FSCA to host online workshops on financial soundness for FSPs

The FSCA will this month hold online workshops on financial soundness for FSPs and on an upcoming survey.

The Authority said there will be two workshops on financial soundness, according to the type of business conducted:

• One for FSPs that collect premiums or hold assets, on Thursday, 15 September; and
• One for FSPs that do not collect premiums or hold assets, on Friday, 16 September.

It said these sessions will address, among other things, the requirements for financial soundness, and the different types of financial statements and supporting documents needed to demonstrate financial soundness.

The workshops will be conducted in English. On 19 and 20 September, the FSCA will host question-and-answer sessions on both workshops for speakers of Afrikaans, isiNdebele, siSwati, isiXhosa, isiZulu, Setswana, Sesotho, Sesotho sa Leboa, Xitsonga and Tshivenda.

On Monday, 26 September, the FSCA will hold a workshop to explain a financial soundness survey for FSPs that will be launched on the FSCA’s website from 1 October to 15 November.

It said the aims of the survey will be to:

• Gauge FSPs’ understanding of the financial soundness requirements as set out in the Determination of Fit and Proper Requirements for FSPs (Board Notice 194 of 2017);
• Help 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 understand the impact of financial risks.

The workshops and Q&A sessions will be hosted on Microsoft Teams.

The details of the workshops and Q&A sessions are as follows:

Workshop 1: 15 September, 10am to 2pm. Financial soundness and financial statements for all FSPs that collect premiums or hold assets. Click here to register.

Workshop 2: 16 September, 10am to 2pm. Financial soundness and financial statements for all FSPs that do not collect premiums or hold assets. Click here to register.

19 September

Session 1: Afrikaans. 9.30am to 11am. Click here to register.

Session 2: isiNdebele, siSwati, isiXhosa, isiZulu. 12pm to 1.30pm. Click here to register.

20 September

Session 3: Setswana, Sesotho, Sesotho sa Leboa. 9am to 10.30am. Click here to register.

Session 4: Xitsonga, Tshivenda. 11.30am to 1pm. Click here to register.

Workshop: Financial Soundness Survey. 26 September, 10.30am to 11.30am. Click here to register. The workshop will be conducted in English.

For more information, contact Charene Nortier at charene.nortier@fsca.co.za.