FSCA gives financial institutions a new deadline to update their profiles

The FSCA is now giving licensed financial institutions, including FSPs, until 31 January to verify or update their profile information on the FSCA’s e-portals.

The authority issued the request for information in October last year, with a deadline of 15 December.

After receiving numerous requests for an extension, the FSCA has moved the deadline to the end of January.

The purpose of the request for information is to:

• Obtain verified information for licensed financial institutions;
• Ensure that the information held by the FSCA on financial institutions was up to date, accurate and complete; and
• Identify and rectify any discrepancies on the FSCA’s database.

Only an entity’s approved key individual or linked compliance officer can log in/register to use the e-portal to submit the request for information.

FSPs are already obliged to inform the FSCA of material changes to their business information.

Section 8(10)(a)(ii) of the FAIS Act requires FSPs to advise the FSCA within 15 days of the appointment of a new director, member, trustee or partner.