The FSB and FAIS Ombud levies are calculated on the status of your FSP as at 31 August every year. Any changes to the rep register must be conveyed to the FSB within 15 days.
Changes which are reported towards the end of August onwards may not reflect exactly at the end of the month.
When the Regulator’s on-line system is particularly busy, it can lead to delays in updating one’s records, which may also result in incorrect figures being reflected on the system.
No doubt, the Regulator is aware of these potential problems, and will allow sufficient time before drawing up the invoices, but there is no harm in checking the calculations when you receive yours. Discrepancies should be brought to the attention of the FSB.
You are welcome to make use of the Moonstone Levy Calculator, designed and updated by my colleague, Paull Lawrence.
We must again warn against the practice of removing reps from the register before the end of August to decrease the levy payable, and then adding them in September. It could impact on your honesty and integrity status, and is really not worth the gamble.
Please click here to download relevant Board Notice.