The FSCA structure was created to activities controlling of organizations operating in financial area on South African continent. This authority must approve each of the Financial Service Provider licenses required for the functioning of an institution offering financial market services. You can significantly reduce costs and time if you purchase a ready license permit. Eternity Law offers a FSP license for sale with all necessary approvals that saves you a lot of hassle and anxiety. It is a world leader in business market having a wealth of expertise. The company’s specialists will do all the work for you and fully accompany you at all stages of the transaction.
Responsibility area of the regulator
The African Ministry of Finance forms the composition of the FSCA; it includes individual Executive Directors for:
- pension funds;
- financial consulting;
- mutual assistance;
- intermediary services.
Every financial company in order to conduct legal activities in African markets must obtain a license from the regulator and comply with the rules established by it.
FSCA powers list includes:
- financial companies registration & licensing;
- monitoring the work of licensed organizations, preventing their unfair activities and deceiving customers;
- introduction of penalties for detected violations;
- anti-money laundering;
- protection of clients of controlled organizations, providing the necessary information and education in this area.
- the main goal of the regulator is to inform and protect consumers, bring to justice organizations that threaten the financial well-being of clients.
How can you get an FSP license from FSCA?
To obtain a license from an African regulator, it is necessary to collect a certain package of documentation, to be in constant contact with the Office. For the submission of papers, the applicant’s personal presence in South Africa is required. The main licensing conditions are:
- passing a regulatory exam;
- bank verification;
- appointment of an authorized representative who will manage business (must be a SAR resident);
- passage by the appointed representative of the regular examination;
- strict compliance with reporting requirements and its submission to the regulator.
The local bank account must have a certain amount of funds. If all the listed requirements are met, the applicant receives an FSCA license.
Permit application requires excessive paperwork, continuous communication with authority representatives, and an applicant’s local presence for passing appropriate exams and be verified by a local bank. Moreover, the regulatory body will scrutinize the proposed activities of the Applicant, the professional and academic background of all nominated persons.
Eternity Law has been successfully engaged in financial and legal support of business for many years. Thousands of clients have entrusted their future to us. Our experts are always ready to analyze the situation free of charge and advice on the service of interest in any format convenient for you: by phone, e-mail or in person. Eternity Law offers FSP licenses for sale and more, in addition, the list of our offers is constantly expanding, in line with market trends.
Disclaimer: This content does not necessarily represent the views of IWB.