This communication is relevant to all members
The Financial Sector Conduct Authority (FSCA) has issued FAIS newsletter volume 26 and this is a must read for all members. The contents of the newsletter provide insight into various compliance matters that are relevant right now:
- Recent Board and FAIS Notices that were published. The FIA submitted a response on the invitation to comment on proposed amendments to the Determination of Fit and Proper Requirements, 2018.
- An update on the regulatory exams – how to prepare with the use of correct training material. This information is crucial for the successful completion of exams.
- From the FIC desk – Accountable institutions. The FAIS Supervision department will conduct surveys on a quarterly basis from end of June to obtain feedback on implementation levels and indication of timelines to address the outstanding requirements. The surveys will focus on different types and/or categories of FSPs each quarter. The cut-off date for enforcing compliance has been changed to 02 April 2019. In the meantime FAIS supervision will continue to conduct onsite inspections to assess the level of compliance with the FIC Act.
- Conduct of Business report – The Commissioner intends to replace the current compliance reports with the proposed Conduct of Business Report (COBR) that was published for public comment on the official web site of the Financial Services Board on 06 December 2016. Due to the extensive amendments that were made, the proposed COBR will go out for a second round of public consultation during June 2018. The FIA will once again submit comments on the latest draft COBR.
- Useful information – How to register on the ePortal system · Amending contact details · Completion and submission of compliance reports · How to log in to the ePortal. The FSCA has compiled a user-guide to their ePortal system that can be accessed in the link below:
The link below provides the FAIS newsletter volume 26 which can also be accessed on the FSCA website.
Members are welcome to contact our National Manager: Compliance, Joe Kotzéon 012 665 0085 or email joe@fia.org.za for any further information.
