Archive | Best Practice


Investor behaviour – What impacts your clients’ decisions?

Understanding personal behaviour and motivation when investing is important to help clients make the right decision. People who invest are faced with countless decisions about which investments to choose, each with unique risks and potential rewards attached. The Global Investor Survey 2019 recently explored the behaviours and attitudes of more than 25,000 people who invest […]

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Accounting standard exemptions for managers and auditors of collective investment schemes

The FSCA has published a draft general exemption that proposes to exempt managers and auditors of collective investment schemes (CIS) and its portfolios from those parts of section 74(1) (a) and (2) (c) of CISCA, which determines the accounting standard to be applied by managers and auditors of CIS portfolio’s as per the specific accounting […]

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NQF Amendment Act – More than just criminalising lying on CVs

According to the South African Qualifications Authority, there is more to the National Qualifications Framework (NQF) Amendment Act, No 12 of 2019 than just criminalising qualifications fraud and lying about qualifications on CVs. Signed by the President on 13 August 2019 and published on 19 August 2019, the NQF Amendment Act tightens the legal requirements and strengthens the hands of […]

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Microinsurers – Proposed exemption for Credit Life

The FSCA has published the draft exemption for Microinsurers offering Credit Life from Rule 2A.10.1 of the Policyholder Protection Rules which states “A microinsurance policy or a funeral policy may not prescribe that a policy benefit payable as a sum of money is payable directly to a service provider.” FSCA Communication 6 of 2019 notes that […]

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Joint Standard on F&P requirements for significant owners – Second round of public consultation

This week the Prudential Authority (PA) and the Financial Sector Conduct Authority (FSCA) jointly published a proposed Joint Standard on fit and proper requirements for significant owners of financial institutions in terms of section 159 read with sections 105, 106 and 107 of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017) (FSRA), […]

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Debarment – 3 critical steps to comply

The FSCA’s Guidance Notice 1 of 2019 clarifies the requirements for debarment as described in Section 14(3) of the FAIS Act with which an FSP must comply when debarring a person. It is important that these requirements should be contained in an FSP’s policies and procedures governing its debarment process. The Guidance Notice shares the […]

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CPD – two month exemption to comply

Last week the FSCA published the Exemption from Continuous Professional Development Requirements, 2019 – No 2 of 2019 on its website. The purpose of the Exemption is to allow financial services providers, key individuals and representatives who did not comply with the CPD requirement on the 31st of May, until 31July 2019 to comply with requirements set out in the Determination […]

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