Secondary

FSB Compliance Department Annual Report

The FAIS Compliance Department’s goal is tasked with ensuring that all FSPs are held to a high degree of compliance with the FAIS Act. The Department is also committed to instil the goals of the FSB Treating Customers Fairly (TCF) initiative, in order to ensure that clients are treated fairly within the ambit of the Department’s responsibilities.

To attain the above goals, the Department assesses complaints regarding financial services and conducts investigations into FSPs, which could ultimately result in regulatory action. The Department’s responsibilities include the following:

  • Suspension and withdrawal of authorisation, as well as the lifting of suspension of authorisation.
  • The debarment of persons from rendering financial services, as well as the reappointment of debarred representatives.
  • Referrals to the relevant authorities for possible prosecution.
  • Curatorships.
  • Inspections: Monitoring of the inspection process.
  • Dealing with requests for information from other regulators.

The following tables provide insight into how compliance related matters changed since 2010:

Regulatory action

2010

2011

2012

2013

Complaints

817

901

628

1 027

Debarments

1 006

1 168

1 163

2 056

Regulatory action

2 258

3 930

4 760

3 521


Suspension and withdrawals

2010

2011

2012

2013

Suspension

424

1 778

2 458

1 489

Lifting of suspension

13

623

1 158

863

Withdrawal

342

1 496

1 149

489


Debarments

2010

2011

2012

2013

14(1)

439

543

589

895

14A

29

66

54

90

Reappointment

82

101

78

147


Please click here to read the full extract from the FSB annual report, including its perspective on these trends

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