Keeping track of what must be done to remain compliant is key to remaining in business as an FSP. In 2022, we saw the FSCA take action against FSPs where regulatory deadlines were not complied with, for example FSPs who omitted to submit their Annual Financial Statements to the FSCA within the required 4 months after the FSP’s financial year-end.
Non-compliance with regulatory deadlines are a contravention of the FAIS Act and can lead to the FSCA imposing penalties on the FSP, or it could lead to the FSP’s licence being suspended and ultimately withdrawn by the FSCA.
Below are some key dates to help FSPs plan for 2023 to avoid Regulatory action.
Download a printable version here.
Hereunder are some other important reminders. We suggest that you set these, and the above, in your year planner.
- Ensure all information on 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 of the change, e.g.
- Update the Competence Register with Product Specific Training within 15 days after training has 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 1 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. Note that this accreditation lasts for 2 years and on renewal the Council may request proof of qualifications.
- Monitor deadline dates for Representatives under Supervision to comply with the competence requirements.
- Monitor Representatives’ CPD training plans to ensure continuous development.
- Conduct monitoring of Representatives’ activities at least quarterly.
- Conduct monitoring of Representatives under supervision at the required intervals.
- Monitor deadline dates for Representatives under Supervision to comply with the competence requirements.
- Prepare and review monthly management accounts.
- Schedule a date for staff to complete, COI, FICA and RMCP training and keep records of same.
- Diarise a date for a review of critical policies and procedures including:
– Conflict of Interest Management Policy
– Complaints Management Framework
– Competence Policy
– Remuneration Policy
– Debarment and Disciplinary Procedure
– Disaster Recovery and Business Continuity Plan
– FICA Risk Management and Compliance Programme
– FAIS Risk Management Policy and Plan
– Operations Manual or documented Business Procedures
Should you require assistance with any of the policies or implementation, please contact your Masthead Compliance Officer or Masthead Regional Office.