Subject Title - INSETA

PurposeDuring the course of the lifespan of an FSP licence, there will becommunication with various divisions of the FAIS Regulator. This chaptergives you an understanding of the various FAIS departments and theirresponsibilities.It also explains the impact and effect of an "undesirable business practice".You need to understand your responsibilities as a key individual with regardto these requirements.7.1 COMMUNICATION WITH THE FAIS REGULATORThe FAIS Division of the FSB consists of the following departments:Registration Departmentis responsible for new licence applications, profile changes (change to any ofthe application detail that must be submitted in terms of licensing conditionsof FSPs), updating the central representative register, approval of mandatesand application forms for discretionary FSPs and Administrative FSPs, lapsingof licences, any queries relating to the status of an FSPs licence and liaisonwith the FSB‟s Finance Department relating to collection of levies.Supervision Departmentis responsible for the implementation of a risk-based approach to supervisionof financial service providers, the analysis of financial statements andcompliance reports, conducting onsite visits to FSPs and compliance officersand liaison with industry relating to changes in subordinate legislation.Compliance Departmentis responsible for dealing with complaints against FSPs that cannot bereferred to the FAIS Ombud, investigations into the affairs of FSPs andregulatory action (suspension and withdrawal of licences) and updatingdebarments on the central representative register as well as reinstatement ofrepresentatives on the central register.126 © INSETA - Section 1 12a