On 15 June 2018 the Financial Sector Conduct Authority (Authority) published FAIS Notice 23 of 2018 which exempts FSPs from fees payable to the Authority in respect of certain amendments to approved mandates. This Notice came into operation on the date of publication.
Any Category II, IIA and/or III FSP that was authorised for Long-term insurance subcategory B1 and/or Long-term insurance subcategory B2 on 1 April 2018 and who is deemed to be authorised for the corresponding product categories, namely Long-term insurance subcategory B1-A and/or Long-term insurance subcategory B2-A, will have had their licence ‘automatically’ updated by the Authority.
However, these FSPs must also ensure that their Mandate(s) is updated to reflect the new subcategories added to their licence and submitted to the Authority for approval. Normally an FSP would have to pay a fee for the approval of a Mandate, but in this instance the fee has been ‘waived’.
Amended Mandates must be submitted via email to FAIS.Mandates@fsca.co.za.
To read the full Notice click here.