Update on Licenses for Financial Services Providers

Financial Services Board (FSB) Deputy Executive Officer for Market Conduct and Consumer Education, Gerry Anderson stated that the FSB has finalised the processing of 19 306 (previously 19 256) applications for authorisation as financial services providers to date. In total, 1721 of these applications have been declined (previously 1 724).

The following 8 applications previously reported as declined, have now been reversed:

1. FSP. 3799 LWANDLE WISEMAN JIKAZI t/a L.W INVESTMENT Umlazi, Kwa-Zulu Natal

2. FSP. 11714 TERENCE RICHARD VERMEULEN t/a Doringkloof, Centurion, Gauteng T VERMEULEN MAKELAARS

3. FSP. 16989 MIYA FINANCIAL SERVICES CC Dobsonville, Johannesburg, Gauteng

4. FSP. 23669 SIBANGANI PHILLIP ZUMA Pietermaritzburg, Kwa-Zulu Natal

5. FSP. 25502 ANWAR BOOLEY t/a COESSA FINANCIAL SOLUTIONS Cape Town, Western Cape

6. FSP. 30494 THULASIZWE ENOCK ZACA Durban, Kwa-Zulu Natal

7. FSP. 30690 MAZWOXOLO CEZA t/a MAZWI BROKERAGE Queenstown, Eastern Cape

8. FSP. 31776 MARIRI TRADING 57 CC t/a RIMACORE INSURANCE BROKERS Centurion, Gauteng

The details of the additional 5 applications that have now been declined are as follows:

“Some of the reasons why applications are declined is that there is insufficient or incorrect information on the application forms, no proof of payment of the application fee or not meeting the fit and proper requirements”.

The authorisation of the following FSP has been suspended during the reporting period:

The authorisations of the following 2 FSPs have been withdrawn during the reporting period:

The following 10 applications previously reported as withdrawn, have now been reinstated:

The authorisation of the following financial services provider previously reported as suspended, has been lifted:

“Anderson adds, "FSP's whose applications had been unsuccessful, withdrawn or suspended are entitled to appeal to the FSB Appeal Board, an independent tribunal, if the applicant is dissatisfied with the decision taken by the Registrar”.