Subject Title - INSETA

ensure that unconcluded business of the representative is properlyconcluded.6.1.2 Reasons for debarment and debarment procedureRepresentatives must be debarred when they do not meet the FAIS fit andproper requirements – as discussed in Chapter 5.In addition, the FSP may also use information regarding the conduct of arepresentative received from the Ombud for Financial Services Providers(FAIS Ombud), the Registrar and any other source.In certain instances it will be necessary to follow internal disciplinaryprocedures, for instance where lack of honesty and integrity of therepresentative is cause for debarment. In such instances, the key individualmust ensure that the correct procedures are followed in terms of labour lawrequirements before debarment is affected.It is also important to ensure that the relevant role-players in the businessare informed about:the reasons why debarment would be consideredthe process that would be followed in such instances; andany recourse a representative may have.It is the responsibility of the key individual to ensure that there are adequatesystems and procedures in place to identify grounds for debarment, followinternal disciplinary procedures if required, and to effect debarment inrespect of the representative register.It may be a condition of service that representatives and key individuals ofrepresentatives will be debarred in certain circumstances and representativesshould be made aware of the conditions.Once a representative and the key individual of the representative have beenremoved from the register, the Registrar must be advised in writing of theremoval, within 15 days.The debarred representatives are then listed on a central register that ismaintained by the Registrar.© INSETA - Section 1 12a 117