COFI replaces the registration model with a conduct-focused licensing regime for retirement funds – a step that will raise governance, fit-and-proper checks and public disclosure requirements across the sector.
The Tribunal agrees with the FSCA that the entity’s key individual did not ‘come clean’ about her past misconduct.
Early preparation for COFI will give firms a competitive edge and help to avoid the compliance scramble seen during FAIS implementation.
Financial institutions that proactively embed governance, technology, and culture to meet evolving regulatory standards will not only avoid penalties but also strengthen credibility, build resilience, and drive long term value.
IRS, which is set to go live in 2026, will leverage smart analytics to automate risk assessments and provide a comprehensive view of regulated entities.
The FSCA is preparing for the massive task of migrating about 12 500 financial services providers into the new COFI framework.
The ‘imminent’ COFI Bill will introduce the licensing of retirement funds (including public sector funds), stricter board member standards, and enhanced oversight of contributing employers.
The Authority suspended 1 061 FSP licences in 2023/24, primarily for non-compliance with statutory returns.
One of the entity’s Facebook posts says it can turn R1 700 into R120 000.
Not meeting the operational ability and competency requirements are the main reasons the Authority rejected licence applications.
Livestock Wealth says it was under the impression, based on correspondence with the Authority, that it did not need a licence to sell agricultural assets.
The FSCA also confirms that one FSP licence has been provisionally suspended as part of its investigation into advisers who may have referred clients to BHI Trust.
Some 20% of the applications received by the end of October were withdrawn for various reasons.
The FSCA wants to know whether applicants are compliant with the Financial Intelligence Centre Act.
The Authority has changed its mind about the requirement to have a recognised qualification.
The FSCA has provided an update on how it is progressing with a number of regulatory frameworks that will apply across the financial services sector, including to FSPs. The details are contained in […]
The FSCA’s annual report shows what regulatory action was taken in the past year and the compliance issues that caught the authority’s eye. Debarments The number of debarment orders issued by the FSCA […]
