Regulatory Examinations Preparation
FSPs (Sole Proprietors) and Key Individuals in Categories
I, II, IIA, III & IV
- Describe the role of the key individual in terms of the FAIS Act
- Describe the role of the representative in terms of the FAIS Act.
- Manage and oversee the appointment of representatives.
- Manage the rendering of services under supervision.
- Manage and oversee the ongoing development/employment of representatives.
- Issue Debar representatives that have been found to act fraudulently, or committed any other act that gives rise to debarment.
- Awareness of the regulatory environment in which the FSP functions.
- Awareness of the specific obligations in terms of the relevant Code of Conduct and other subordinate legislation.
- Oversee and manage the compliance functions as required by the FAIS Act.
- Maintain the license of the FSP including the management of the licensing conditions.
- Take the necessary action if the FSP voluntarily lapses its license
- Verify that the proper record-keeping activities are carried out.
- Manage and oversee/participate in the setting up and/or managing of
the infrastructure of the FSP.
- Manage and oversee the requirements that auditors/accounting officers must adhere to.
- Manage and oversee the FSPs adherence to the requirements of FICA and other relevant anti-money laundering legislation, as it applies to the FSP.
- Manage any processes required in the event of an investigation by the
- Ombud for Financial Services Providers (FAIS Ombud).