To operate in the financial services industry, all financial services providers (FSPs) are required to be authorised by the Financial Services Board (FSB).
Both the trading entity and the individuals involved need to satisfy stringent FSB requirements before they can render financial services.
Every licence application has its own unique challenges and at Moonstone Compliance and Risk Management, our involvement with the application process since its inception in 2004 has equipped us to deal with these applications quickly and efficiently.
Our Services Include:
New Licence applications for Category I, Category II, Category IIA and Category IV.
One of the benefits of applying for your FSP licence through us is that we facilitate the applications on your behalf. Our experience and understanding of the processes and pitfalls will help to avoid unnecessary delays, providing you with more time to focus on developing your business.
There are two phases in every new licence application:
During the Internal phase, we establish your requirements and gather the necessary information to complete your application. Once our experienced analysts are satisfied that your application has met all the requirements, it is submitted electronically to the FSB on your behalf.
The External phase concerns the perusal of your application by the FSB. During this period, it is not uncommon for the FSB to request further information from the applicant and we will gladly assist where we can to satisfy FSB queries as promptly as possible.
Licence Amendments and Profile Changes
Should conditions under your existing licence change, you are required to inform the Registrar, and apply for an amendment of your licence or as it is more commonly known, a profile change.
Profile changes and updates on the FSB registry may include the following:
- Changes to personnel – Key individuals, representatives, directors, shareholders, members and trustees
- Appointment or change of Compliance Officers and auditors
- Updating business and contact details
- Addition and removal of licence categories and sub-categories
- FSP name changes or conversions