FSBA financial services provider (FSP) must in terms of Condition 3 of its licence, inform the Registrar of Financial Services Providers (Registrar) within 15 days after any change to its register of representatives.
The FSB’s FAIS Circular 2 of 2014 contains guidelines for FSPs concerning the upload of representative information. It provides specific guidelines applicable to certain programmes and qualifications with which FSPs had problems before. It also sets out how foreign FSPs should go about registering their representatives.
Representatives appointed on or before 31 December 2009
FSPs were unable to successfully upload representatives who were appointed on or before 31 December 2009 and who have completed skills programmes / learning programmes that culminated in 30/60 credits on a specific NQF level.
In order to address the problem, it is necessary to assign qualifications codes to certain programmes and qualifications listed in the Table below.
|Skills programme / learning programmes that culminates into a total of 30 credits on NQF level 2 – (FSB0257)||901||240|
|Skills programme / learning programmes that culminates into a total of 30 credits on NQF level 4 – (FSB0258)||902||240|
|Skills programme / learning programmes that culminates into a total of 60 credits on NQF level 5 – (FSB0259)||903||240|
|Skills programme / learning programmes that culminates into a total of 60 credits on NQF level 6 – (FSB0260)||904||240|
|Skills programme / learning programmes that culminates into a total of 60 credits on NQF level 4 – (FSB0263)||907||240|
|Grade 12 / Matric||101||N/A|
The codes must be used with immediate effect by FSPs that were unable to upload representatives referred to above.
The Qualification List will be amended in due course to make provision for these additional codes.
A Foreign representative is recorded on the Registrar’s database with his/her passport number as identification. Unfortunately, each time a passport is renewed, a new passport number is issued. This may result in two or more passport numbers being recorded on the Registrar’s database for the same foreign representative, especially where such representative was electronically uploaded more than once (by the same or different FSPs) using the passport number that was valid at the time of the upload.
The regulatory examination results are linked to a person’s passport number which was used at the time that he/she wrote the regulatory examination. If a “new” passport number is uploaded for a representative, the examination results will not reflect against the new passport number.
The Registrar’s Office must manually upload foreign representatives to the central register to ensure that all information pertaining to a particular foreign representative with more than one passport number is reflected against that representative’s profile.
FSPs, therefore, cannot upload foreign representatives using the electronic notification method referred to above. FSPs must complete FSP Form 5 and must submit such form with a copy of the representative’s passport and work permit to the Registrar via electronic mail to firstname.lastname@example.org
The FSB also published a set of user guidelines.