The Financial Sector Conduct Authority, the Prudential Authority and the National Payment System Department of the South African Reserve Bank have recently published Joint Communication 7 of 2020 which sets out the minimum precautionary measures to be taken by financial institutions and payment institutions in light of the easing of lockdown levels amidst COVID-19.
The Joint Communication states that greater responsibility is now placed on institutions to ensure that the working environment is safe. Institutions should also exercise great care to protect their customers, employees and members of the public that they come in contact with. These institutions are also encouraged to assess their own risks and circumstances and, where necessary, to implement stricter requirements.
Financial Institutions
Financial institutions must comply with the Occupational Health and Safety Directives issued by the Minister of Employment and Labour in terms of the Regulations regarding the precautionary measure in workplaces.
Click to read the Consolidated Direction on Occupational Health and Safety Measures in certain Workplaces issued on 4 June 2020.
Joint Communication 7 of 2020 also sets out guidance to financial institutions, some of which state that financial services must continue via remote means wherever possible. In instances where face to face meetings are unavoidable, it is advised that these meetings are held at premises where appropriate health measures and social distancing can be implemented. Financial institutions are further advised that they should not hold meetings at the homes of clients or visit financial customers at home for purposes of providing financial services to them. Where there are exceptional circumstances that require the meeting to take place at the client’s home, the Joint Communication contains specific protocols that should be followed.
Financial institutions that make use of travelling nurses for purposes of medical underwriting are advised that they should arrange that examinations take place at premises where appropriate health measures and social distancing can be implemented. The Joint Communication states that home visits by travelling nurses are not recommended, but if no alternative is available then a nurse may visit a customer at home for purposes of medical underwriting and they must follow strict safety measures as contained in the Joint Communication specifically for travelling nurses.