Clarity Beyond Compliance

A FAIS licence rests on four things: the right people, the right structure, a complete application, and ongoing compliance.

1. Choose your licence categories: the financial services and products you will offer.
2. Appoint key individuals who meet the fit-and-proper requirements, including an approved qualification, relevant experience, class-of-business training and the regulatory examinations.
3. Appoint a compliance officer. This is required if you have more than one key individual or any representatives.
4. Prepare the application: business details, directors and shareholders, operational ability, financial soundness and your external auditor.
5. Submit to the FSCA and respond to its queries.
6. Stay compliant with levies, CPD, record-keeping, and notifications when key individuals change.

Forms, fees and requirements change. We confirm the current position with the FSCA for every application. See our licensing support.

A compliance officer must be approved by the FSCA before acting. The FSCA looks at honesty and integrity, competence (qualifications, experience and examinations) and independence. A compliance officer should not be in a position where a conflict of interest can arise.

1. Confirm the candidate meets the requirements.
2. Submit the approval application with supporting documents.
3. Wait for approval before the person starts.
4. Notify the FSCA of any change in the appointment.

Many small FSPs outsource this role. See how we can help.

CIPC. Every company must file beneficial ownership information with CIPC, apart from certain exempt types. A beneficial owner is an individual who ultimately owns or controls the company, including through a shareholding of 5% or more. Filing is online through CIPC eServices, and changes must be reported within a short period.

Financial institutions. The FSCA and Prudential Authority have also proposed a draft Joint Standard for financial institutions that are accountable institutions under the FIC Act. It would require:

• fit-and-proper (honesty and integrity) checks on beneficial owners;
• identification and verification of beneficial owners, with re-screening at least every two years;
• an annual register submission; and
• notification within 30 days when a beneficial owner is added or leaves.

It is still a draft. Consultation closed on 25 September 2026, and it takes effect within six months of final publication.

Information to have ready for each beneficial owner: full name, ID or passport number, nationality, date of birth, residence, percentage held, nature of control, and the date acquired. If an agent files for you, add a signed mandate. Contact us and we will send you our beneficial ownership checklist.

In the year to 31 March 2026, the FSCA imposed R2.89 billion in administrative penalties across 62 cases and 76 persons and entities, up from R119.8 million the year before.

• FAIS Act: R2.48 billion
• Market abuse: R361.5 million
• Insurance Act: R24.9 million
• FIC Act: R20.05 million across 10 cases

The FSCA finalised 678 investigations, debarred 68 individuals, and saw FSPs debar a further 1,792 representatives. Recurring failures included business risk assessments, risk management and compliance programmes, customer due diligence, and sanctions screening.

Source: FSCA Regulatory Actions Report, 1 April 2025 to 31 March 2026. See our inspection readiness support.