Subject Title - INSETA

The FAIS Act does not have specific penalties for non-compliance with the FICAct requirements BUT the FIC Act imposes severe penalties for noncompliance.Therefore the FIC Act penalties will apply if an FSP does not comply with theFAIS requirements in respect of the FIC Act. We discuss the FIC Act in moredetail later.10.3.4 Administrative penaltiesLate submissionWhere a person does not submit a return, information or document to theRegistrar as required by the FAIS Act, that person is liable – in addition toother legal action instituted by the Registrar – to pay a fine of up to R1 000(or as determined by the Registrar) per day for every day that the return,information or document is late, plus interest. 141Penalties relating to the Ombud for Financial Services Providers (FAISOmbud)If a person does something in relation to the Ombud for Financial ServicesProviders (FAIS Ombud) or in relation to an investigation by the Ombud thatcould be regarded as contempt of court by a court, the person is guilty of anoffence and liable on conviction to a penalty, which could have been imposedby a court.A person who anticipates a determination of the Ombud and does somethingto influence the determination or who wilfully interrupts any proceedings ofthe Ombud, is guilty of an offence and liable on conviction to a fine or toimprisonment for a period not exceeding one year.141 Section 41 (2)(9a) of the FAIS Act© INSETA - Section 1 12a 203