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Continuous Professional Development – An ongoing obligation

The recently published FSCA guidance note makes it very clear that the days of “tick a box” compliance is over: It will be extremely difficult to comply with the general competence requirements without having proper policies, procedures, processes, systems and record keeping mechanisms in place. This is fundamental for continuous compliance with the competence requirements. […]

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Social-media

How social media played a key role in the #Knysnafires

Social media is becoming an increasingly important dynamic in disaster response; one that the authorities must engage with in order to remain current. This is particularly important given the potential for both intentional and unintentional misinformation. This was one of the key points of the independent disaster report that was released by Santam last Thursday. […]

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newsletter

CPD – Moonstone newsletters approved for CPD hours

The Fit and Proper Determination requires that certain individuals obtain a specified number of Continuous Professional Development (CPD) hours within an annual 12-month cycle between 1 June and 31 May of a specific year. The FSCA recently extended this year’s deadline to 31 July 2019. For those that are still looking for an hour or […]

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Fire

Knysna Fires of 2017 – How to minimise the risk and learn from the disaster

On 7 June 2017, Knysna and the Eden district municipal area were engulfed by one of the worst wildfire disasters in South Africa’s history. The disaster caused more than R2 billion worth of damage in these areas. Following the disaster, Santam commissioned the Council for Scientific and Industrial Research (CSIR), the Research Alliance for Disaster and […]

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Levies

Proposed levies on Financial Institutions – FSCA requests comments

According to Pam Saxby of Legalbrief Policy Watch, the FSCA has called for input by 21 June 2019 on proposed levies for the 2019/20 financial year to be imposed on a raft of affected institutions. This includes: pension funds, their administrators and adjudicators; retirement annuity funds; friendly societies; short-term insurers and Lloyd’s underwriters; long-term insurers; intermediaries; collective […]

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New ASISA Retirement Fund Standard – Enabling review and comparison of charges on products

Members of umbrella retirement fund solutions will be able to assess the total impact of charges on their individual retirement benefits from next year October, when members of the Association for Savings and Investments South Africa (ASISA) implement the new Retirement Fund Standard: Effective Annual Cost (EAC) for Individual Fund Members. The ASISA Board of […]

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cpd-t

CPD – Make sure your activities are accredited

Last week the FSCA published FSCA Communication 2 of 2019 to provide further guidance to FSPs, key individuals and representatives regarding compliance with the continuous professional development requirements. The communication also included questions that have been received from the financial services industry, particularly in respect of CPD. In this article, we focus on the questions […]

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