FSB Finalizes Licensing Process

December 22 - According to the Deputy Executive Officer for Market Conduct and Consumer Education of the Financial Services Board (FSB), Gerry Anderson, the group has finalized the processing of nearly 20,000 applications to act as financial service providers in South Africa to date.

Anderson said that the FSB processed 19,547 applications in total.

Included in the process was the declining of 22 applications.

 Anderson noted: "Some of the reasons why applications are declined is that there is insufficient or incorrect information on the application forms, no proof of payment of the application fee or not meeting the fit and proper requirements."

A total of six approved Financial Service Providers had their licenses suspended during the reporting period: Patrick James Anderton, HJB Erasmus, Corax, Ricardo Kayster, Rajesh Nundhall and Robbie Tripp Motors.

The authorization of three FSPs were withdrawn, while three FSBs whose licenses were previously reported as withdrawn were reinstated. These were: Bhekani Samson Mthembu, Ellion Mandleenkosi Labi and Themba Insurance Brokers.

"FSP's whose applications had been unsuccessful, withdrawn or suspended are entitled to appeal to the FSB Appeal Board, an independent tribunal, if the applicant is dissatisfied with the decision taken by the Registrar," said Anderson.

The FSB is a unique independent institution which oversees the country's non banking financial services industry in the public interest.

The group is committed to promoting and maintaining a sound financial investment environment in the country.