Posted on 20 Apr 2022
Every business, no matter how small or uncomplicated, has risks. When you can identify the risks, you can establish a plan to manage them. Section 37(2)(b) of Board Notice 194 of 2017: Determination of Fit and Proper Requirements for Financial Service Providers (FSP), which forms part of the governance requirements for FSPs, legally obliges FSPs … Continued
Posted on 20 Apr 2022
In November 2021, the Financial Sector Conduct Authority (FSCA) published Communication 19 of 2021 (the communication). The purpose of the communication was to inform FSPs of the change in the method of submission of the representative register to the FSCA. In terms of the communication, the submission of representative registers in Microsoft Excel format would no … Continued
Posted on 20 Apr 2022
The Council for Medical Schemes recently published Circular 19 of 2022, on the adjustment of fees payable to healthcare brokers. The Minister of Health has approved an increase on the maximum fee that is payable by medical schemes to brokers for introducing a member to a medical scheme and providing the member with ongoing service … Continued
Posted on 20 Apr 2022
The National Treasury published the increase of policy benefits for health insurance policies that fall under the Long-term Insurance Act (LTIA) and Short-term Insurance Act (STIA) in terms of the Demarcation Regulations. The Regulations specify which types of insurance contracts are classified as health policies under the LTIA and as accident and health policies under … Continued
Posted on 20 Apr 2022
This article helps you to understand the FSCA’s Draft Strategy on Transformation in the Financial Sector (the Draft). It is important to note that the strategy is still in draft and the FSCA is seeking public input on their envisioned strategy. As with all legislative changes, it is important to define the terms and to … Continued
Posted on 20 Apr 2022
The Financial Intelligence Centre (FIC) recently published risk assessment reports on the following sectors: Legal Practitioners Motor Vehicle Dealers Kruger Rand Dealers Estate Agents The Gambling sector Money Lenders against the Security of Securities; and Trust Service Providers All sectors listed in the FIC Act need to understand the environment in which they operate and … Continued
Posted on 20 Apr 2022
Proposed amendments relating to the FICA RMCP The FIC published draft Guidance Note 7A which seeks to amend Chapter 4 of Guidance Note 7 of 2017. The new Chapter 4 is intended to replace the current requirements in respect of the formulation and recordal of the Risk Management and Compliance Programme (RMCP). The FIC has … Continued
Posted on 20 Apr 2022
Renew PI cover FSPs are reminded to check the status of their Professional Indemnity (PI) cover and to renew same if required. Failure to renew PI cover on time will result in a gap in cover which can cause the FSP to face the risk that any losses which occur during this period (prior to … Continued
A national supplier of risk management services to independent financial advisors and other licensed financial service providers (FSPs). Established in 2004, we help our clients overcome their risk management challenges so they can grow and thrive in an increasingly regulated industry. Providing professional guidance and practical support, our team of specialists is passionately committed to delivering tangible solutions.
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