Our authorised FSP Licence number is 41900.
1st Contact Money (PTY) Limited T/A 1st Contact FX is authorised to render intermediary services in respect of the financial product types, as listed below:
1st Contact has appointed Compli-Serve (SA) (Pty) Ltd as its independent external compliance officer. Compli-Serve is a nationally represented independent provider of regulatory compliance management services and solutions to the financial services sector. Compli-Serve draws on international experience in developing services tailored for the domestic market. Their services are designed to meet the best practice compliance needs of today's financial services professionals, who operate in an ever-increasingly regulated environment. (Compli-Serve can be contacted on 0861 273 783). The practice number for Compli-Serve with the Financial Services Board is CO 194.
FAIS regulates financial service providers and the representatives of financial service providers selling a wide range of financial products. FAIS gives you, the client, protection against poor advice.
In terms of the act, anyone or any institution selling a financial product or giving you financial advice for a fee or commission must, in dealing with you, meet certain minimum requirements. They must behave honourably, professionally and with due diligence. You must be provided with appropriate advice and the institution must be subject to disciplinary procedures if they do not adhere to the act.
Before you do any business with us, we will provide you with essential information about ourselves. This information includes:
*Including details about what financial services we are permitted to provide and which company or companies we represent.
Our conflict of interest policy | Our disclosure document | Product suppliers
The SARB’s exchange controls regulate the flow of money into and out of South Africa. All forex transfers are subject to SARB’s regulations. This includes transfers associated with travelling, emigrating, immigrating, investing, returning to South Africa, importing or exporting goods and services.
Every time money is transferred into or out of South Africa, it has to be declared with the Reserve Bank. There’s no limit to how much money you can bring in, but there is a limit to how much you can transfer out of South Africa. This is why it’s important to know your exchange control status. Although it’s not the same as your tax status, your exchange control status lets you determine, from the outset, the size of all transfers available to you.
If you’re an expat resident in South Africa, knowing your exchange control status lets you dictate the limits on how much you can transfer. If, however, your amount exceeds what you are technically allowed to transfer, we will find a way around this by preparing and submitting Reserve Bank applications on your behalf.