The Procedure to apply for an exemption/extension is as follows:
- The application must be addressed to The Registrar: Financial Services Providers. The applicant is required to write a letter explaining what efforts were made to comply with the Fit and Proper requirements and why the applicant was unable to satisfy the requirement. The applicant will also need to substantiate the situation by adding supporting documents.
- The applicant is required to explain what actions he or she plans to take in order to rectify the situation, and how much time will be required to achieve this. In other words, the time required to meet the Fit and Proper Requirements.
- The application must be accompanied by a copy of the applicant’s identity document.
- The prescribed fee for an exemption application is R5200.00. Please note that the application must be accompanied by proof of payment of the prescribed fee. Should the applicant be unable to pay the prescribed fee, the applicant may request to be exempted from having to make this payment. However, if the applicant requests this additional exemption, the applicant will be required to explain why he or she is unable to make this payment and substantiate this with an income/expenses statement and a copy of the applicant’s bank statement (last 3 months).
- The application can be forwarded to
fais.exemptions@fsb.co.za or faxed to (012) 422 2973. We recommend that you use the e-mail option.
The Regulator also communicated that each exemption application will be assessed by the FAIS legal team on its individual merits in order to determine whether the exemption will be granted or not.
