FSPs that were unable to attend last month’s FSCA workshops on financial soundness can access recordings of the workshops on YouTube. The FSCA also announced it has launched its survey of FSPs’ understanding of what it means to be financially sound.
In September, the FSCA hosted two workshops on financial soundness and financial statements, one for FSPs that collect premiums or hold assets and one for FSPs that do not collect premiums or hold assets.
- Click here for the workshop for FSPs that collect premiums or hold assets (duration: 2 hours, 15 minutes).
- Click here for the workshop for FSPs that do not collect premiums or hold assets (1 hour, 57 minutes).
The FSCA also hosted a workshop providing details about its financial soundness survey.
Click here to view a video in which the FSCA provides instructions on how to complete the survey (nearly 33 minutes).
The Authority said the aims of the survey are to:
- Gauge FSPs’ understanding of the financial soundness requirements as set out in the Determination of Fit and Proper Requirements (Board Notice 194 of 2017);
- Help to enhance the ability of FSPs to meet these requirements;
- Gain an understanding of the impact of broader environmental risk factors on the sustainability of FSPs; and
- Assist the FSCA to better understand the impact of financial risks.
Click here to access the survey.
The deadline to submit the survey is Tuesday, 22 November.
The survey may take some time to complete because there are many questions, so it is not advisable to leave it to the last minute.
How to complete the survey:
- Only one survey per FSP may be completed.
- It is not necessary to upload any documents when completing the survey.
- The questions are either “Yes/No/Not applicable” or contain drop-down options.
- Select the responses that most closely describe the situation of the particular FSP.
- The questions ask for ranges and not exact numbers. For example, the question relating to the number of key individuals contains ranges such as “1 – 5”, “6 – 10”, etc. If the FSP has three KIs, option “1 – 5” should be selected.
- There may be follow-up questions, depending on the responses to certain questions.
- A copy of the answers can be printed out after the survey has been submitted.
For more information, please contact:
- Ms Charene Nortier: Charene.Nortier@fsca.co.za
- Ms Martha Swarts: Martha.Swarts@fsca.co.za
- Ms Matshidiso Malgas: Matshidiso.Malgas@fsca.co.za
- Ms Thandiwe Molefe: Thandiwe.Molefe@fsca.co.za
- Mr Thabang Mashile: Thabang.Mashile@fsca.co.za
- Ms Zinhle Ngcobo: Zinhle.Ngcobo@fsca.co.za
