In media releases, dated 12 and 16 April, the FSB announced the following figures relating to changes in the status of affected FSPs:
- The authorisation of 515 FSPs were suspended during the reporting period: (Suspended 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 173 FSPs, previously reported as suspended, has now been lifted.
- The authorisations of 53 FSPs have been withdrawn during the reporting period: (The withdrawals of FSP licenses are those FSPs that had previously been suspended because of one or more of the following contraventions: failure to submit annual financial statements, failure to submit annual compliance reports and/or failure to pay the annual FSB levy (and did not rectify their non-material contraventions after a two-month period).
- The authorisations of 13 FSPs, previously reported as having been withdrawn, have now been reinstated.
FSPs whose applications were unsuccessful, withdrawn or suspended, are entitled to appeal to the FSB Appeal Board, an independent tribunal, if the applicant / licensee is dissatisfied with the decision made by the Registrar.
We expect to see these numbers increase as the impact of the RE deadline starts taking effect. It is therefore imperative that those affected negatively, attend to the reasons urgently. Simply carrying on doing business is illegal, and contains dire consequences for your future in the industry.
If you wrote unsuccessfully, on several occasions, consider changing your approach. The problem may not lie with your knowledge, but rather with how you write the exam. The FSB presentation on preparing for the exams is a great aid. Please click here for details on how to obtain a DVD of the live presentation.
Remember, you can’t keep doing the same things and expect a different result!