applications for authorisation as Financial Services Providers (FSP's) out of a total of 15 083 applications received (93,3%). 262 of these applications were received since 1 May 2006.

A total of 290 (previously 268) FSP's which had been authorised have in the meantime been successful with their request to lapse their licences.

A total of 849 (5,6%) applications have been declined. Previously, it was reported that 819 applications had been declined. Details of the 30 applications that have been declined are listed below:-

1 685 Gardener Ross International Finance (Pty) LtdErasmuskloof, Pretoria, Gauteng
2 1532 EC Bevan Trading CCCape Town, Western Cape
3 1582 Manwood Wildlife Underwriting Consultants (Pty) LtdBryanston, Gauteng
4 7273 Insudlu Business Companion CCJohannesburg, Gauteng
5 7533 Michael Joseph Ferry trading as Remploy SAUmhlanga, Kwa Zulu Natal
6 7720 Abrie Rudman trading as A Rudman and RoosBrakpan, Gauteng
7 8077 T G Asset Management C CRandburg, Gauteng
8 9120 Schwarzland Auto Haus (Vredenburg) CC t/a Schwarzland Auto HausVredenburg, Western Cape
9 10230 Venditor Vehicles and Equipment CC t/a Venditor Preowned VehiclesHatfield, Pretoria, Gauteng
10 11464 FA Motor Sales & Accesso ries CC t/a Fair Deal MotorsWitbank, Mpumalanga
11 13383 Nwenya and Sons CC trading as Pfunani Funeral ServicesNelspruit, Mpumalanga
12 16523 Dlamini United Burial Society CCJohannesburg, Gauteng
13 17383 Ivor Jose Mitchell Granger t/a Northcliff BrokersBerario, Gauteng
14 18976 Frederik Jacobus Mulder t/a Forex FokusKrugersdorp, Gauteng
15 19137 Village Mall Auto CC trading as Halfway Toyota FourwaysScottburgh, Kwa Zulu Natal
16 19408Patrick Zolile Bono t/a Classic Financial ServicesMatatiele, Kwa Zulu Natal
17 19638 Lu-Bri Funeral Services CCStella, North West
18 19641 Naresh S J Naidoo t/a as Imbali Funeral FurnishersPietermaritzburg, Kwa Zulu Natal
19 19662 Jaca Groenewald t/a Jaco Groenewald BrokersKrugersdorp, Gauteng
20 20456 Imperial Group (Pty) Ltd t/a Renault Auckland ParkEdenvale, Gauteng
21 20569 EK Financial Services CG t/a Efin FinancingEast London, Eastern Gape
22 21599 Samuel Fortuin trading Nu Hope Funeral ServicesAtlantis Western Cape
23 21775 Thandile Spankie NsthingwaMargate, Kwa Zulu Natal
24 22156Generations Funeral Scheme CCGugulethu, Western Cape
25 22169 Harji Motor Group CCUpington, Northern Gape
26 22563 Bond Point (Pty) LtdRivonia, Gauteng
27 24439 Leonard Lekgotla Tlhabanyana t/as Leonard Insurance BrokersJohannesburg, Gauteng
28 24862 Benedict Malam bule Gule t/a Gule and AssociatesDaveyton, Gauteng
29 26990 Bronpro Marketing (Pty) Ltd trading as Supreme MotorsNelspruit, Mpumalanga
30 26146 Phiwokuhle Insurance Brokers CCPort Elizabeth, Eastern Cape

Anderson says: "Most of the declines was for incomplete applications and applicants 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 13th in the series and follows the releases issued on 5 May, 27 May, 26 July, 22 August, 28 September, 25 October, 1 December 2005, 26 January, 7 March, 7 April, 18 May and 5 July 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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