Unit Standard No.12164Page 59
WHAT SHOULD AN AUTHORISED FSP DO?
An authorised FSP, once authorised, must, amongst others:
Maintain a .
Take with the applicable codes of conduct as well as other laws relating to conduct of business.
Be – meaning that they must be competent (in terms of qualifications and experience), are honest and have integrity, are operationally sound and are financially sound.
within every business premises and include reference to the licence in all business documentation, advertisements and promotional material.
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.
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