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Financial Services Board > Departments > Financial Advisory and Intermediary Services :

About Us

Who we are

We are a division within the FSB that is set up to administer the Financial Advisory and Intermediary Services Act, 37 of 2002 whose aim is to protect the investors and to professionalise the financial services industry.

What we do

We register financial services providers after being satisfied that they meet the fit and proper requirements, supervise such providers on an on-going basis to ensure that they comply with the duties imposed by the Act at all times and take the necessary regulatory action against those who do not comply, which include unregistered entities or persons.

Registration is responsible for:

  • new licence applications
  • profile changes (amendments to licenses)
  • updating the central representative register
  • approval of mandates and application forms for discretionary FSPs and Administrative FSPs
  • liaison with the FSB’s Finance Department relating to collection of levies

Supervision is responsible for:

  • lapsing of licences
  • the receipt and 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,
  • regulatory action (suspension and withdrawal of licences), and
  • debarments related to regulatory action

Enforcement is responsible for:

  • interaction between the FAIS division and the FSB Enforcement Committee,
  • updating debarments on the central representative register, and
  • reinstatement of representatives on the central register
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