Financial institutions such as foreign exchange brokers, CFD brokers, or insurance companies must have a valid FSP number. The company must be authorized by the South African Treasury Department of Conduct (FSCA). Clients should always be eligible for a simple FSP survey to find out which companies they do business with or which companies they are considering doing business with in the future.
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Cost of registering for an FSP number
When you register as a personal FSP, you must balance the following costs:
- Registration fee of USD 300 (plus consumption fee)
- $ 500 FMA Commission (plus GST)
- If you have not taken the test in the past three years, the criminal background check fee is $ 35 (plus goods and services tax).
How to register for an individual FSP number?
- Sign in to your online service account.
- In the Control Panel, click on register FSP (private).
- Complete the required information on the form, including: previous FSP number (if any), other names you are known by, confirmation that you want to achieve minimum goals, whether you are a reporting entity under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. You must indicate the month in which you submit your annual return, your company address and contact address, and any other financial services you may provide in the future.
- You have to confirm whether you are the person named or are filling the form under the authorization of the actual applicant. It is done in the Declaration tab.
- Double-check the information you have entered in the Review tab.
- Confirm that you have provided authentic information.
- Click on ‘Submit’.
- Choose the payment option on the payment screen and click process payment to complete your application.
What is the use of an FSP number?
The FSP number is used to ensure fairness in the forex marketing industry. They ensure that no customer has an advantage over another, regardless of identity, country of origin, or account assets. It provides a fair and sustainable market environment for all customers and a pleasant working environment. Its core values are flexibility, hard work, fairness, decency, perseverance, and kindness.
How to use an FSP number?
The FSP number complies with the FSCA’s strict requirements to be licensed in order for you to avail of the financial and consulting services. You can visit FSCA FSP Search and search whatever is your requirement. It will help you make future transactions with real brokers or financial institutions. Keep in mind that if they are not present and their identity is not authorized, they will not be able to do business. You will find this information when checking the FSP FSCA.
Conclusion
Getting an FSP number is not a difficult process. FSP numbers are essential for every forex trader as it helps them in their queries and to avail better platform and bigger opportunities. It also helps keep a stable environment that everyone loves to work in.
