On 18 April 2019, the FSCA informed FSPs that in place of the 2019 Annual or Bi-annual Compliance Reports, there would be a General Request for Information (RFI). At the end of August, the FSCA published FSRA Notice 1 / 2019 (General) and FSCA Communication 1 of 2019 (General) informing FSPs that an RFI template, in the form of an excel spreadsheet, will be sent to certain identified financial institutions on 2 September 2019.
The FSCA is busy implementing an Integrated Regulatory System (IRS) enabling it to integrate all regulatory and supervisory information held on licensed financial institutions. As with any system, it is only as good as the quality and integrity of the captured data.
The FSCA has conducted a classification of all identity and company registration numbers which it has on record. Where invalid numbers have been identified, these financial institutions will receive a request to complete a template spreadsheet so that the information can be corrected on the IRS.
FSPs that receive a Request for Information must complete the spreadsheet and submit it to the FSCA before 30 September 2019. Submission can be done via email to ID.Update@fsca.co.za or can be posted or hand delivered to the FSCA. The address details can be found in the Notice.
FSPs that do not comply with the Request for Information by the specified deadline date will be guilty of an offence and liable on conviction to a fine not exceeding R1,000 for each day during which the offence continues.
FSPs must keep a look out for any correspondence from the FSCA which will be sent to the email address which the FSCA has on record and ensure that any necessary information is provided to the FSCA timeously.
Read the previous article on the General Request for Information published on 30 April 2019.