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Guidance note on requirements for Continuous Professional Development (CPD) 07 June 2019

June,19 2019

The Financial Sector Conduct Authority (FSCA) has released a guidance note on the compliance with the continuous professional development ("CPD") requirements for Financial Services Providers (FSPs), key individuals (KIs) and representatives. This note gives more clarity on the CPD requirements following the exemption granted by the FSCA on 1 June 2019, exempting FSPs, KIs and representatives from these requirements for the 2018 CPD cycle until 21 July 2019.

The CPD requirements, as set out set out in Chapter 4 of the Determination of Fit and Proper Requirements for Financial Services Providers, 2017 (Board Notice 194 of 2017), ensure that FSPs, KIs and representatives maintain their competence and continuously improve their knowledge, skills and abilities in a changing and dynamic environment.. These requirements would run over a 12-month cycle, from 1 June every year to 31 May of the following.

Additionally, section 12 of the Fit and Proper Requirements (FPR) set overarching principle-based competence requirements that always need to be complied with, including putting the correct mechanisms in place to evaluate and monitor this required competence. Section 13 of the FPR also imposes responsibilities on FSPs to put in place adequate policies, controls and monitoring processes and systems that ensure compliance with section 12. A record of compliance with these two sections and competence register showing all qualifications, completed regulatory examinations, product training and CPD of the FSP, its KIs and representatives are further discussed in section 13 of the FPR.

FSCA Press Release - Guidance note on requirements for Continuous Professional Development - 07 June 2019

FSCA COMMUNICATION 2 OF 2019 (FAIS)


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Statement on consultation paper on crypto assets

January,16 2019  

Wednesday, 16 January 2019: The Financial Intelligence Centre (FIC), Financial Sector Conduct Authority (FSCA), National Treasury (NT), South African Revenue Service (SARS) and the South African Reserve Bank (SARB) this week released a consultation paper on crypto assets. 

Commonly referred to as crypto currencies, crypto assets are digital representations or tokens that are accessed, verified, transacted and traded electronically by a community of users. 

An initial public statement on crypto assets was issued by South African authorities  in 2014. Their statement warned members of the public about the risks associated with the use of crypto assets for the purpose of transacting or investing, and advised users to take extreme caution in this regard. The statement further noted that no specific legislation or regulation existed on the use of crypto assets. Therefore, no legal protection or recourse was offered to users of, or investors in, crypto assets.

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Treating Bank Customers More Fairly: Invitation to comment on the South Africa Retail Banking Diagnostic

September,4 2018  

National Treasury and the Financial Sector Conduct Authority (FSCA) today publish for public comment a diagnostic study prepared by the World Bank aimed at ensuring fairer bank practises in South Africa. The report is titled "South Africa Retail Banking Diagnostic: Treating Customers Fairly in relation to Transactional Accounts and Fixed Deposits".

This study represents the first step in improving market conduct practices in the banking sector, to ensure that bank customers are treated more fairly than in the past. The study was commissioned by National Treasury to provide independent research on identifying the extent to which banks treat their retail customers fairly in relation to transactional and fixed deposit accounts. The findings should not be seen as applying to any specific bank or all banks equally. The treatment of customers varies from one bank to another as well as by product offering. 

SA Retail Banking Diagnostic Report

Achieving Effective Financial Inclusion in South Africa

Media Statement on the retail banking diagnostic for South Africa

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Publication of the report "2018 Financial Markets Review " for consultation

September,3 2018 

The South Africa's financial sector authorities (National Treasury, the South African Reserve Bank (SARB) and the Financial Sector Conduct Authority (FSCA)) are pleased to release for public  comment a draft report titled '2018 Financial Markets Review'. The report reviews South African over-the-counter fixed income, currency, commodities and derivatives markets.

 In February 2017 the then Minister of Finance announced that a review focusing on conduct practices in wholesale financial markets would be undertaken in 2017. South Africa's financial sector authorities established the Financial Markets Review Committee (FMRC) under the leadership of former SARB Senior Deputy Governor James Cross to conduct this review.

2018 Financial Markets Review

Joint Media Release - Financial Market Review 2018

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Financial Services Tribunal Rules

August,7 2018  

Issued by the Chairperson of the Tribunal

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The Intergovernmental FinTech Working Group (IFWG) Report

July,5 2018 

The Intergovernmental FinTech Working Group (IFWG) has today released a report on its inaugural market outreach workshop, held 19 – 20 April 2018. The workshop gave a platform for regulators and policymakers to engage with industry, and to identify key considerations, working toward developing a harmonised approach to FinTech-driven innovations for the benefit of all South Africans 

 

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RDR

July,2 2018  

 

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FSCA Launch

June,5 2018  

The Minister of Finance has — in terms of section 291(1) of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017 - "the Act"), determined that until 31 March 2021, the functions of the Prudential Authority in relation to medical schemes and the associated powers and duties of the Prudential Authority in terms of the Act must be exercised by the Council for Medical Schemes instead of the Prudential Authority, but with the concurrence of the Prudential Authority, subject to section 291(4) of the Act; and 

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