When the FSB grants an application for a FAIS licence (Section 8(4)), the Registrar may impose certain conditions and restrictions. There are standard conditions and there may also be conditions specifically applicable to the FSP licence. The licensing conditions may also include exemptions applicable to the FSP.
One of the objectives of FAIS is to ensure that there are uniform standards relating to competence, which are adhered to by all FSPs. The approach adopted by the Registrar was to set initial, reasonable minimum requirements. These minimum requirements were then to be balanced with the ultimate intention of the FAIS Act which was to prescribe the highest acceptable qualification and experience for FSPs. As a result, the qualification requirements were increased over time and those FSPs, key individuals and representatives who were previously authorised, approved and appointed on the minimum qualifications were now compelled to improve on these, subject to certain deadline dates.
The Determination of Fit and Proper Requirements (BN106 of 2008), included details about the qualification requirements for key individuals and representatives approved or appointed after 1 January 2010. Also included was the transitional arrangements for those key individuals and representatives approved or appointed prior to that date and who were required to improve on their qualifications.
Where a key individual was required to study further, their approval would have been subject to a specific condition to obtain a certain qualification by a specified date. This conditional approval would have been noted against the name of the key individual linked to an FSP on the FSB’s public website. In order for this condition to be removed, the key individual was required to inform the Registrar that the requirements had been met together with documentary proof.
Key Individuals who have not yet informed the FSB that they have met the requirements of any specific condition imposed, should urgently do so by submitting a profile change request for the condition to be removed.
Key Individuals should regularly check the FSP’s profile both on the FSB’s public website and by secure login to the FSB’s online system to ensure that all information is correct and up-to-date. This will help FSPs avoid unexpected queries and also ensure that all correspondence from the FSB is sent to the correct contact details.