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Unit Standard No.12164Page 59

WHAT SHOULD AN AUTHORISED FSP DO?

An authorised FSP, once authorised, must, amongst others:

Maintain a register of representatives.

Take reasonable steps to ensure that the representatives comply with the applicable codes of conduct as well as other laws relating to conduct of business.

Be satisfied at all times that the representatives are fit and proper – meaning that they must be competent (in terms of qualifications and experience), are honest and have integrity, are operationally sound and are financially sound.

Display a certified copy of the licenses within every business premises and include reference to the licence in all business documentation, advertisements and promotional material.

Maintain proper accounting records in respect of the business carried on by the authorised Provider.  Such records will have to be audited by the an external auditor and approved by the Registrar.

Maintain records for a minimum period of five years, concerning various transactions and complaints received, amongst others.

Therefore typically, an FSP will have to therefore accept responsibility for:

Maintaining a representative register

Compliance with the respective Code/s of Conduct

Appointment of Compliance Officers

Maintenance of various records

Accounting and audit requirements

Regular reporting to the Registrar

Ongoing competency and integrity checks for their Representatives

An internal complaints resolution process and policy

General compliance with the Act

INSMAT final materials31/10/03

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