Thousands of South African advisers waiting for licenses

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financial services board receives 14,500 applications from advisers

Thousands of financial advisers in South Africa have found themselves in a regulatory no-mans land because of a backlog caused by the deluge of applications for the new mandatory licensing scheme. The Financial Services Board (FSB) has only processed half of its caseload but to comply with the 2002 Financial Advisory and Intermediary Services Act (FAIS) and to continue to operate, IFAs must have a licence. The FSB has received around 14,500 licence applications from financial advisers. Of these, the FSB said 7,500 have been processed and considered. Licences have been issued and sent to...

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