Financial Advisory and Intermediary Services Act 2002 (Act No. 37 of 2002)DeterminationsAmendment of the Determination of Fit and Proper Requirements, 2020Chapter 5 : Operational Ability36. General requirements |
| (1) | An FSP must— |
| (a) | have the operational ability, including adequate and appropriate human, technical and technological resources, to effectively function as a particular category of FSP and to render the financial services in relation to the financial product for which it is authorised; |
| (b) | adopt, document and implement an effective governance framework that provides for the fair treatment of clients and prudent management and oversight of the business of the FSP; and |
| (c) | at all times have— |
| (i) | a fixed physical business address from where the business is operated or controlled; |
| (ii) | adequate access to communication facilities, including a full-time telephone or cell phone service; |
| (iii) | adequate storage and filing systems for the safe-keeping of records, business communications and correspondence; |
| (iv) | a bank account with a registered bank, including, where required in the Act, a separate bank account for client funds; and |
| (v) | adequate and appropriate key individuals to effectively manage or oversee the activities of the FSP relating to the rendering of financial services, including having at least one key individual per class of business in respect of which the FSP is authorised. |
| (2) | The key individual referred to in subsection (1)(c)(v) insofar it relates to the requirement that the FSP must have at least one key individual per class of business in respect of which the FSP is authorised, could be a single person responsible for managing or overseeing the rendering of financial services in respect of all or multiple classes of business of the FSP provided that it— |
| (a) | is approved for all such classes of business; and |
| (b) | has the operational ability to oversee or manage the rendering of financial services in respect of all such classes of business. |