Section 19 of the FAIS Act sets the requirement that financial statements must be submitted to the registrar by authorised financial services provider no later than four months after the end of the providers financial year end.
If an FSPs financial year ended on 28 February 2016, the due date for such FSP to submit its Annual Financial Statements (AFS) will be on 30 June 2016. There may be instances where an FSP is not able to submit their AFS before the due date. Any extension request should already have been submitted by 15 June 2016. However, if an FSP is not going to make the deadline, then we suggest that an urgent request be submitted together with the proof of payment.
The Registrar may impose a penalty up to R1000 per day from the day on which the financial statements become due until the date on which it is received by the Registrar.
FSPs which are required to submit Annexure A (see Board Notice 82 of 2016) together with their Annual Financial Statements, must remember to do so. If an FSP has already submitted the 2016 Annual Financial Statements without Annexure A as may be required, then they should urgently do so.