Board Notice 101 of 2015 sets out the levies to be paid by each type and category of financial institution. Section 19 of the Notice deals with levies on authorised financial services providers.
- Section 19 (1) deals with levies of Category I or IV FSPs.
- Section 19 (2) deals with levies to be paid by Category II, IIA or III FSPs.
The due date for levies to be paid is 31 October 2015.
Category II FSPs furthermore have to ensure that the record of their assets under management are finalised by 30 June 2015 as the FSB will calculate their levies in respect of assets under management according to those records.
All FSPs must also pay a levy for funding of the office of the FAIS Ombud.
The contact details of all FSPs must be correct and updated on the FSB website to ensure that the FSP receives its statement.
It is important that FSPs ensure that the Representative Register is updated and correct on a regular basis. Levies will be charged per Key Individual and Representative reflected on the FSB Register on 31 August 2015.
Ensure that provision is made for timeous payment of the levies as non-payment can result in licence suspension or withdrawal. Contact your Masthead Compliance Officer if you need help in calculating the levy that will be due.
Click here to read the Board Notice.