Secondary

FSB Fees Increase

A notice, published in the Government Gazette on 20 November 2013, formalised the increased fees payable to the FSB in respect of certain functions. Before we compare the new fees to the old, we must share some good news.

Those who wished to apply for an exemption in terms of the qualification and regulatory examination requirements were obliged to pay the full exemption application amount of R5 200. In terms of the new fee structure, the fee payable is only R1 500, but only in respect of the above two requirements. An application for any other exemption will now cost you R6 280 – an increase of 20.8%. As far as we are aware, you are still allowed to ask for an exemption from the fee payable for requesting an exemption.

The table below contains some of the more common occurrences in the lives of our readers. It is important to bear in mind that these fees were last updated in November 2010.

The fee for writing a regulatory exam, for instance, shows an increase from R900 to R1 050, or 16.7%, which brings the fee in line with the inflation rate over the preceding three years.

Some of the other increases are substantially higher.


Services required

Old fee

New fee

% increase

Licensing and matters incidental thereto
Application for authorisation as a financial services provider (Cat I, Sole Proprietors, Cat IV)

R 1 690

R 2 180

29.0%

Application for authorisation as a Category II FSP.

R 10 360

R 13 180

27.2%

Application for authorisation as a Category IIA FSP

R 6 800

R 8 500

25.0%

Application for approval of a key individual.

R 935

R 1 180

26.2%

Application for exemption from any provision of the Act other than the qualification and regulatory examination requirements referred to in the Determination of Fit and Proper Requirements for FSPs, 2008.

R 5 200

R 6 280

20.8%

Application for exemption from the qualification and regulatory examination requirements referred to in the Determination of Fit and Proper Requirements for FSPs, 2008.

R 1 500

Application for approval as a compliance officer
Application for Phase I approval

R 1 060

R 1 350

27.4%

Regulatory Examinations
Examination fee per regulatory examination conducted in South Africa.

R 900

*  R 1050

16.7%

Examination fee per regulatory examination conducted in a country other than South Africa.

£ 200

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