FSPs with financial year end on 28 February 2018 are reminded to submit their financial statements by 30 June 2018. The FSB website states that FSPs that fail to submit their financial statements within the period prescribed (unless they have been granted an extension) are liable to pay a penalty for every day they are late. The penalty can be up to R1000 per day from the day on which the financial statements become due until the date on which they are received by the Registrar. The non-submission of financial statements and/or the non-payment of penalties may also result in the suspension of an FSP’s licence.
Submitting your financial statements
FSPs must submit their financial statements within 4 months after their financial year-end to avoid the penalty. FSPs can submit their Financial statements electronically by using the online submission process or by sending a hard copy of the financial statements.
The preferred method is the electronic submission via the FAIS Online system. To submit the financial statements, log onto the FAIS Online system on the FAIS Page on the FSB’s website. The FSP must capture the information on the system and attach a copy of the signed financial statements as an annexure. If your financial statements are not signed the FSB will not accept the submission. For assistance please refer to the FAIS Online manual or send an email to faisfins1@fsb.co.za.
The Financial Statements can also be posted, but please note that if they are posted, it remains the FSP’s responsibility to prove that they have been sent. We therefore suggest that FSPs send all post per registered mail and retain proof (through a tracking number). FSPs must allow for sufficient time to ensure that the statements are received by the Registrar before the due date.
The statements must be addressed to:
The Registrar of Financial Services Providers
Attention: FAIS Supervision – Financial Statements
PO Box 35655
Menlo Park
0102
The financial statements can also be hand delivered or couriered to:
The Registrar of Financial Services Providers
Attention: FAIS Supervision Department, Financial Statements
Riverwalk Office Park
Block B
41 Matroosberg Road
Ashlea Gardens Extension 6
Pretoria
Applying for an extension
An FSP can apply for extension of the submission by submitting a request at least 15 days prior to the submission date. Such request can be submitted electronically via the FSB’s FAIS Online system, or via email to faisfins1@fsb.co.za. It is important that the word “Extension” as well as the FSP number is included in the subject line in order to expedite the request.