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In terms of section 8 of the Financial Advisory and Intermediary Services Act the Registrar must after consultation with the Advisory Committee determine the requirements that financial services providers, key individuals and representatives of the provider must comply to. These requirements are termed the Determination of Fit and Proper Requirements for financial services providers and their representatives. The fit and proper requirements were update in 2008 and subsequent several amendments have been effected. The requirements set the honesty and integrity, competency and operational ability requirements for all FSPs, key individuals and representatives. It also set out he solvency requirements applicable to FSPs.

The Fit and Proper requirements contain the following sections •Honesty and Integrity requirements that are applicable to all FSPs, key individuals, representatives and compliance officers

  • Competency requirements that consist of experience and qualification requirements that are applicable to all FSPs, key individuals and representatives
  • Operational ability requirements that are applicable to all FSPs, key individuals and representatives
  • Solvency requirements that are applicable to the FSP

New Fit and Proper Requirements effective from 31 December 2008 

The amended versions of the fit and proper requirements can be obtained by using the Sabinet online version which includes all amendments (click here) if you wish to search Sabinet online version