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Do business by the book to avoid hefty penalties from the FSP Registrar!

by , 18 January 2013
So much goes into running a business properly and little expenses pop up every step of the way - so many that a hefty penalty for contravening an FSP law for fudging the truth a little could be the death blow. The Registrar of Financial Services Providers has just referred a case against Mr Phillipus Christoffel Viljoen and Intelinet Networking Solutions to the Enforcement Committee of the Financial Services Board. Here's how you can avoid the same thing happening to you!

The Enforcement Committee is an administrative body that can impose administrative penalties, compensation orders and cost orders on respondents that are found to have contravened any law administered by the Financial Services Board.
 
The referral related to the contravention of regulation 3(b) of the Financial Advisory Services Regulations by Viljoen and Intelinet. From 1 May 2012 until 30 June 2012, Viljoen published on Intelinet's website that it was an authorised representative of KGA Life Ltd. Intelinet was neither appointed as a representative of KGA Life Limited nor an authorised financial services provider.
 
If you're found out, you'll have to accept responsibility and co-operate

The Registrar took into account, amongst others, that the respondents accepted responsibility for the contravention and co-operated with the Registrar's investigation and enforcement action.
 
Consequently, the Registrar agreed to a penalty of R30 000, which was imposed by the Enforcement Committee on Viljoen and Intelinet on 5 December 2012. Viljoen and Intelinet are jointly and severally liable to pay this penalty.
 
The order is available on the FSB website at www.fsb.co.za. For more tips on keeping your company's financial records in tip-top shape in order to avoid legal penalties, make sure you read our daily Tax Bulletin!

Source:
  • Press release from Loganathan Ramalu of the FSB

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