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.
Below we share some key dates and offer general reminders to help FSPs plan for the compliance requirements of 2020.
- 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.
- 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 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 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 the training.
- 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, get in touch with us or contact your Masthead Compliance Officer.