Certain FSPs and CIS managers must provide information about FICA compliance
The DPI applies to all FSPs excluding FSPs that are exclusively authorised to render financial services in respect of non-life insurance and/or health service benefits.
FSPs
People’s expenses change in retirement. Shouldn’t their income too?
Conventional wisdom says that living expenses rise uniformly with inflation, so many financial plans are based simply on that. But analysing the spending patterns of retirees shows us that the data tells a different story.
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Insurance brokers ordered to pay R300 000 after failing to disclose crucial policy requirement
Insurance brokers are much more than ‘a mere conduit or post-box’, as per the General Code of Conduct, their duties and responsibilities extend far beyond that, the FAIS Ombud says.
Hassle-free FSP levy calculator
Just enter one or two numbers – the spreadsheet does the rest.
FSCA workshops on irregularity reports and funeral parlour FSPs
Attendance is limited to the first 1 300 people who register.
FSCA launches survey of FSPs’ understanding of financial soundness
Recordings of the Authority’s recent workshops on financial soundness are available on YouTube.
FSCA sets out requirements for an FSP to be considered financially sound
The FSCA this week published a media release providing a short summary of the content covered in its financial soundness workshop for FSPs that collect premiums or hold assets. The online workshop was […]
‘Honesty and integrity’ requirement now applies to the significant owners of FSPs
The publication of the final amendments to Joint Standard 1 of 2020 by the FSCA means that the significant owners of FSPs must now comply with the honesty and integrity requirement from which […]
FSCA extends professional indemnity and fidelity insurance exemptions
The FSCA last week published two notices relating to the guarantee, professional indemnity (PI) and fidelity insurance (FI) exemptions granted to certain types of FSPs. The FSCA has once again extended, to 31 […]
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 […]
5% levy increase for FSPs gazetted
FSPs will pay 5% more in levies in the 2022/23 levy year than they did in 2021/22, as the FSCA has rejected calls from some stakeholders to implement a lower increase. Our columnist, […]
FSCA clarifies notification of Fica sanctions
In last week’s Moonstone Monitor, we published an article titled “FSCA publishes notices issued to FSPs for Fica non-compliance”. The article stated that the FSCA had informed subscribers to its communications that it […]
The past four years have not been kind to independent financial advisers
General Notice 1258 of 2022 – Levies on Financial Institutions was published on 29 August and effectively put paid to any further concessions from the regulator to alleviate the plight of an industry […]
Overkill on the road to better regulation?
Chris Rea, the English rock and blues singer, has a different perspective on what the road to Hades comprises in his ode to the infamous ring road around London: She said, “Son, what […]
FSCA wants ownership reports from certain FSPs and CIS managers
Hot on the heels of its proposed amendments to Joint Standard 1 of 2020 pertaining to the significant owners of FSPs, the FSCA has asked for reports from certain FSPs and collective investment […]
FSCA wants ‘honesty and integrity’ Joint Standard to apply to the significant owners of FSPs
The FSCA is proposing that significant owners of FSPs become subject to the honesty and integrity requirements of Joint Standard 1 of 2020, saying the amendment is required urgently to prevent South Africa […]
Advisory intermediaries urged to draw up agreements to limit their liability
The risk landscape in which FSPs are operating is becoming more complex and difficult, and advisory intermediaries should take steps to protect themselves by entering into service contracts that will limit their liability, […]
