Posted on 4 Feb 2020
Voice recordings of your conversations with clients are an acceptable record of advice and may be used for your defence in the event of a dispute with a client. The FAIS General Code of Conduct for Authorised Financial Services Providers and Representatives (GCOC) requires providers to maintain a record of advice, which must reflect the … Continued
Posted on 4 Feb 2020
Financial advisors and asset managers must proceed with caution when offering, promoting or marketing offshore Collective Investment Schemes to their clients as the Collective Investment Schemes Control Act (CISCA) criminalises soliciting of investments in unapproved offshore investment funds. A person found guilty of this offence is liable on conviction to a fine not exceeding R10 … Continued
Posted on 4 Feb 2020
The Council for Medical Schemes (CMS) recently announced in Circular 3 of 2020 that it launched an online application portal that allows applicants to register and submit all broker applications for accreditation. The portal that went live on 20 January 2020 is also designed to allow individual brokers and broker organisations to renew accreditation commencing … Continued
Posted on 4 Feb 2020
During December 2019 the Council for Medical Schemes (CMS) published Circulars 80 and 82 of 2019 which announced its plans for Low Cost Benefit Options (LCBOs) and the Demarcation Exemption Framework. On 23 January 2020, the CMS further published Circular 5 of 2020 which stated that it will be hosting engagement sessions to unpack and … Continued
Posted on 4 Feb 2020
Several media publications reported that the Information Regulator recently requested the President to declare that the remaining provisions of the Protection of Personal Information Act (POPIA) commence on 1 April 2020. Certain sections of POPIA are already in effect such as the definitions in section 1, the establishment of the Information Regulator and the procedure … Continued
Posted on 4 Feb 2020
On 23 January 2020, the FSCA published Communication 1 of 2020 together with FSCA (INS) Notices 1 and 2 of 2020. The publications inform stakeholders that the general extension for compliance with Regulation 4.2(3) of the Regulations made under the Short-term Insurance Act (STIA) and Regulation 8.2(2) of the Regulations made under the Long-term Insurance … Continued
Posted on 4 Feb 2020
The FSCA recently published a press release that the Intergovernmental Fintech Working Group (IFWG) published its first Fintech Landscaping Report on 22 January 2020. The press release explains that Fintech is technology-enabled financial innovation which can lead to new business models, applications, processes and products, and is transforming the financial services sector globally. The research … Continued
Posted on 4 Feb 2020
Liquidity Calculation Declaration FSPs that are required to maintain liquid assets and whose financial year end was 31 December 2019, are required to submit Form A: Liquidity Calculation (Annexure six of BN 194 of 2017) to the FSCA by 14 February 2020. Juristic Reps that are required to maintain liquid assets and whose financial year … Continued
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