Financial Services Board Act, 1990 (Act No. 97 of 1990)NoticesLevies for Financial Institutions, 201918. Levy for funding of Office of Ombud for Financial Services Providers |
| (1) | Subject to subparagraph (2), a person who is authorised in terms of section 8 of the Financial Advisory and Intermediary Services Act as a financial services provider must on or before 31 October of the levy year pay a levy, which is subject to a maximum of R299 157, and is calculated as follows: |
| (a) | a base amount of R1105; and |
| (b) | A x R421 |
where—
| A = | the total number of key individuals of the financial services provider approved in terms of section 8(3)(a)(ii) of the Financial Advisory and Intermediary Services Act plus the total number of representatives appointed by the financial services provider, less key individuals that are also appointed as representatives, as at 31 August of the levy year. |
| (2) | Multiple authorised financial services providers who form part of the same legal entity are jointly and severally liable for payment of a single levy as referred to in subparagraph (1). For purposes of such payment, the key individuals and the representatives of such authorised financial services providers are deemed to be the key individuals and representatives of one authorised financial services provider. |
| (3) | Should the levy mentioned in subparagraph (1) not be paid, the licence of the authorised financial services provider may be withdrawn in terms of section 9 of the Financial Advisory and Intermediary Services Act. |