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 […]
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 […]
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 […]
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 […]
The FSCA has imposed penalties of R110 000 on both Viva Cover (Pty) Ltd and Comit Technologies (Pty) Ltd for contravening various provisions of the General Code of Conduct from November 2013 to April 2016. Comit is a juristic representative of Viva Cover and sold financial products via its call centre on behalf of Viva […]
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 […]
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 […]
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 […]
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 […]
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 […]
