In a recent media release the Financial Sector Conduct Authority (FSCA) warns the public against Crowd1, an entity which is not authorised to render the financial services it is providing. “Crowd1 is neither an authorised Financial Service Provider (FSP), nor is it a representative of an authorised FSP. There is also no record of this […]
FSCA Communication 34 of 2020 contains details of the Regulator’s views on the contentious issue of business interruption (BI) insurance in the wake of Covid-19. In virtually all cases, insurers denied liability. In response to a multitude of complaints from policyholders, the FSCA requested details of the various policy wordings, and published Communication 34 to provide […]
The FSCA has called for input by 31 July 2020 on proposed levies for the 2020/21 financial year to be imposed on several 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; ● collective investment schemes in securities, property, […]
As the nation deals with the COVID-19 pandemic and its impact, it is an important time for South Africans to take charge of their finances. The FSCA has compiled a series of videos to help you and your client to understand your rights and to “Ask the right questions”. The videos are available in English, […]
The Financial Sector Conduct Authority (FSCA) and the Prudential Authority (PA), acting with the concurrence of the South African Reserve Bank, recently published a Joint Standard which prescribes margin requirements for non-centrally cleared OTC derivative transactions. The Joint Standard applies to a provider entering into non-centrally cleared OTC derivative transactions with a counterparty or a […]
The FSCA published Communication 23 of 2020 (CIS) recently to acknowledge the impact of the COVID-19 global pandemic on collective investment schemes and their investors. The focus of the communication is specifically to outline certain expectations of the FSCA regarding the duties of managers of collective investment schemes and their responsibility to ensure that all […]
The FSCA has withdrawn their General Notice 1 of 2020 on the extension period for compliance with various requirements related to the submission of statutory returns for 2020, and substituted it with General Notice 2 of 2020. The Notice only amended paragraph 5 to correctly reflect the financial year-end dates and came into operation on 21 April 2020.
The FSCA warns the public against doing any financial-related business with forex trading platforms that promise an income stream during the COVID-19 lockdown. In a media release, the FSCA mentions that they were alerted that some forex trading platforms are telling the public that risks associated with forex trading are quite low and that people […]
FSCA FAIS Notice 17 of 2020, the Exemption from and extension of period to comply with Fit and Proper Requirements, 2020, has been withdrawn by the FSCA and substituted with FSCA FAIS Notice 22 of 2020. It must be noted that the meaning of “due date” has been amended to now only reflect the periods which […]
The FSCA has released Communication 18 of 2020 to inform stakeholders, Financial Services Providers (FSPs) and Key Individuals that, Compliance Reports and Handover Reports usually due for submission to the FSCA in terms of section 17(4)(a) of the FAIS Act, do not need to be submitted during 2020. No compliance reports or handover reports were […]
