A requirement set by section 19 of the FAIS Act is that financial statements must be submitted to the registrar by an authorised financial services provider, no later than four months after the end of the provider’s financial year end.
If an FSP had its financial year-end on 28 February 2017, the due date for the FSP to submit its Annual Financial Statements (AFS) is 30 June 2017. There are instances where an FSP is not able to submit its AFS before the due date. Therefore, if the FSP experienced an administrative or technical problem which delayed the completion of the AFS, then the FSP must request an extension at least 15 days prior to 30 June 2017. It is important to note that no extension will be granted if any prior financial statements or compliance reports are outstanding. A fee is also applicable when applying for an extension.
An application for extension to submit financial statements can be submitted to the Registrar by using one of the following methods:
- Apply online via the FSB’s FAIS ePortal. This is the preferred method. The FSP can log in to its profile and apply for an extension online.
- Send a fax to the designated FSB fax number applicable to extensions.
- Send an email to the designated FSB email address applicable to extensions.
Late submissions of AFS will result in a penalty by the Registrar of up to R1000 per day from the day on which the financial statements become due, until the date on which the AFS is received by the Registrar.
Click the link below to view further details on the FSB website: