The Financial Advisory and Intermediary Services Act (“FAIS Act”) licensing process cut-off date for persons currently engaged in the provision financial services (intermediary services and financial advice) is 31 July 2004 for those persons who wish to ensure that their applications are processed before the final date of 30 September 2004. A number of misunderstandings have arisen regarding the licensing process and require clarification:-

1. The Financial Services Provider (“FSP”) reference number issued by the Financial Services Board (“FSB”) call centre does not mean that a licence by the FSB has been issued and is merely a reference number. Persons who have been allocated a reference number are required to complete an application form and submit it to the FSB or one of the recognised bodies. This form must reach the FSB before 31 July 2004;

 

2. Applicants are not required to submit copies of educational qualifications for their representatives. They are however required to submit certified copies of educational qualifications for their key individuals.

 

3. Copies of Matric certificates can be obtained from your local Department of Education, a “statement of symbols” issued by the Department of Education will also be accepted by the FSB. It is recommended that you apply for such statement in person, as by so doing, you will in all likelihood cut out unnecessary time wastage.

 

School leaving certificates obtained in the United Kingdom or one of it’s former colonies can ordinarily be obtained from Cambridge or Edexcel. To obtain such affirmation could take up to one week.

 

School leaving certificates and other qualifications obtained in countries outside South Africa must be assessed by the Centre for Evaluation of Educational Qualifications (“CEEQ”) at the South African Qualifications Authority. CEEQ can be contacted on 012 - 431 5000.

 

4. Completion of the INSETA Recognition of Prior Learning Assessment does not constitute licensing under the FAIS Act. Persons who have completed the assessment are required to apply for a licence at the FSB or a recognised body and submit a copy of the assessment result with the licence application.

 

Applicants must please read the application form carefully and ensure that it is complete before submitting it to the FSB or a recognised body.