Below is How To Get FSP License In South Africa
Log in to your online services account. Select ‘Register FSP (Individual)’ from the dashboard. Complete your application, entering the required details, which include: previous FSP numbers (if any)
Licensing is a critical component in the regulatory framework and serves a key function in the supervision value chain. It facilitates and provides an entry point for applicants before they are allowed to conduct business as a financial institution. It is therefore essential that licensing systems are not only efficient but also robust.
It is important to note that the principle of proportionality will apply, to ensure that there is no “one-size-fits-all” licensing approach. Instead, the approach and requirements will be proportionate to the risks underlying the businesses activities of different entities.
How do you become an FSP In South Africa?
Briefly, the process of applying for an FSP license involves submitting an application to the registrar of the Financial Sector Conduct Authority.
In order to become authorized, the entity would need to meet certain licensing requirements and has to comply with a code of conduct before obtaining their licenses.
Who must register as an FSP in South Africa?
Financial Sector Conduct AuthorityYour FSP must be licensed with the Financial Sector Conduct Authority (FSCA) or the equivalent in your jurisdiction. You must be registered as either a Key Individual or Representative of the FSP.
How much does a banking license cost in South Africa?
In terms of regulation 58 of the Banks Act, the prescribed fee payable in respect of an application to establish a representative office is ZAR 6,840 (including VAT), while the application fee in respect of a branch is ZAR 20,520 (including VAT).