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"The FSB's Fais project, together with its delegated recognised bodies, has more or less reached the stage where the backlog experienced in the processing of applications has been largely eliminated," FSB spokesperson Russel Michaels said in a statement.
The FSB had received around 14 500 licence applications.
"Of these, 7 500 applications have been fully processed, considered, and where successful, licences issued and dispatched to applicants."
The 7 000 applications not yet processed were largely incomplete," the FSB's deputy executive officer in charge of market conduct and consumer education, Gerry Anderson, said.
"Recently a lot of effort has gone into getting the required information from the applicants. The ball is now in the applicants' court.
"A decision has been taken to decline the licence application, if, after several unsuccessful attempts to get the required information, this has not been forthcoming.
"Applicants whose applications are declined must cease their Fais related activities," Anderson said.
This process would be implemented from March 15 and would apply to applicants who had been contacted at least twice by the FSB.
In terms of the Fais Act, no-one could act as a financial service provider without a licence.
