FSP Licence Update

In the latest announcement by the FSB on the status of FSP licences, we see for the first time that failure to write the regulatory exams feature in the reasons for suspensions and withdrawals.

The authorisation of 60 FSPs were suspended during the reporting period due to non-payment of levies, non-submission of compliance reports and/or financial statements or not meeting the regulatory examination requirements.

The status of 64 FSPs, previously reported as suspended, have now been lifted.

The authorisations of 163 FSPs were withdrawn during the reporting period. These withdrawals of FSP licenses relate to those which were previously suspended, during which time they were given two months to rectify their non-material contraventions. These contraventions include failure to submit annual financial statements, failure to submit annual compliance reports and/or failure to pay the annual FSB levy.

The authorisation of 2 FSPs, previously reported as withdrawn have now been reinstated.

The anticipated flood of withdrawal of licences of those who elected not to write before the June 2012 deadline has not yet materialised. We are quite keen to see the numbers involved, and expect it to be far less than anticipated.

Please click here for the list of names of people affected.

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