2018 brought significant changes for the financial services industry. The Financial Sector Regulation Act made the twin peaks approach to regulation a reality and the ‘previously’ FSB, took up its mandate as the Financial Sector Conduct Authority promising a more pre-emptive and intrusive approach to supervision.
One of the most notable changes for authorised financial services providers (FSP) was the new Fit and Proper Requirements (BN194 of 2017) which came into effect on 1 April 2018 introducing many new requirements, and challenges, for FSPs, Key Individuals and Representatives.
During 2018 FSPs that are accountable institutions also had to grapple with implementation of the provisions of the FIC Amendment Act and the risk-based approach to anti-money laundering and counter terrorist financing.
By now most FSPs should know what they have to do in order to comply with the new, whilst continuing to meet all existing, requirements. Keeping track of what must be done and making time to address any shortfalls or gaps is key to remaining compliant, and in business. This is especially important as more changes are anticipated during 2019.
Here are some key dates to help FSPs plan for 2019.
Click here to download these dates.
- Ensure all information on the FSP’s profile on the FSCA’s website is always up-to-date, but especially as at 31 August of each year as the FSCA will use the information on their records to prepare the Levy Statement which will be due and payable by the FSP.
- Inform the FSCA of any changes to the business within 15 days, e.g. shareholders, directors, representatives, address, bank account, accountant etc.
- Update Competence Register with Product Specific Training within 15 days after training occurred.
- FSPs must submit their Annual Financial Statements to the FSCA within 4 months of their financial year-end. These must be accompanied by other relevant documentation.
- Apply for PI Renewal at least one month before the Renewal Date.
- Apply to the Medical Schemes Council for renewal of Broker Accreditation at least 3 months before the expiry date.
- Monitor deadline dates for Representatives under Supervision to comply with the competence requirements.
- Conduct monitoring of Representatives at least quarterly.
- Conduct monitoring of Representatives under supervision at the required intervals.
- Prepare and review monthly management accounts.