Moonstone: Penalties for non-submissions

When you have come round after fainting from the shock of seeing that you owe the FSB mega bucks you may want read this article as a means to recover some of your wits and hopefully some of the money that you have already said goodbye to in your mind.

Step 1 - correspond with the FSB

Write to the FSB, providing reasons for not complying with the requirements, and ask for an extension while you attend to the arrears. Writing is preferred by the FSB as it means that both parties have a record of the interaction. E-mail is possibly the best option.

The regulator's discontent stems from the fact that they have communicated the outstanding information on several occasions and were bluntly ignored.

It could be that you have changed your contact details (your e-mail address, postal address or fax number) and hence had not received the correspondence, or that your accountant had said that he did send it off but never did.

Whatever convincing motivation you can muster to claim clemency, use it.

Step 2 - Indicate how and when you plan to rectify the situation

As soon as possible sounds like a reasonable time if you want to convince the FSB of the purity of your intentions. And do not only stop at "when", also provide some facts on "how" you will resolve the matter - that adds to your credibility.

If unsure, employ the services of specialists to help you. And keep talking to the FSB.

Step 3 - If you feel framed

Provide proof of submission and the penalty will be waived - you might even get a letter of apology.

Step 4 - How to get your license suspended

Keep ignoring the FSB. However, if you think this is an easy way of getting out of this fix, it is not. You are still liable for all monies due.

The FSB have indicated that they are prepared to reconsider the penalties depending on how convincing your excuses are and provided the steps outlined above are to their satisfaction and complied with.