The formal “Lists of Qualifications Recognised for Financial Services Providers, Key Individuals and Representatives, 2021” came into operation on 31 May 2021. This replaces its namesake for 2020. The list contains approved qualifications for Categories I, II, IIA and III. It is important to bear in mind that all qualifications are subject to approval, and […]
The Financial Sector Conduct Authority (FSCA) imposed an administrative penalty of R100 000 on a division of a leading bank for failing to meet a licence condition. The company was granted a licence to operate as an Over the Counter Derivatives Provider (ODP) on 01 September 2020. One of the licence conditions stipulates that an […]
“I have registered online via your online booking system to write the Regulatory Exam. Do you need proof of payment, before my booking is secured?” Once you have registered you will receive an email confirming your booking, it will include the date, time and venue of your exam. However, payment must be made within 24 […]
In 2017, new classes and sub-classes of insurance business were introduced through the Insurance Act, 2017 (Act No. 18 of 2017). Subsequently, the Determination of Fit and Proper Requirements for Financial Services Providers, 2017 (Board Notice 194 of 2017) was amended to ensure alignment between the subcategories of financial products contained in the Fit and […]
Client advice records, or the lack thereof, was identified as one of the trends in complaints contained in the latest annual report of the FAIS Ombud A tick-box exercise does not help the financial services provider at all, because it does not comply with the requirement in the Code of Conduct that the financial services […]
As 2020 winded down, the FSCA published various regulatory updates. Comments on most of these updates are due mid-February 2021. Here is a reminder of these amendments and updates: Proposed amendments to the General Code of Conduct for Authorised financial services providers and representatives of 2003 Proposed Amendments to the Fit and Proper Requirements Draft […]
Since the implementation of the Determination of Fit and Proper Requirements for Financial Services Providers, 2017 on 1 April 2018, various exemptions were issued to deal with new requirements. According to the FSCA certain provisions of the Determination also required further clarification. As a result, the FSCA just released “Proposed Amendments to the Fit and Proper Requirements” […]
Through various communications this year, the Financial Sector Conduct Authority (FSCA) acknowledged the impact of COVID-19 on the financial services industry and the challenges that FSPs, key individuals and representatives might face in complying with various regulatory requirements. As a result, the FSCA granted exemptions and/or extensions in respect of the submission of statutory returns […]
Towards the end of June 2020, the Financial Sector Conduct Authority (FSCA) published the final amendments to the General Code of Conduct as well as Fit and Proper requirements under the FAIS Act. According to the FSCA, the amendments were necessary to contribute to the fulfilment of their legislated objectives and is ultimately intended to promote […]
The Prudential Authority (PA) and the Financial Sector Conduct Authority (FSCA) published Joint Standard 1 of 2020 earlier this week. The communication focuses on fitness, propriety and other matters relating to significant owners, in terms of the Financial Sector Regulation Act 9 of 2017 (FSR Act). The Joint Standard will become effective on 1 December 2020 and will apply […]
