Registrar acts against non-compliance

The Registrar of Financial Services Providers has suspended the authorisation of 129 sole proprietor licenses due to the non-compliance of regulatory exam requirements. In terms of section 10 of the Determination of Fit and Proper Requirements for Financ

In July 2011 the Registrar of Financial Services Providers (the Registrar) announced the decision to extend the deadline by which the first level regulatory examination must be written, from 31 December 2011 to 30 June 2012. The decision was taken after the Registrar considered the possible impact the 31 December 2011 deadline may have on industry.

In addition, the Registrar indicated that a person who had written the examination applicable to him/her at least once by 30 June 2012 without success, had until 31 March 2013 to successfully complete the relevant examinations. The Registrar’s decision was capsulated in the Notice ‘General Exemption: Level1 Regulatory Examination’ that was published by Board Notice 61 of 2012 (the Exemption).

The Registrar’s records indicate that the suspended licenses are subject to section 10 of the Determination, insofar as it relates to the regulatory examinations. As such, they should have written the first level regulatory examinations by 30 June 2012.

The Registrar has no record that they have written the examinations. They are therefore in breach of section 10 of the Determination insofar reference is made to the first level regulatory examination read with the Exemption.