Every financial services provider (FSP) must comply with the provisions of FAIS as stipulated by the Financial Services Board(FSB). National Compliance assists Financial Services Providers in keeping FAIS compliance, not as a once off but rather on an ongoing basis.

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Fit and Proper Requirements

Posted March 25th, 2009 by Webmaster

The Determination of Fit and Proper Requirements for Financial Services Providers form an integral part of the FAIS Act and also the basis upon which a person can become licensed or act as a key individual or representative.

In order to become licensed or authorized as a key individual or registered as a representative and to retain such status, the following requirements must be met and sustained:

  • Personal character qualities of honesty and integrity
  • Competency and operational ability which include -
    • Practical experience
    • Educational qualifications
  • Financial soundness

Download the complete Fit and Proper Requirements on our download page on our website. If you would like further information or have someone contact regarding this please email us on miranda@nationalcompliance.co.za or 032 946 2921 / 49.

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