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Compliance Deadlines

All too often one sees a list of FSPs whose licences were suspended for failure to submit their compliance reports in time.

Category I FSPs with a compliance officer are reminded to submit the “Compliance Report for a Category I FSP with CO 2016” by 15 August 2016. This list excludes those not obliged to appoint a compliance officer, for instance sole proprietors.

All Category II & IIA FSPs are reminded to submit the “Bi-Annual Compliance Report for Category II & IIA FSP’s 2016” by 31 August 2016.

Please remember that a significant percentage of the FSP’s annual levy is calculated on the total number of approved Key Individuals and appointed Representatives as at 31 August 2016.

It is therefore important to remove any KIs and/or Reps that should no longer be linked to the FSP’s licence as soon as possible.

The Regulator monitors the dishonest practice of removing Reps immediately prior to 31 August, only to reappoint these same individuals in September.

Dishonesty can incur penalties, or even cost you your licence.

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