X hits on this document

481 views

0 shares

0 downloads

0 comments

61 / 156

Unit Standard No.12164Page 61

CATEGORIES

OF FSP’S

WHAT DO THESE CATEGORIES MEAN?

FSP Category II (Discretionary FSP)

This Category of FSP has been defined in the Determination of Fit & Proper as:

“All persons who require licences to render financial services as a Discretionary FSP as set out in the relevant application …”

If one goes to the “relevant application” referred to, namely the CODE OF CONDUCT FOR ADMINISTRATIVE AND DISCRETIONARY FSP’s, the definition of this category of FSP is as follows:

“Discretionary FSP” means a FSP –

(a) that renders intermediary services of a discretionary nature as regards the choice of a particular financial product referred to in the definition of “administrative FSP” in this subsection, but without implementing any bulking; and

(b) acting for that purpose specifically in accordance with the provisions of the Code set out in Chapter II of this Schedule, read with the Act, the General Code (where applicable) and any other applicable law.

INSMAT final materials31/10/03

Document info
Document views481
Page views489
Page last viewedMon Dec 05 11:29:32 UTC 2016
Pages156
Paragraphs3029
Words31000

Comments