The person sitting across from you and the regulated firm responsible for the service may not be the same legal entity. That is normal, and it is worth knowing.
An FSP is a financial services provider. In South Africa, it is the licensed business authorised to provide specified financial services in specified product categories. An individual representative may act under that FSP’s licence.
The FSP number, the representative’s status and the categories of authorisation should be disclosed. You can check them on the Financial Sector Conduct Authority’s register.
Authorisation is a basic verification step, not a quality award. It tells you that the firm or representative appears on the regulatory record for particular activities. It does not tell you whether the person has the right specialisation for your need, whether the proposed product is suitable or whether the service will feel responsive.
Try this now
Find the FSP name and number on an advice document, email signature or disclosure letter. Check that the name on the FSCA register matches and that the status is current. If a representative is involved, ask under which FSP and product categories they act.
Ask your advisor
- Which licensed FSP is responsible for the advice I receive?
- Are there any product categories or services that fall outside your authorisation?
If the record is unclear or inconsistent, pause the transaction and verify it directly with the firm or the FSCA.