Posted on 10 Aug 2022
To guarantee customers get the best possible support, individuals who provide a service should thoroughly understand the products they offer. Understanding a product enables you to confidently propose and discuss the product and its benefits. This better aligns customer needs and products, resulting in higher customer satisfaction and fewer complaints. As a Financial Service Provider … Continued
Posted on 10 Aug 2022
The FSCA recently published its Regulation Plan (1 April 2022 – 31 March 2025) which provides an update on various regulatory frameworks that will apply across the financial sector. The FSCA Regulation Plan sets out what can be expected in terms of regulatory developments and estimated timelines over the next three years. The financial sector … Continued
Posted on 10 Aug 2022
The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog. The inter-governmental body sets international standards that aim to prevent these illegal activities and the harm they cause to society. The FATF engages in an ongoing process to monitor jurisdictions that have strategic deficiencies in their regimes to counter money … Continued
Posted on 10 Aug 2022
The FSCA recently published draft amendments to the Rules on the Proceedings of the Office of the Ombud for Financial Services Providers. The current maximum compensation limit for the FAIS Ombud is R 800 000, it is now proposed that this limit be changed to R3 500 000. The reasoning behind the proposal is that … Continued
Posted on 10 Aug 2022
Schedule 1 to the Financial Intelligence Centre Act (FICA) contains a list of Accountable Institutions. Item 3 of this list specifically relates to an estate agent as defined in the Estate Agency Affairs Act 112 of 1976. However, the Estate Agency Affairs Act was repealed and replaced by the Property Practitioners Act with effect from … Continued
Posted on 10 Aug 2022
The FIC recently published draft Directive 6/2022 together with draft PCC 116 which seek to address the areas of concerns as highlighted in the Financial Action Task Force’s 2019 Mutual Evaluation final report, focusing specifically on the shortcoming that there is no requirement for financial institutions to screen employees. The draft directive proposes the following … Continued
Posted on 10 Aug 2022
FSTC Reporting 2022 All entities operating in the financial sector are reminded to submit their B-BBEE compliance reports for the 2020/21 period to the Financial Sector Transformation Council (FSTC) by cob 12 August 2022. Click here to read our previous article on the 2022 FSTC Reporting requirements. Category II, IIA & III FSPs required to report … Continued
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