Subject Title - INSETA

An authorised financial services provider must within a period of five daysafter being informed by the Registrar of the debarment of a representative orkey individual, remove the names of that representative and key individualsfrom the register 44 .The Registrar may publish the debarment or the lifting of the debarment.Before the Registrar can debar a person, the following must happen:The Registrar must inform the person of the grounds for the intentionof debarment and must give the person a reasonable opportunity torespond.The Registrar must also inform the person of any terms or conditionsit wants to attach to the debarment. This may include terms such asa prohibition on the Representative to conclude any new businessfrom the date that the debarment becomes effective. Where therepresentative has unconcluded business (in the pipeline), theRegistrar may take whatever measures it deems appropriate in orderto protect the interests of clients as well as the FSP for which theRepresentative operates. The Registrar may also stipulate termsunder which it will lift the debarment.6.1.4 Reinstatement after debarmentA representative can be reinstated depending on the reasons fordebarment. 45 Debarred representatives may reapply after 12 months if thedebarment was not related to the competency requirements. It follows thatwhere the representative was debarred for not meeting any of thecompetency requirements, such representative may reapply within 12months should the said competency requirement/s be met sooner.When reapplying, the applicant will have to comply with the following:All unconcluded business of the person as a former representativeshould have been properly concluded.All complaints or legal proceedings (if any) submitted by clients tothe applicant or the debarring provider, or the Ombud or any court oflaw should have been properly concluded; or44 Section 14A (3)45 BN 82 of 2003© INSETA - Section 1 12a 119