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News Article : Fais Licensing
Category: Advisers & Brokers : FAIS Registration
Author:Nigel Benetton
Email:[email protected]
Posted:01 Jul 2004

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The deadline date

While the deadline for FAIS licensing is 30 th September 2004, to all intents and purposes the operative date is 31 st July 2004. This is because the Financial Services Board (FSB) needs an average period of two months for completion and approval of applications.

In terms of the Financial Advisory and Intermediary Services Act 2002 (FAIS), persons rendering financial services to clients contemplated in the act must apply for licences. Anyone so operating without a licence after 30 th September will be open to criminal prosecution.

It is important to note that in the case of successful applications before 30th September 2004, the licensee need only comply with the subordinate legislation after that date. The licensee must inform the registrar of any change between the date of issue of the licence and 30th September 2004 regarding information, qualifications and personal situation which may affect the legitimacy of the licence and may need reconsideration or amendment.

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