The Second Schedule (Section 2) of the Financial Services Act provides for Financial Business Activities, in respect of Non-Banking Financial Institutions (NBFI's). These are categorised mainly into the financial services providers/activities and the specialised financial services/institutions.
The FSC ensures, prior to licensing any NBFI's that the applicant meets the "fit and proper" criteria and that it fulfills prudential requirements and conditions of operation.
The FSC ascertains inter alia that applicants have in place the necessary compliance functions including appropriate internal control measures, continuous internal audit and monitoring system, and adequate resources in terms of qualified personnel and equipment. Applicants are required to comply with the Code of Corporate Governance to prevent conflict of interest, financial crimes and money laundering.
If you wish to conduct business in these activities, please consult the relevant application kit.