Compliance - Regulatory / General

Fit and Proper competency check: Class of Business Exams

The Financial Services industry seems to have come to grips with the Fit and Proper Continuous Professional Development (CPD) requirements of BN 194 of 2017 and FAIS Notice 86 of 2018, but the same cannot be said for the Class of Business (COB) requirements of these same Notices. As we are already well into the new CPD cycle, which commenced from 1 June this year, it’s essential to get to grips with what is required, and soon.

COFI? Still percolating…

The South African financial advice community will have to wait a while longer before the long-awaited COFI Bill is enacted. Katherine Gibson, recently-appointed Deputy Commissioner at the Financial Sector Conduct Authority (FSCA), told the 2021 Financial Planning Institute (FPI) Professional Convention that the Authority was optimistic that the Bill would be submitted to Parliament before the end of 2021. And industry stakeholder will no doubt be holding thumbs that the regulator’s expectation proves accurate.

Take care when wielding regulatory power

South Africa’s Financial Sector Conduct Authority (FSCA) received somewhat of a dressing down last week, when a unanimous judgement by the Supreme Court of Appeal (SCA) overturned a High Court liquidation order against JP Markets. The liquidation application, which had been granted on 8 September 2021, had been brought by the FSCA under the statutory powers granted it under section 38B of the Financial Advisory and Intermediary Services (FAIS) Act.

Information Regulator publishes an invitation for public comments on new POPIA Regulations