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Financial institutions, including FSPs, must update their profiles with the FSCA

Financial institutions, including FSPs, must update their profiles with the FSCA

Licensed financial institutions, including FSPs, have until December 15 to verify or update their profile information on the FSCA’s e-portals.

However, they might be experiencing some problems in completing this task, because several glitches on the e-portals have come to Moonstone’s attention. These have been reported to the FSCA.

The call for these updates stems from the FSCA’s regulatory business departments having identified inconsistencies and incomplete information with the data records maintained on behalf of the regulated institutions on its systems. The FSCA aims to enable the collection of this data in a unified manner using the e-portal systems for the respective regulated sectors.

It said the purpose of the request for information was to:

  • Obtain verified information for licensed financial institutions;
  • Ensure that the information held by the FSCA on financial institutions was up to date, accurate and complete; and
  • Identify and rectify any discrepancies on the FSCA’s database.

Licensed financial institutions must log on to the relevant e-portal using the credentials issued to them by the FSCA and verify and/or update the entities’ information, including the following, where relevant:

  • Contact details;
  • Relevant persons, including directors and shareholders;
  • Management, including pension fund trustees;
  • Compliance officer/s, responsible persons and/or principal officers; and
  • Accounting officer/s and/or information in respect of the audit partners.

Only an entity’s approved key individual or linked compliance officer can log in/register to use the e-portal to submit the request for information.

A guidance document is available on the various e-portals to assist with the process.

Although KIs and compliance officers may be able to make the profile changes unaided, there are some areas where they could make unnecessary changes or input the incorrect information. Moonstone Compliance has a licensing team with decades of experience who can guide you through the process and ensure you make the correct changes.

Financial institutions that don’t have log in credentials or an email address, should send an email to Akashen.Rampersadh@fsca.co.za.

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