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Tag Archives | FSCA

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FSCA Concerns about Electronic Signatures and Prepopulated Documents

FSCA Concerns about Electronic Signatures and Prepopulated Documents can be addressed

Webber Wentzel’s Dawid de Villers, Lenee Green & Portia Mashinini from Webber kindly produced an article discussing the FSCA’s Communication 12 of 2021 (FAIS) on the use of Electronic Signatures and Prepopulated documents. On 5 July 2021, the FSCA issued a communication on pre-populated documents and the use of electronic signatures by financial services providers […]

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Huge-fines-warning-industry

Huge fines a serious warning to the industry

An FSCA press release on 8 July contains details of hefty administrative sanctions imposed  on Momentum Wealth (Pty) Ltd and Momentum Collective Investments RF (Pty) Ltd for failing to comply with FICA requirements. What is important to note is the closing sentence: “With these sanctions the FSCA wants to send a strong message to all […]

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lies

It is not only a sin to tell a lie – you could be prosecuted

An FSCA Press Release on 15 June 2021 addresses the occurrence of inaccurate reports, particularly on social media platforms, which indicate that getting the Covid-19 vaccine will render life insurance policies “null-and-void” because the vaccines are regarded as “experimental medicine”. The Regulator is of the view that such unfounded statements have no merit or basis […]

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enforceable-undertakings

Enforceable undertakings – the new order?

A FSCA media release on 15 October 2020 contained details of the withdrawal of an FSP licence, the debarment of the sole director, key individual and representative for 10 years as well as the imposition of a massive administrative penalty in excess of R58 million. The media release lists five contraventions of the FAIS Act, […]

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FSCA-new-commissioner

Permanent commissioners appointed at FSCA

Finance Minister Tito Mboweni has appointed Unathi Kamlana as the commissioner of the Financial Sector Conduct Authority (FSCA) for a period of five years. Kamlana is currently employed at the Prudential Authority of the South African Reserve Bank, where he is the department head responsible for policy, statistics and industry support. He will start as […]

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advisor-client

Consumer rights month – Regulator puts client at the centre

March is officially Consumer Rights Month. “Through laws such as the Financial Services Regulatory Act  (FSRA), the Financial Advisory and Intermediary Services Act (FAIS), the Treating Customers Fairly (TCF) approach as well as consumer education, the FSCA looks to help safeguard an individual’s finances and financial consumer rights,” the FSCA tweeted. As a result, the […]

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