FICA Cash Threshold Reports
Accountable and reporting institutions are reminded of the new CTR requirements that came into effect on 14 November 2022. A reminder, if not already done, to:
- Update: Accountable institutions and reporting institutions must update your RMCP and/or reporting processes respectively to align to the new CTR requirements.
- Approve: Any updates to the RMCP must be approved by the board, senior management or person with the highest authority. Maintain version control of updated versions and evidence of approval.
- Train: Employee training must be conducted on the RMCP including any updates to the RMCP, and evidence kept of same.
CPD Progress
FSPs, KIs and Reps are reminded that they should be on track with achieving the required number of hours for CPD. The deadline to meet the minimum number of required CPD hours is 31 May 2023, and it is therefore advisable that steady progress is made towards achieving this. For more information on the various accredited CPD activities that Masthead offers, please get in touch with us on info@masthead.co.za or contact your Masthead Compliance Officer.
FSCA workshop for Funeral Parlour FSPs and FSCA YouTube channel to access past workshop recordings
FSPs that are funeral parlours and have requirements under the Long-term Insurance Act can access a recording of the FSCA’s virtual workshop which was held on 7 December 2022.
The content covered includes:
- Licensing and competency requirements in terms of the FAIS Act
- Who must be registered as representatives?
- Underwriting requirements
- Policy administration and data requirements
- Premium collection and remittance to the insurer
- Financial statements and section 19(3) reports
- Claims handling and payment to beneficiaries
- Applicable exemptions
Recordings of this workshop and past workshops, including the recording for the 20 November session on irregularity reporting to the FSCA, are available on the FSCA’s YouTube channel.