Get it straight

16 September 2004 Angelo Coppola

With the first of many FICA deadlines approaching on 31 October, Nedbank is urging clients with trust and partnership accounts to call the bank’s FICA helpline for detailed instructions on information required to comply with FICA legislation.

Clients who have high transaction values going through their accounts are also affected by the deadline and must therefore have their details verified by 31 October.
“Although the majority of this group of clients has already been verified, there are still some who have not yet done so,” says Anton de Souza, MD of Nedbank’s retail division.
“In the event that the client identification requirements of FICA have not been met, Nedbank and other banks are required to place restrictions on accounts, which may severely limit the account holder’s ability to transact. Unless affected clients heed the call for verification, this may unfortunately become a reality”.
To avoid this, and to enable convenient verification, Nedbank has embarked on a number of initiatives to communicate the urgency and relevance of FICA, as well as what the law requires from account holders.
Initiatives include:

  • Detailed letters to clients
  • Brochures and posters in branches, and notices on websites
  • Widespread radio and print advertisements
  • An automated FICA helpline where clients enter their account number and relevant information is immediately relayed 
  • Direct telephonic communication with clients 
  • A central fax service – this only applies to some clients

Clients who want to check their verification status and find out what’s required of them, should simply call the FICA helpline at 0860 555 123.

"Depending on client’s account details and what information the bank currently holds, some clients may be asked to fax documentation, while others may be asked to visit their nearest Nedbank branch with the required documentation,” says De Souza. 


Quick Polls


Financial behaviour experts suggest that today’s risk modelling methodologies ignore your client’s emotional ability / behavioural capacity. What are your thoughts on spicing up risk profiling tools to make allowance for your client’s financial behaviours


[a] Bring it on; my client’s make too many irrational financial decisions
[b] Existing risk profiling tools are adequate
[c] Risk profiling tools should be based on the model / rational client
[d] The perfect risk profiling tool is science fiction
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