Posted on 29 Apr 2020
The COVID-19 crisis has highlighted that we do not know what tomorrow, or next week or next month will bring. Having a well thought out Risk Management Plan (RMP) will ensure you are better prepared to handle a crisis. Risk management is part of your job. You help clients think about the future and plan … Continued
Posted on 29 Apr 2020
The Financial Sector Conduct Authority (FSCA) recently published FSCA FAIS Notice 21 of 2020 together with FSCA Communication 20 of 2020. These publications afford FSPs and Juristic Representatives an exemption from certain Financial Soundness Requirements. The Communication advises that the exemption was deemed necessary in order to alleviate some of the financial pressures experienced by FSPs and … Continued
Posted on 29 Apr 2020
The commencement dates of certain provisions that relate to Ombuds under the Financial Sector Regulation Act (FSRA) has been recently amended as published in Government Gazette No. 43131 (Government Notice 356 of 24 March 2020). Government Notice 356 has the following effect: The commencement date of Chapter 14 (sections 175 to 217) of the FSRA, … Continued
Posted on 29 Apr 2020
Various supervisory bodies have consulted the Financial Intelligence Centre (FIC) regarding the COVID-19 pandemic and possible impact on accountable institutions. These supervisory bodies include the Prudential Authority, the National Payment System Department, the Financial Surveillance Department of the South African Reserve Bank, as well as the Financial Sector Conduct Authority (FSCA) (jointly referred to as … Continued
Posted on 29 Apr 2020
The Financial Sector Conduct Authority (FSCA) recently published a Press Release warning the public against doing any financial related business with forex trading platforms that promise an income stream during the COVID-19 lockdown. It appears that these promises of income stream may be unrealistic. The Press Release states that the FSCA was informed that some … Continued
Posted on 29 Apr 2020
The adverse effects of the nationwide lockdown due to COVID-19 prompted many insurers to come out with their own responses regarding premium holidays or relief for consumers together with rules about the impact that has on benefits and rules about reinstating policies. As far as commission goes, the normal rule in terms of commission regulations … Continued
Posted on 29 Apr 2020
On 31 March 2020, the Financial Sector Conduct Authority (FSCA) published FSCA FAIS Notice 17 of 2020 on the exemption from and the extension of the period to comply with certain Fit and Proper Requirements. Subsequent to the publication, the FSCA withdrew FSCA FAIS Notice 17 of 2020 and substituted it with FSCA FAIS Notice … Continued
Posted on 29 Apr 2020
The Financial Sector Conduct Authority (FSCA) recently published FSCA Communication 18 of 2020 which provides clarity on the requirements for FSPs regarding the submission of Compliance Reports and FAIS Handover Reports. Communication 18 of 2020 explains that the FSCA did not publish any compliance reports or handover reports for 2019 or 2020, as the FSCA is … Continued
Posted on 29 Apr 2020
There seems to be some confusion between a Joint Directive issued by the Financial Sector Conduct Authority and the Prudential Authority (Authorities) on 9 April 2020 and Call Centre Directions issued on 9 April 2020 by the Minister of Health and the Minister of Trade, Industry and Competition to Call Centres providing essential services. As … Continued
Posted on 29 Apr 2020
The FSCA has warned that there is a rogue domain called www.fscaza.com which fraudsters used to send a phishing email to one of the FSCA’s service providers with the aim of soliciting financial gains. The domain has also been redirected to the FSCA’s legitimate domain to mislead unsuspecting stakeholders into believing the communication comes from … Continued
Posted on 29 Apr 2020
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
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