What is the debarment process?
A debarment order prohibits a person from: Providing or being involved in the provision of specified financial products or services, generally or under the circumstances specified in the order. Acting as a key person in a financial institution or providing specified services to a financial institution.
How long does debarment process take?
Under such circumstances it is, however, required that the FSP should take all reasonable steps to commence debarment proceedings within six (6) months from the date on which the person had ceased to be a representative.
Can an FSP be debarred?
Therefore an FSP would be well within its right and in fact, would be obliged to debar its former representative where justification exists for such debarment. However, section 14 (5) of the FAIS Act sets the period of six months as time within which an FSP must commence the process to have its former FSR debarred.
How long does debarment last in South Africa?
In instances where the debarment followed a serious transgression such as fraud, the FSB will determine the period of debarment, usually no longer than 5 years.
How do I find my FSB name?
You can simply visit the FSB website at www.fsb.co.za, click on the “FAIS” link at the top right of the page, and then select “Search for financial services providers” from the list that appears. An easy to use form enables you to search the FSB database by company name, FSP licence number or postal area.
How long can you be debarred?
Further, the representative must be debarred for a minimum period of 12 months unless the person was debarred due to the fact that he/she did not meet the fit and proper requirements at the time, in which case the representative can be reappointed when the requirements have been met.
What happens if you get debarred?
Answer: If a principal of a company is suspended or debarred, then that company cannot bid on or receive any Federally funded contracts. The company may also not receive any Federal grants, cooperative agreements, scholarships, fellowships, contracts of assistance, loans, loan guarantees, subsidies, or insurance.
Is debarment automatically lifted?
A debarred representative can only be reinstated if reappointed in terms of BN 82. Therefore, even if the 12 month period referred above has elapsed, the name of the debarred representative will not automatically be removed from the list of debarred persons.
What is the role of FSB?
The Financial Stability Board (FSB) is a global organization that regulates and makes recommendations regarding the global financial system. The FSB promotes and ensures global financial stability by monitoring the global financial scenario and making recommendations for the same.
What is the FSB in Russia?
The Federal Security Service (FSB) is a federal executive body with the authority to implement government policy in the national security of the Russian Federation, counterterrorism, the protection and defence of the state border of the Russian Federation, the protection of internal sea waters, the territorial sea, the …
How do you get debarred?
Debarments may be based on convictions, civil judgments or fact based cases involving environmental crimes, contract fraud, embezzlement, theft, forgery, bribery, poor performance, non-performance or false statements as well as other causes.
Are you debarred meaning?
to stop someone from doing something by law or by official agreement: He was debarred from the club for unacceptable behaviour. Forbidding and banning things. abolish. abolition.