Far too many FSP licences are suspended purely as a result of someone being, quite frankly, slapgat.
Updating your contact details is not a favour you do the FSB – it is a condition of your license to inform the FSB of any changes within 15 days. Outdated information leads to the FSP not receiving important communication from the FSB.
Many FSPs originally indicated the contact details of an administrative assistant or general query email address such as “firstname.lastname@example.org”. We urge all FSPs to provide the contact details of the Key Individual for purposes of communication from the FSB, thereby not only ensuring that important information is received by the Key Individual, but also ensuring that emails are not left unattended due to staff resignations or unmanned email addresses. After all, you are not only responsible and accountable for the compliance of your business – you are also the one carrying the risk and cost of non-compliance.
Remember that the FSB will contact you using the information you supplied. If, for instance, the FSB sends a letter of its intention to suspend your license for whatever reason and you don’t react thereon, as you are unaware of its contents, the FSB will proceed to suspend your license, which will impact severely on your business.
Rectifying the situation takes quite a while. Until this happens, you are not allowed to do business and, in fact, you are obliged to inform your clients that your authorization has been suspended. Nie iets wat jy graag wil doen nie, of hoe?
In this instance, it really is the right thing to do.
Updated contact particulars can be sent to email@example.com.