The Financial Sector Conduct Authority (FSCA) is re-issuing the Directive to Provide Information 2021 (DPI) for completion and submission between 1 May 2021 and 31 May 2021.
According to the FSCA, this is an effort to provide accountable institutions who failed to comply with the directive by 31 March 2021 a final opportunity to comply. This also provides an opportunity for newly authorized financial services providers (licensed from 1 March 2021) to complete and submit the DPI.
Background
Section 43A(3) of the FIC Act states that “The Centre or a supervisory body may in writing, over and above any directives contemplated in subsection (1) or (2), issue a directive to any accountable institution, category of accountable institutions, reporting institution, category of reporting institutions or other person to whom the provision of the Act apply to –
(a) Provide the Centre or that supervisory body, as the case may be-
(i) With the information, reports or statistical returns specified in the notice, at the time or at the intervals specified in the notice; and
(ii) Within the period specified in the notice, with any document in its possession or custody or control.”
In a separate communication to FSPs the FSCA states: “Please note that if you are an authorized financial services provider exclusively authorized to render financial services in respect of short-term insurance and / or health service benefits, you are not an accountable institution in terms of item 5 of schedule 1 to the FIC Act and you are not required to complete the Directive to Provide Information 2021 (the DPI)”
Also read: FSCA requires FIC compliance information by 31 March 2021 – read FAQs here
