EDITOR'S NOTE
 


As we end the first quarter of the 2021/22 financial year, we take stock of the strides we’ve made in what has been an unprecedented operating environment. COVID-19 has impacted businesses in all sectors, and as you’ve been navigating how to respond to the changes, we too have been finding new ways to keep in step – if not ahead – of those changes, and ensure that our regulatory responses keep customers protected.

 
HOW THE CONDUCT STANDARD FOR
BANKS HAS ELEVATED THE FAIR
TREATMENT OF CUSTOMERS

 

How fast a year goes by! This certainly rings true in the case of the Conduct Standard for Banks, which will soon reach its first-year milestone, since being promulgated in July 2020. The Conduct Standard was born out of the FSCA’s explicit mandate of regulating and supervising banks. In order for this to be meaningfully executed, there was a need for an enforceable market conduct regulatory framework against which the Authority could measure conduct across the sector.

 
 

CRYPTO ASSETS TO BE BROUGHT INTO SOUTH AFRICAN REGULATORY PURVIEW

The Intergovernmental Fintech Working Group (IFWG), through the Crypto Assets Regulatory Working Group (CAR WG), recently published a position paper on crypto assets. The paper is confirmation that crypto assets will be brought into the South African regulatory purview in a phased and structured manner.


THE OMBUDS COUNCIL SET IN MOTION

The empowerment of financial customers is about enabling them to make informed decisions about transacting with financial institutions, and how to hold them accountable should they feel short-changed. Accountability is reciprocal, so most conflicts are best resolved between the parties involved.

 

MORE ABOUT HEDGE FUNDS

Hedge Funds are classified as Collective Investments Schemes in South Africa. They are an arrangement in pursuance of which members of the public are invited or permitted to invest money or other assets, which uses any strategy or takes any position.


THE FUNDAMENTALS OF FUNERAL INSURANCE

If the COVID-19 pandemic has taught us anything, it is how quickly life can change and the importance of having financial protection and planning in place, so we do not leave our families in a financially vulnerable position.
 

THE IMPACT OF DIGITIZATION ON LANGUAGE PRACTICE IN THE FINANCIAL SECTOR

The digital revolution has had a transfor-mative impact on all industries globally, and the translation and interpretation industry is no different. Language practitioners provide essential translation and interpretation services for our language diverse nation.

 


THE MISUSE OF LEGAL PERSONS AND LEGAL ARRANGEMENTS TO CONCEAL BENEFICIAL OWNERSHIP

The global COVID-19 pandemic and the opportunities it created for criminals to enrich themselves placed a renewed focus on increasing transparency of beneficial ownership information within the global financial system.

IMPORTANT TO NOTE

Invitation to submit public comments on Deputy Commissioner candidates

The FSCA Shortlisting Panel invites the public to submit comments, if any, on two candidates it intends to recommend to the Minister of Finance (Minister) for consideration for appointment to the positions of Deputy Commissioners of the FSCA. The Shortlisting Panel intends recommending Ms Farzana Badat and Ms Katherine Gibson.

 

IMPORTANT TO NOTE


FAIS CPD WEBINARS – HAVE YOU REGISTERED?

The FSCA is currently hosting a series of online FAIS CPD webinars, crafted to share information that is critical to the integrity of the financial industry. The webinars cover a wide spectrum of industry topics that allow you to select content that is of interest to you and are accredited for CPD purposes with the Financial Planning Institute (FPI). The webinars are free and will be hosted on the FSCA Youtube

 


THE FSCA IN THE 2021 INSURANCE APPRENTICE

The FSCA will be participating in the upcoming season of The Insurance Apprentice, a reality styled series competition where contestants are filmed over a one-week period. The ultimate aim of the show is harness skills, attracting more people to the insurance industry, and educating the wider world about the fact that insurance is about more than call centres and funeral policies.

HAVE YOUR SAY!

 


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