Posted on 9 Dec 2021
Over the last few years, rules-based regulation has been shifting towards outcomes-based regulation. How does this dynamic regulatory landscape affect FSPs and their clients? Juanita Moolman, Head: Legal and Business Assurance at Hollard, describes an outcomes-based approach as follows: “An outcomes-based compliance approach moves away from reliance on detailed prescriptive rules and provides the outcomes … Continued
Posted on 9 Dec 2021
There are questions often asked about Credit Providers and compliance. Some of these include “What is a Credit Provider?” and “Who can apply for a Credit Provider licence?”. In this article we look at some of these frequently asked questions. The National Credit Act (“the Act”) states that a person will be in contravention of … Continued
Posted on 9 Dec 2021
The Financial Intelligence Centre (FIC) recently issued Public Compliance Communication (PCC) 51 which provides guidance on measures relating to Domestic Prominent Influential Persons (DPIPs), Foreign Prominent Influential Persons (FPPOs), their immediate family members and known close associates. The draft version of the PCC was made available for consultation to relevant stakeholders during March 2021. All comments … Continued
Posted on 9 Dec 2021
The Ombud for Short-term Insurance (OSTI) recently published its quarterly newsletter: The Ombudsman’s Briefcase Issue 3 of 2021, which contains news and events from OSTI, a few case studies and consumer tips. The case studies are intended to provide guidance and insight into the way the OSTI deals with complaints. In this issue, the OSTI shares … Continued
Posted on 9 Dec 2021
The Information Regulator released a media statement that President Cyril Ramaphosa appointed four members of the Information Regulator to begin a new term with effect from 1 December 2021. The members will serve for a 5-year term as full time and part time members at the Regulator. The members of the Information Regulator are: Adv … Continued
Posted on 9 Dec 2021
The Financial Sector Conduct Authority (FSCA) recently issued a Press Release urging all financial customers to exercise vigilance and act with extreme caution when paying for purchases either in-store or online. There has been a rise in the number of alleged reported scams and fraudulent activities which has resulted in many financial customers losing money … Continued
Posted on 9 Dec 2021
FSCA Request for Information Licensed financial institutions are reminded to update their profile information via the relevant FSCA e-portals on or before 15 December 2021 in accordance with FSCA Information Request 2 of 2021. PAIA A reminder that the current exemption relating to the requirement to compile a PAIA Manual is in place until … Continued
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