Author Archives: AhmodConsulting

It came to the attention of the Financial Sector Conduct Authority (“FSCA”) that there was a rogue domain called http://www.fscaza.com. On 23 April 2020 (“communication”) the FSCA issued a communication warning the public. Apparently fraudsters used this domain to send a phishing email to one of the FSCA service providers with the aim of solicitingContinue reading “Beware!”

In April 2019 the Financial Sector Conduct Authority (“FSCA”) issued proposals relating to the collection of insurance premium by the insurer directly and not through an independent intermediary (“II”). Yesterday, the FSCA issued Communication 22 of 2020 (INS) (“communication”) to provide background and inform stakeholders they are invited to comment on the draft exemption noticesContinue reading “Insurance Premium Collection”

The Financial Sector Conduct Authority (FSCA) released communication 18 of 2020 (FAIS) (“communication”) reconfirming that FSPs do not need to submit Compliance Reports or Handover Reports. Compliance Reports for 2019 or 2020 were not published as the FSCA is developing a Conduct of Business Report (CBR) that will apply to all regulated entities and replaceContinue reading “Status of Compliance & Handover reports”

Most of you are familiar with the drive the 6 regulators, including the Financial Sector Conduct Authority (“FSCA”), was on to empower and enable the industry on financial technology (“fintech”). Given the current situation in RSA, there’s definitely a need for organisations to transform…. responsibly and quickly. When doing so, these transformations must remain withinContinue reading “IFWG LAUNCH”

The Financial Sector Conduct Authority (“FSCA”) issued communication 17 of 2020 in support of an exemption issued in the public interest by the FSCA for Fitch Ratings to continue to issue sovereign credit ratings (“ratings”). For Fitch Ratings to issue ratings, it must be able to continue to perform the ratings services in the Republic.Continue reading “Fitch Rating Services”

The Financial Sector Conduct Authority (FSCA) issued communication 14 of 2020 which records the expectations of the FSCA iro the responsibilities of insurers and FSPs when collecting insurance premiums of funeral policies during the COVID-19 crisis. Apparently some funeral parlours who are also carrying on business as AFSPs, are conducting business in a way thatContinue reading “Expectations on insurers and FSPs | Premium collection for assistance business”

The Financial Sector Conduct Authority (FSCA) has done it again… and provided some much needed relief for the industry in terms of meeting the Continuous Professional Development (CPD) cycle deadlines, given the current situation. This time it is for the completion of the CPD Cycle. In terms of the Determination of Fit and Proper Requirements,Continue reading “EXEMPTION | CPD CYCLE”

We are 5 days into the nationwide lockdown and we, as South Africans, are standing together. Our president gave a reassuring speech last night to allay fears of the country despite the economic impact as there are measures being put in place to mitigate these risks. In order to further highlight the expectations on regulatedContinue reading “COVID-19 UPDATE”

The Financial Sector Conduct Authority (FSCA) continues to assist with measures to alleviate financial impact that the COVID-19 lockdown is having on financial sector entities. The FSCA issued Communication 11 of 2020 (“communication”) yesterday in an attempt to alleviate some of the pressure faced by employers who are unable to pay the full or anyContinue reading “FSCA | Retirement Funds Rules”

Whilst we all settle in for the 21 day lockdown, the Financial Sector Conduct Authority (FSCA) continues to protect and professionalise the Financial sector industry by issuing an updated qualification list. FSCA released FAIS Notice 16 of 2020 today. This is the updated list of Qualifications Recognised for Financial Services Providers, Key Individuals & Representatives.Continue reading “FAIS List of Qualifications Recognised for Financial Services Providers, Key Individuals & Representatives”