Callers to our offices sometimes express frustration trying to communicate with the FSB, and end up using us as a source of information. We obviously regard this as a major compliment, and try to help where we can, but the ultimate decision always rests with the Regulator.
Three recent exemptions published on the Regulator’s website prove the value of direct and honest communication.
- Thirteen applicants were exempted from paying the R5 200 fee which is payable when applying for an exemption. (No, I do not think they had to pay the R5 200 to apply for this!)
- One applicant was given an exemption from complying with the liquidity requirements for one year, subject to specific requirements
- Six applicants were exempted from complying with the Transitional Provisions in paragraph 10 of the Determination of Fit and Proper Requirements insofar as it relates to the qualification requirements, subject to specific conditions.
Last week, the FSB indicated that they will contact all those candidates who did not write the level 1 REs, and give them 14 days to respond. If you have a valid reason, and can substantiate this, you are likely to receive a sympathetic ear.
I suspect that there are instances where people approach the Regulator in an abrasive manner, and are then surprised when the response is in tune with the tone of the enquiry.
The Regulator is approachable, and the above examples prove that valid requests will be heard. Please make use of this facility.