Category: Insurance News / Life Insurance / Regulatory Bodies / July 2006

Latest FAIS and FSP application declinations and suspensions

Financial Services Board (FSB) deputy executive officer for Financial Advisory and Intermediary Services (FAIS) and Consumer Education, Gerry Anderson says despite receiving several new applications for licensing, the steady reduction in the number of applications in process, is continuing.

To date the FSB has finalised the processing of 13 872 applications for authorisation as financial services providers (FSP's) out of a total of 15 048 applications received to date (92%).  254 of these applications were received with effect from 1 April 2006.

A total of 268 FSP's which had been authorised have in the meantime been successful with their request to lapse their licences.

A  total of 819 (5,9%) applications have been declined thus far .  Previously, it was reported that 706 applications had been declined.  3 applications that had previously been  reported as declined, have been reversed namely:

1.    FSP 2939 - Dhavarajaloo Pakiriy, Durban North, Kwa Zulu Natal

2.    FSP 7042 - WIP Treasury Solutions (Pty) Ltd, Houghton, Gauteng

3.    FSP 24612 - AutoMax, Edenvale, Gauteng;

In addition an application that had previously been reported as declined (FSP 20221: Leo Brokers and Consultant CC, Randburg, Gauteng) has been granted permission to continue with its business activities until the appeal lodged against the registrars' decision, has been finalised.

Source: ITInews – Insurance Times and Investments Online

www.itinews.co.za

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