The FSB regularly publishes details of changes to the licensing conditions of FSPs. These include new licence applications, as well as withdrawals and suspensions of licences, and reinstatements.
To date, it would appear that most of the terminations concerned non-payment of levies and failure to submit annual reports.
It would appear that problems arose when candidates registered for the regulatory exams, using other means of identification than that which the FSB has on record.
If you are one of the lucky ones who escaped having their licences withdrawn or suspended, make the most of it. There is still time to register and write before the end of the year.
The process involved in having your licence suspended is as follows:
- You receive a letter from the FSB to inform you that it intends suspending your licence on the grounds that you have not completed the required regulatory exams by the applicable deadline. You are then given a time frame within which to respond, providing reasons why it should not be done.
- If you passed the required regulatory exams in the meantime, you can obviously provide the Registrar with proof and carry on doing business.
- If you did not pass the exams, your licence is suspended – normally for two months, after which it is automatically withdrawn if you do not comply with the requirements stipulated in the advice of intention to suspend.
If this applies to you, please make use of the opportunity at your earliest convenience. Putting off writing just adds more pressure as the deadline approaches.
Those who wrote unsuccessfully, on more than one occasion, may want to try something else. If you want to chat to someone about alternative approaches, you are welcome to email Nerine or call her at 021 883 8000.