A Financial Service Provider (FSP) is a business offering financial advice and/or intermediary services (such as brokerages, insurance companies etc), and is made up of.
Who must register as FSP?
Your FSP must be licensed with the Financial Sector Conduct Authority (FSCA) or the equivalent in your jurisdiction. You must be registered as either a Key Individual or Representative of the FSP.
What is an FSP Licence?
In some instances certain financial advisors are authorized to act as representatives or key individual s of the company they work for, in which case the company is the actual registered Financial Services Provider (FSP) License holder.
What is an FSP number?
“An FSP number is an indication that the holder of the FSP number meets the stringent requirements as set out by the FSCA to be licensed in order to provide financial services and advice,” says Mitchell.
What is the FSB now called?
the Financial Sector Conduct Authority
The Financial Services Board (“FSB“) has been replaced by the Financial Sector Conduct Authority (“FSCA“).
Requirements to Become FSP In South Africa
There is a specific criterion that’s used when applying to become a Financial Service Provider. Whether you are an individual or a business, you will be evaluated under the following criteria.
You have to have qualities of honesty and integrity
You have to obtain knowledge, experience, and qualification of the field
Operational ability
In the business side of things, you have to have financial soundness
Maintain a continuous professional development
How to obtain a FSP License in South Africa
A FSP License is a license which is obtained from the FSCA. This license authorizes certain financial advisers to act as representatives or key individual of the company they work for, in which case the company is the actual registered Financial Services Provider (FSP) License holder.
A Financial Service Provider (FSP) is a business offering financial advice and/or intermediary services and is made up of Key individuals, these people are responsible for the FSP and all the representatives who work for the FSP.
They are also the people who have to report to the regulator and who the regulator will hold responsible for any actions against the FSP; and Representatives, these are the people who will give advice on financial services to prospective policyholders and will conclude all the necessary intermediary services with regards to products selected.
How long does it take to get an FSP license?
Licence Application
The turnaround time for an application to be processed at the FSB can take between 6 to 12 weeks. So do not waste valuable time compiling the application. After all, time is money when you need to open your own business.
What is a FSP in South Africa?
FSP stands for Financial Service Provider, which is a business that offers financial advice and/or intermediary services. The intermediary services can include insurance companies, brokerages, etc. Secondly, there are Representatives, who give advice on Financial Services offered in South Africa.
How much does it cost to register a FSP in South Africa?
You’ll need to pay the following fees when registering as an individual FSP: an application fee of $300 (plus GST) an FMA levy of $500 (plus GST) $35 (plus GST) to cover the cost of your criminal history check, unless you’ve undergone a successful check within the last 36 months.
Who must register as an FSP in South Africa?
FAIS requires that persons that provide advice or intermediary services (any act performed by a person on behalf of a client with a view to buying, selling or otherwise dealing in a financial product), with respect to financial products, register as a FSP.
Can I write RE5 exam without FSP number?
RE5: All Representatives, including those employed or mandated by an FSP, who render a financial service to a client (excluding a person rendering clerical, technical, administrative, legal, accounting or other service in a subsidiary or subordinate capacity which does not require judgment or does not lead to a ..
What is Absa FSP number?
Absa Consultants and Actuaries (Pty) Ltd Registration Number 1961/001434/07 Authorised Financial Services Provider FSP 327.
How much does a banking license cost in South Africa?
In terms of regulation 58 of the Banks Act, the prescribed fee payable in respect of an application to establish a representative office is ZAR 6,840 (including VAT), while the application fee in respect of a branch ZAR 20,520 (including VAT).