The FAIS Division is responsible for the regulation of Financial Service Providers (“FSPs”). The Division is divided in four departments namely Registration, Supervision, Compliance and Enforcement. The main function of each department is as follows:
- Registration is responsible for new licence applications, profile changes (change to any of the application detail that must be submitted in terms of licensing conditions of FSPs), updating the central representative register, approval of mandates and application forms for discretionary FSPs and Administrative FSPs, lapsing of licences, any queries relating to the status of an FSPs licence and liaison with the FSB’s Finance Department relating to collection of levies.
- Supervision is responsible for the implementation of a risk based approach to supervision of financial service providers, the analysis of financial statements and compliance reports, conducting onsite visits to FSPs and compliance officers and liaison with industry relating to changes in subordinate legislation.
- Compliance is responsible for dealing with complaints against FSPs that cannot be referred to the FAIS Ombud, investigations into the affairs of FSPs and regulatory action (suspension and withdrawal of licences) and updating debarments on the central representative register as well as reinstatement of representatives on the central register.
- Enforcement is responsible for the interaction between the FAIS Division and the FSB Enforcement Committee. This interaction includes the preparation of matters that the registrar of Financial Services Providers deems necessary to refer for possible administrative sanction. The department is also responsible for updating debarments on the central representative register as well as reinstatement of representatives on the central register.
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