The latest figures released by the FSB shows that 313 FSPs had their authorisation suspended between 4 December 2012 and 24 January 2013. There were relatively few other “offs” and “ons”, with the lifting of 14 previous suspensions the only other significant number.
This list is extremely important for product providers. They are, by law, not allowed to accept business from unauthorised FSPs. Please click here to download the update on licences.
All of the suspensions were due to non-payment of levies, non-submission of compliance reports and/or financial statements.
We therefore still await the impact on the numbers of those who did not write the regulatory exams at least once before the end of June 2012.
The first letters from the Regulator, informing alleged transgressors of its intent to suspend their licences, were distributed late last year. They were given a period of grace in which to respond, failing which, their licences will suspended. We expect these numbers to be included in the next set of figures, released towards the end of February. This will provide some insight into the actual number of losses the industry may expect as a result of people not writing the regulatory exams.
We know of cases where the FSB records were not correct. This resulted from system problems in the uploading of the information to the Regulator.
The latest notification from the FSB, containing the details of suspensions, concludes with the following:
“FSP’s whose applications had been unsuccessful, withdrawn or suspended, are entitled to appeal to the FSB Appeal Board, an independent tribunal, if the applicant / licensee is dissatisfied with the decision taken by the Registrar”.
