FAIS Information Circular 4 of 2013, dated 27 May 2013, provides guidance regarding:
- Changes to the rep register, which was last amended in December 2009
- The introduction and implementation of an electronic platform to advise the FSB of rep debarments and
- A new facility to obtain an electronic copy of representatives on the FSB central representative register
Financial services providers (“FSPs”) are required to update their rep register within 15 days of any change. This can be done electronically, or by posting the FSP5 application form to the FAIS Registration Department.
The format of the register will not change but from 1 June 2013 the following fields will change or become redundant:
- Column T – “Debarred” – FSPs can no longer use this column to submit debarments (see below for new procedure)
- Column U – the heading of the column change to “Date removed from register”
- Column V – the heading of this column change to “Reason removed from register”
Currently, the register includes the notification of debarments of representatives in terms of section 14(1) of the FAIS Act. The Registrar experienced difficulties in terms of the electronic submission of debarments and has therefore decided to change the format of the electronic register to exclude debarments and make a new facility available to upload debarments. One of the problems was the time taken to update records. It meant that a debarred rep could be appointed by another FSP who would not pick up the debarment on the FSB website.
There are two methods of submitting a debarment request:
- Hard copy submission of the prescribed form or
- Electronic submission by way of the FAIS online reporting system, which will be the preferred method from 1 June 2013
Circular 4 of 2013 contains full details on how to use this facility.
Electronic Rep Register
The purpose of this facility is to check regularly that your records correspond with what the FSB has on its platform. The system to obtain this is very similar to the one above, and explained in the circular.
It is becoming very clear that going the electronic route will become the only way, soon. If you have not yet registered, please follow the instructions. It really is not difficult.
Please click here to download a copy of Circular 4 of 2013.