Financial Services Providers (FSPs) have until the end of July 2004 to deliver their licence applications, as required by the Financial Advisory and Intermediary Services Act (FAIS).
Under the FAIS Act, FSPs have to be licensed and key individuals are to be approved to be able to offer the level of advice and products they are qualified for and competent in.
They will have to be qualified and their licence must be disclosed to the consumer.
Remember that applications must be approved by the FSB prior to the section 7 date (September 30) otherwise FSP's will not be able to practice.
Those who have to apply for a licence as an FSP include any person who furnishes advice and/or renders an intermediary service as defined in the Act, but excluding representatives.
In terms of the Act, the FSP will be responsible for the actions of its representatives and must ensure that such representatives meet similar competency requirements for the appropriate licence category.
All firms and everyonewho are subject to FAIS are urged to submit their applications for licensing timeously as late submissions could have a very serious impact on a firm's or an individual's ability to practice should a licence not be granted by 30 September.
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