Tag Archives | FSCA


FSCA wants info on commissions paid by credit providers to motor dealers

The FSCA has given motor dealers and financial institutions operating in the vehicle asset finance (VAF) space until the end of June to complete a questionnaire about dealer introductory commissions (DIC). In a communication issued on 13 May, the Authority said that, following regulatory investigations undertaken in the British and Australian VAF markets, the FSCA […]

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Third-party cell captive conduct standard tabled in Parliament

The long-awaited conduct standard “Requirements relating to third-party cell-captive insurance business”, together with the Statement of Need and Intended Operation and the Consultation Report, was tabled in the National Assembly and the National Council of Provinces recently. The 2022 Conduct Standard follows the publication by the FSCA of a Draft Conduct Standard, under the same […]

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Treasury proposes reducing FSP levies

National Treasury has proposed lowering some of the levies that FSPs will pay to the FSCA in terms of the Financial Sector and Deposit Insurance Levies Bill, to reduce the impact on small entities. Read: FSPs face paying regulators much higher levies Vukile Davidson, Treasury’s chief director of financial sector policy, told Parliament’s Standing Committee […]

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MPs ask Treasury for report on impact of new financial sector levies

Parliament’s Standing Committee on Finance has tasked National Treasury with producing a report on how the Financial Sector and Deposit Insurance Levies Bill will impact consumers and small entities. Read: FSPs face paying regulators much higher levies Treasury, the FSCA and the Prudential Authority (PA) this week briefed the committee on their responses to submissions […]

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Compliance reports don’t have to be submitted this year

The FSCA has decided that compliance officers or FSPs will not have to submit compliance reports this year. This was also the case from 2019 to 2021. This was one of the announcements in FAIS Communication 13 concerning compliance reports, handover reports and irregularity reports. The FSCA said it is in the process of developing […]

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FSCA reissues exemptions from competency requirements for certain licence categories

In February, the FSCA published FSCA Communication 4 announcing that it is exempting FSPs, key individuals and representatives who operate in the credit life and funeral insurance space from some of the Fit and Proper Requirements. Read: ‘Fit and proper’ exemptions for credit life, funeral insurance FSPs The reason for the exemptions is the “unintentional […]

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Licensing requirements for trading in derivatives, including CFDs

Having a FAIS licence does not mean that a trading platform can issue over-the-counter (OTC) derivatives, including contracts for difference (CFDs), as principal in South Africa. To do this, the entity must have an OTC derivative provider (ODP) licence. DLA Piper legal director Bridget King and associate Byron Bromham said investors should be aware of […]

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Retirement funds can use Irba’s revised formats for their financial statements

The FSCA has exempted retirement funds from using the formats in Board Notice 77 when preparing financial statements as long as they use the revised report formats approved by the Independent Regulatory Board for Auditors (Irba), the Authority said in a communication dated 14 April. Board Notice 77 of 2014 prescribes the format of the […]

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FSCA agrees to reconsider R50m fine on Mirror Trading International

The FSCA has agreed to reconsider the R50 million penalty it imposed on Mirror Trading International (MTI) for conducting unregistered financial services business in contravention of the FAIS Act. The Financial Services Tribunal published the consent order, dated 13 April, in terms of which both parties have reached an agreement in terms of which the […]

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