Fsb compliance reports - sabinet 23 may 2011

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FSB Publishes Latest Compliance Reports for Financial Sector
2011-05-20
Financial Services Board

The financial services board (FSB) has published a raft of notices in the Government Gazette detailing various compliance reports for financial service providers (FSP).

The notices are published in terms of the Financial Advisory and Intermediary Services Act of 2002.

The act was designed to protect investors from unethical and ill-informed advisors and FSPs.

One of the notices deals with the compliance report for FSPs that were without a compliance officer but have now subsequently appointed such an officer.

The notice outlines how such FSPs must submit a compliance report.

The notice stresses that the determination was made after consultation with the advisory committee on financial services providers.

A written report covering the reporting period must be submitted. The report can either be completed using the attached schedule or the online version accessible on the FSB website.

The report must be submitted within one month of the compliance officer being appointed.

Another notice focuses on the compliance report for FSPs that change a compliance officer during the reporting period.

Again, a written report has to be submitted within one month of the appointment date of the new compliance officer.

The specific report required is contained in a schedule attached to the notice.

A third notice deals with a compliance report for foreign FSPs.

Foreign FSPs are defined as those not domiciled in South Africa.

A written report for the reporting period has to be submitted by 31 October 2011.

Other compliance reports published in the Gazette include:

• Compliance report for category IV FSPs
• Bi-annual compliance report for category III FSPs
• Compliance report for category II FSPs
• Interim compliance report for category IIA FSPs
• Compliance report for category II and IIA FSPs
• Compliance report for category I FSPs with a compliance officer
• Compliance report for category I FSPs, without a compliance officer