Keeping track of what must be done in an FSP and making time to address any gaps is key to remaining compliant and in business.
In January we published Key Compliance Dates to help FSPs plan for the compliance requirements of 2020. Considering the impact of COVID-19 and subsequent developments, below is an update of some of the key dates and general reminders that you should look out for.
*To read more about the deadline for supervised reps in respect of Qualifications, RE, and Class of Business training that were due for completion between 27 March – 30 November 2020, click here.
General reminders:
- Ensure all information regarding the FSP’s profile on the FSCA’s website is always up to date.
- 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 and, if required, attach Annexure A of FAIS Notice 82 of 2015. Note that this regulatory deadline has been extended by 4 months due to the impact of COVID-19. Click here to read our previous article.
- Apply for Professional Indemnity (PI) renewal at least one month before the renewal date.
- Apply to the Medical Schemes Council for renewal of Broker Accreditation 4 months before the expiry date using the CMS online portal.
- Monitor deadline dates for Representatives under Supervision to comply with the competence requirements.
- Conduct monitoring of Representatives at least quarterly.
- Conduct monitoring of Supervised Representatives at the required intervals.
- Prepare and review monthly management accounts.
- Schedule a date for staff to complete FICA and RMCP Training and keep records of same.
- Plan Annual Reviews and diarise accordingly.
- Diarise a date for a review of critical policies and procedures including:
– Conflict of Interest Management Policy
– Complaints Policy and Procedure
– Debarment and Disciplinary Procedure
– Disaster Recovery and Business Continuity Plan
– FICA Risk Management and Compliance Programme
– FAIS Risk Management Policy and Plan
Should you require assistance with any of the policies or implementation, contact your Masthead Compliance Officer.