In February 2021, the FSCA published a Notice to make the industry aware that the Directive to provide information (DPI) for 2021 is available for online completion and submission from 1 March 2021 to 31 March 2021. Section 43A(3) of the FIC Act states that “The Centre or a supervisory body may in writing, over […]
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 […]
A recent media release sets out the FSCA’s current position on certain aspects of Contingent Business Interruption Insurance (CBI) cover as well as its expectations of non-life insurers and policyholders in respect of CBI claims, in order to ensure that the processing of these claims is not unduly delayed and in line with the legal certainty […]
The Financial Sector Conduct Authority (FSCA), issued a warning on 2 February 2021 against the growing cryptocurrency scams in the country. “The FSCA is receiving a large number of complaints from South African investors who have lost their savings through investing in a crypto-related investment that they did not understand, or a scam packaged as […]
On Tuesday, 19 January 2021, the FSCA announced that it has finalised its investigation into Mirror Trading International (Pty) Ltd (MTI) and will share its report with the liquidators appointed by the Master of the High Court. Background On commencement of its investigation in August 2020, the FSCA warned the public that MTI was not […]
The Preparation Guide outlines exactly what the examination will be testing and where to find the information. Studying the Preparation Guide is in fact the very first step a candidate should take to ensure that he or she knows what they have to know, and where to find the required information. This is the best […]
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” […]
There are actually three certainties in this world: Death, taxes and major regulatory updates in December every year, as the industry starts winding down for the silly season. One of these is the proposed amendments to the General Code of Conduct for Authorised financial services providers and representatives of 2003. “The main purpose of the […]
The Financial Sector Conduct Authority (FSCA) has identified a recurring trend where financial services providers fail to comply with section 11(2) of the FAIS Act and/or abuse section 11(1)(d) of the FAIS Act by voluntarily surrendering licences in an attempt to avoid compliance with provisions of the FAIS Act (especially the General Code of Conduct […]
Another tragic fallout resulting from the Covid-19 pandemic is that a number of FSPs may be considering closing down. The FSCA published a Guidance Notice to assist such entities in complying with all the regulatory requirements. This includes how to go about lapsing your license, the requirements laid down by the FAIS Act when doing […]
