FSP licence in South Africa, with a bank account

About This Company

A bank account is already attached to this South African corporate entity, which holds a Category I FSP licence. The Financial Advisory and Intermediary Services Act 37 of 2002 provides the legal framework for its operations. Market conduct is supervised by the Financial Sector Conduct Authority in Pretoria, an authority established in 2018 alongside the Prudential Authority. In practice, obtaining a new licence takes 8-12 weeks because the FSCA Licensing Committee convenes once a month to grant approvals. The standard application fee is R2,697.

Ongoing supervisory levies depend directly on appointed staff numbers. For 2024/25, the annual levy per representative or key individual ranges between R520-R551.20, with a reduced figure of R250 applied solely to Cat I/IV Long-Term Insurance subcategory A. The FSCA does not publish one flat annual fee. The buyer should verify all currently approved personnel by searching the FSP register using the entity name or FSP licence number. If ownership shifts, an ordinary FSP sends a notification of significant ownership under FSR Act section 157, triggered by a qualifying stake or the power to appoint 15% of the governing body. Any fresh key individual must obtain approval under FAIS section 8(4)(b) using form FSP4D.