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 Category : CIS - Part VI: General Provisions (7)
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| When do managers have to start lodging material with the registrar and what are the submission periods?
| All advertising, marketing and information disclosure material will be lodged with the registrar as from 1st of March 2015. Generally any new material must be lodged with the registrar prior to its use in terms of the file and use system. Managers are expected to lodge application forms at least once annually within 30 days of the commencement of the manager’s new financial year and MDD must be submitted quarterly. Any updated versions of the MDD and application forms must be lodged with the registrar prior to any publication. Marketing material and advertising information must be lodged with the registrar any time prior to usage.
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| Category : Client complaint (3)
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| How do I know if I am submitting my complaint to the correct place?
| REGULATORY BODY
Regulator
| Description | Contacts
| Financial Sector Conduct Authority (FSCA)
| The FSCA is the market conduct regulator of financial institutions, that provide financial products and financial services, financial institutions that are licensed in terms of a financial sector law, including banks, insurers, retirement funds and administrators, and market infrastructures. The FSCA assists clients with legislative related complaints dealing with the manner in which the regulated companies conduct themselves and any contravention of the acts by which they are governed. The FSCA cannot assist with claim disputes and contractual disagreements. For this you would need to consult the relevant Ombud or Pension Funds Adjudicator.
| Toll free: 0800 20 3722 Switchboard: Email: info@fsca.co.za
| FSCA Fraud and Ethics Hot-line
| The confidential whistleblowing hotline is provided by an independent service provider and is available to FSCA employees and stakeholders to report workplace dishonesty and unethical and inappropriate behaviour.
| Tel: 0800 31 36 26 Email: fsca@whistleblowing.co.za
| South African Reserve Bank (SARB)
| The SARB is responsible for the regulation of the Banks. For more information please contact the SARB. | Tel: +27 12 313 3911,
0861 12 7272 (SARB) Fax: +27 12 313 3197 or +27 12 313 3929 Web: www.resbank.co.za
| Council for Medical Schemes
| The Council for Medical Schemes is a statutory body established by the Medical Schemes Act (131 of 1998) to provide regulatory supervision of private health financing through medical schemes. For more information please contact the officer of the Council of Medical Schemes.
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| National Credit Regulator
| The NCR is responsible for the registration and supervision of credit providers, credit bureaux and debt counsilors; and enforcement of compliance with the National Credit Act 34 of 2005. For more information please contact the officer of the NCR.
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| FAIS Ombud
| The FAIS Ombud deals with complaints from clients against Financial Service Providers (FSP) in relation to the specific services rendered by FSPs as prescribed by the FAIS Act 37 of 2002. For more information please contact the officer of the FAIS Ombud.
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| Credit Information Ombud
| The Office of the Credit Ombud resolves complaints from consumers and business that are negatively impacted by credit bureau information or when a consumer has a dispute with a credit provider. For more information please contact the office of the Credit Information Ombud.
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| Pension Funds Adjudicator
| The purpose of the Pension Funds Adjudicator is to resolve disputes between members of pension funds and the pension finds / pension fund service providers in a procedurally fair, economical and expeditious manner. For more information please contact the officer of the Pension Funds Adjudicator.
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| Long Term Ombudsman
| The office for the Long Term Ombudsman mediates in disputes between subscribing members of the long-term insurance industry and policyholders regarding insurance contracts. For more information please contact the officer of the Long Term Insurance Ombud.
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| Short Term Ombudsman
| | The Office of the Ombudsman for Short-Term Insurance provides consumers with a free, efficient and fair dispute resolution mechanism. The Office can assist consumers with the motor, household and other short-term insurance related matters. For more information please contact the office of the Short Term Insurance Ombud.
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| Banking Ombudsman
| The Ombudsman for Banking Services (OBS) resolves individual complaints regarding banking services and products. Any bank customer who has a complaint against his or her bank may approach the OBS for assistance. For more information please contact the officer of the Banking Ombud
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| Motor Industry Ombudsman
| The Office of the Motor Industry Ombudsman assists clients with disputes where a deadlock has been reached between the motor and related industries and their customers. For more information please contact the officer of the Motor Industry Ombud
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| DTI
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| The Department of Trade and Industry is responsible for the regulation and supervision of government and private sector trade. For more information please contact the officer of the DTI.
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| | Eastern Cape | | Tel: | +27 45 808 4000 | | Fax: | +27 45 838 3981
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| Free State | | Tel: | +27 51 400 4852 | | Fax: | +27 51 400 9440/9
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| Gauteng | | Tel: | +27 11 355 8000 | | Fax: | +27 11 355 8019
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| KwaZulu-Natal | | Tel: | +27 31 310 5300 | | Fax: | +27 31 310-5416
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| Consumer Affairs Office
| The Consumer affairs officer is set up countrywide to provide consumers with protection, information and advice. You can approach a Consumers Affairs Office to intervene in disputes over contracts, quality of products or services. For more information please contact the officer of the Consumer Affairs Office in your region.
| | Limpopo | | Tel: | +27 15 293 8300 | | Fax: | +27 15 291 1336
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| Mpumalanga | | Tel: | +27 13 752 3761 | | Fax: | +27 13 752 2729
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| North West | | Tel: | +27 18 387 7700 | | Fax: | +27 18 392 5660
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| Northern Cape | | Tel: | +27 53 839 4000 | | Fax: | +27 53 831 3668
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| Western Cape | | Tel: | 0800 007 081 | | Fax: | +27 21 483 5872
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| National Consumer Commission
| Consumer Protection Act 68 of 2008 Promote: - A fair, accessible and sustainable marketplace for consumer products and services
- Responsible consumer behaviour
- A consistent enforcement framework relating to consumer transactions and agreements
Prohibit: - certain unfair marketing and business practices
Provide for: - Improved standards of consumer information
- Harmonisation of laws relating to consumer transactions and agreements; and the
- Establishment of the National Consumer Commission
| | Tel: | 0861 843 384 | | +27 12 394 9500 | | Web: | www.thedti.gov.za | | Address | the dti Campus
77 Meintjies Street
Sunnyside
Pretoria
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| SA Fraud Prevention Service
| SAFPS is committed to combating fraud in society and to offering the South African public a means whereby they can protect themselves against Impersonation and Identity Theft.
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| How do I submit a complaint?
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| What are some of the potential scams or fraudulent activities to look out for during this period?
| Consumers are urged to remain vigilant and be on the lookout for possible scams and fraudsters during this period. Regulators have noticed that there are criminal elements purporting to be bank representatives during this period. Key to their mode of operation is requesting customers to compromise their product security features. We urge customers to avoid the following:
- Not to open unsolicited or suspicious e-mails and or attachments purporting to be from their banks.
- Not to give out or provide their username or passwords to anyone including those claiming to be from their banks.
- Not to provide their card and or PIN to anyone, including those claiming to be bank representatives.
- Not to provide their OTP (One-Time-Pin) to anyone, including those claiming to be bank representatives.
Customers should report any suspicious communication to their bank’s Fraud Prevention Channels. |
| Category : FAIS - Credits (7)
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| How many credits do I get for my Matric?
| There are no credits for Matric it is a school leaving certificate that is not credit bearing.
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| I am a financial advisor and would like to find out how many credits do I have?
| You can contact the Learning Provider where you studied for the credits and request a statement of credits because they should issue you with a statement reflecting the credits achieved.
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| I have 30 years’ experience in the industry, how many FAIS credits do I qualify for?
| You do not get credits through experience but only through studying a credit bearing skills programme/qualification.
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| How do I go about obtaining the required credits?
| You can contact INSETA on 011 544 2000 and ask them for their accredited training providers you can choose from to study for your credits if it is an insurance related programme you need; you can contact BANKSETA at 011 805 9661 if it is a banking related programme.
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| I obtained a total of 60 credits for communication unit standards, maths literacy unit standards and financial literacy unit standards; why are these not accepted for FAIS?
| Communication, maths literacy and financial literacy unit standards are fundamentals that only work when one is completing a full qualification but as far as meeting the FAIS fit and proper requirements an appropriate skills programme made of core and elective unit standards only is required.
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| Can you convert the qualification I obtained into credits; the company that offered me employment wants me to have 60 credits?
| It is not the FSB primary function to convert qualifications/modules into credits; the only thing that the FSB can do if your qualification meets the 3 appropriate subjects as prescribed on Part IV of Board Notice 105 of 2008 is to recognise your qualification as a FAIS fit and proper qualification that will further be added to the list of recognised qualifications.
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| I would like to enquire if your organisation offers studies on credits?
| The FSB is not a learning provider/institution, if you need to study for credits contact INSETA on 011 544 2000 or BANKSETA on 011 805 9661.
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| Category : FAIS - Qualifications (7)
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| I have a qualification; how do I go about adding it to the FSCAs list of recognised qualifications?
| You need to first check that the qualification meets the 3 appropriate subjects (one must be a commercial subject and one a major subject) as prescribed on part IV of Board Notice 105 of 2008; if it meets the requirements, complete the fit and proper application form and submit it to the FSCA with the academic record/transcript and proof of payment for review by the Training and Development Subcommittee. Once the subcommittee approves the qualification it will be added to the list of recognised qualifications.
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| I was appointed in the transitional period, when am I required to have a full qualification?
| A person appointed in the transitional period with maximum credits achieved per sub-category is authorised/appointed/approved for as prescribed on table E of Board Notice 106 of 2008. The only time a full qualification will be required is when a person adds or changes a product, but if you remain with the products you were originally authorised/appointed/approved for during the transitional period the credits achieved for the sub-category are sufficient.
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| I have a Certificate of Proficiency (“CoP”); will you direct me on the steps that I must follow for me to get proper recognition?
| The Certificate of Proficiency is a short skills programme from the short term insurance qualification at NQF level 4, therefore the FSB cannot recognise it as a full qualification because the Short Term Insurance qualification is already recognised and is on the list.
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| I have the RFP, how do I apply for it to be recognised as a qualification by the FSCA?
| The RFP is a skills programme from the Wealth Management qualification at NQF level 5, therefore the FSB cannot recognise it as a qualification because the Wealth Management qualification is already recognised and is on the list.
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| I have a Bachelor of Commerce that is recognised as ‘G’ (generic) on the list, how do I get it recognised as S or SP (specific)?
| On the fit and proper qualification application there is a mapping template (QA9) which should be completed if one requires a specific recognition of his/her qualification where you need to prove that the content of your qualification matches either 80/100% to the qualifying criteria on Board Notice 105 of 2008. Where you have proven on your mapping that the qualification content matches 80%, the qualification will be recognised as ‘S’ and where you have proven on your mapping that the qualification content matches 100%, the qualification will be recognised as ‘SP’.
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| I have a Diploma in Marketing & Sales Management from PE Technikon and would like to know if I qualify for any credits towards FAIS?
| The FSB does not allocate credits to qualifications but recognises them if they meet the 3 appropriate subject requirement as prescribed on part IV of Board Notice 105 of 2008; if the qualification meets this requirement whether it is credit bearing or not it will be recognised as a qualification that meets the fit and proper requirements. The important thing is that the qualification is recognised, credits or no credits.
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| I want to enrol for insurance or banking learning programme/qualification?
| If you are looking at doing an insurance related programme or qualification you can contact INSETA and ask them to provide you with their list of accredited providers that can assist you. On that list you can select a training provider of your choice in your area. INSETA contact numbers are 011 544 2000. If you want a banking related programme or qualification you can call BANKSETA and request their list of accredited training providers on 011 805 9661.
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| Category : FAIS - Regulatory Exam (6)
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| I wish to write regulatory exams. Who do I contact?
| To register to write the regulatory examinations, you can contact the Examination Bodies i.e. Moonstone on 021 883 8000 or FPI on 011 470 6100. Click here to view Fees Schedule
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| Where can I find study material for the regulatory exams?
| To prepare for the exam you need to first familiarise yourself with the Preparation Guide that is available on the FSB website. The regulatory examinations are based on a specific set of tasks and qualifying criteria that is set out in detail at the end of the Preparation Guide for both the RE 1 (Key Individual exam) and the RE 5 (representative exam). You need to work through these tasks and criteria, and study all the information that relate to these tasks and criteria. To make it easier for you to identify where to find the information you need to study, you will see that references to the specific legislation that you need to study have been included with each task and criteria in the table at the end of the Preparation Guide. You can also down load the latest version of the study guide from the INSETA website, because they developed the relevant study guide for the industry, and they are continuously updating this guide so the latest version will be available on their website. Please go to
www.inseta.org.za - From the home page select FAIS and Regulatory Examination on the left-hand side of the page
- The select “RE learning material”
- Click on the “Click here” icon to access the learning material
- You will have to complete your information on a form to access the material. Please note that there are no fees included for this material. It is free of charge. The information you must provide in order to access the learning material is only for the INSETA record keeping purposes, because they want to track how many times their material was downloaded.
- Once you have completed this information, then a list of all their learning material will be displayed, and you will be able to download any of the study guides for the regulatory examinations.
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| I wrote the regulatory examination but have not yet received my certificate?
| You need to communicate with the Examination Body where you wrote the RE exams, they should be in a position to assist you as they are required to issue certificates for individuals who have successfully completed the regulatory examinations.
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| Could you please advise how many credits I have?
| Contact the training provider where you studied for the credits; they will be able to issue you with a statement of credits for the credits you achieved. The FSB does not have such records as we are not a learning institution or training provider hence you need to contact the training provider where you studied for the credits.
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| I would like to know which qualification can exempt one from writing the RE5 exams, I have attached a copy of my certificate can you please confirm?
| Please note that obtaining a qualification does not exempt anyone from the regulatory examinations level 1 requirement. Having an appropriate qualification means you have met the qualification requirements in respect of FAIS Fit and Proper and you need to meet the additional requirements which are regulatory examinations. Therefore there is no qualification that exempts one from the 1st level regulatory examination. The only time where one could be eligible for exemption is from the 2nd level regulatory examinations (product specific exams) but only if the qualification obtained is recognised as specific (S/SP) for the product subcategories they are appointed for.
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| I noticed that the UCT Bachelor of Laws does not appear on the qualification list but there is Bachelor of Laws - SGB Legal Education and Training what does this mean?
| The UCT Bachelor of Laws falls with other Universities under the generic SAQA ID 22993 which will reflect on the list as SGB Legal Education and Training. When you search on the SAQA website this SAQA ID shows all institutions that are included in this SAQA ID.
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| Category : FICA Directive to Provide Information 2021 (the DPI) (6)
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| | The DPI is a directive issued in terms of section 43A(3) of the FIC Act to accountable institutions to provide information to the Authority in relation to their compliance with the FIC Act.
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| Who is required to complete the DPI?
| The DPI must be completed by every accountable institution listed in items 5 and 12 of Schedule 1 to the FIC Act. All these accountable institutions would have received communication from the Authority on 19 February 2021 about the DPI becoming available on 1 March 2021. Since the DPI is hosted on the FAIS and CIS e-portals, provision was made for accessing these online e-portals. For CIS managers, a special link was included in the communication dated 19 February 2021. The reason for the special link is purely to compensate for acquisition of additional user rights to access the CIS e-portal. For authorised financial services providers (FSPs), the same login credentials to access the FAIS e-portal for other functionalities must be used. Only sole proprietors, key individuals and FAIS compliance officers are able to register on the FAIS online e-portal for login credentials. Since the DPI is issued in terms of the FIC Act and the responsibility lies with the management of the AI to provide this information, it is recommended that the key individuals use their existing login credentials to access the DPI. If the AI has never used the FAIS e-portal before, it should register first before it will be able to log in. The DPI must be completed by both authorised and suspended FSPs. Special provision has been made for suspended FSPs to access the DPI using a link included in the communication issued to the industry on 19 February 2021. Note that the login details of the FAIS compliance officer cannot be used for purposes of accessing and completing the DPI, since login credentials cannot be shared and the DPI falls in the purview of the AI, not the FAIS compliance officer to complete. |
| Where can I access the DPI?
| Use the following directory to access the DPI: Go to www.fsca.co.za (the Authority's official website) Scroll down to e-services Click on FAIS Click on the FAIS e-portal button On the login screen, type in your login details OR register using your ID number Once logged in, you will find a menu of items that relates to information and services in respect of FAIS The DPI will reflect at the bottom of this menu Click on the dot next to DPI to access the DPI
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| Is it compulsory to complete the DPI even if I have a small business?
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| Will this be the only DPI issued in 2021?
| Yes, but in future we intend to issue directives to provide information on a risk-based approach to supervision with specific focus areas.
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