The Financial Sector Conduct Authority (FSCA) recently issued a notice informing the industry of a new FICA Directive to Provide Information (DPI) for 2021. The DPI must be completed by all Accountable Institutions and submitted online using the FSCA FAIS E-portal.
Accountable Institutions are required to answer all questions on the DPI, which includes background information on the Accountable Institution and questions about the Accountable Institution’s processes to ensure compliance with the requirements of the FIC Act. Provision is also made on the FAIS E-portal for Accountable Institutions who make use of third-party providers for record keeping. Where this is applicable, such information must be captured in the Third-Party Record Keeping item on the FAIS E-portal after completing and submitting the DPI.
The notice further reminds Accountable Institutions to ‘save’ answers frequently while completing the DPI to avoid the loss of information, as well as a reminder to download a copy of the submission for record-keeping purposes.
The DPI must be completed and submitted by 31 March 2021. Failure to complete and submit the DPI by this deadline is a contravention in terms of the FIC Act which may lead to an administrative action.
- To read the Notice, click here.
- To read the Frequently Asked Questions, click here.
If you need guidance in understanding and fulfilling the requirements of the FICA DPI, click here to read more and to register for our A Practical Guide to Developing your own FICA RMCP webinar.