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Fit and Proper Requirements

Overview

 

In terms of section 8 of the Financial Advisory and Intermediary Services Act the Registrar must after consultation with the Advisory Committee determine the requirements that financial services providers, key individuals and representatives of the provider must comply to. These requirements are termed the Determination of Fit and Proper Requirements for financial services providers and their representatives. The fit and proper requirements were updated in 2008 and subsequent several amendments have been effected. The requirements set the honesty and integrity, competency and operational ability requirements for all FSPs, key individuals and representatives. It also set out the solvency requirements applicable to FSPs.

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