Unit Standard No.12164Page 61
WHAT DO THESE CATEGORIES MEAN?
FSP Category II (Discretionary FSP)
“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, ; 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