Related Articles
Top Stories
May 27 2012 11:21
There's a price war raging between South Africa's cellphone networks after Cell C lowered the rates of its prepaid calls by more than 34%.
May 27 2012 11:49
The country's 200 000-odd Tupperware agents are angry about the counterfeit products being sold as the real McCoy.
May 27 2012 13:09
The oversupply of golf estates has claimed another victim.
Johannesburg - The Financial Services Board (FSB) said it had almost eliminated the backlog in processing applications for financial advisors as required by the Financial Advisory and Intermediary Services (Fais) Act.
"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.