Compliance - Regulatory

FSCA publishes final amendments under the FAIS Act

On 26 June 2020, the Financial Sector Conduct Authority (FSCA) published final amendments to the General and Short-term deposit Codes of Conduct as well as Fit and Proper requirements under the FAIS Act. The amendments are necessary to contribute to the fulfilment of the FSCA’s legislated objectives and are ultimately intended to promote the fair treatment and protection of financial customers.

Protection of Personal Information Act, 2013 – Important update

South Africa’s data privacy law finally nears full implementation

The Protection of Personal Information Act (POPI), which has been on the cards since 2014, is nearing full implementation following the President’s 22 June 2020 announcement of the commencement of additional sections of the act. According to the Presidency, the act “gives effect to section 14 of the Constitution which provides that everyone has the right to privacy”. Its various sections ensure the protection of personal information that is processed by public and private bodies and seeks to balance the right to privacy against other rights, such as access to information. The President proclaimed sections 2 to 38; sections 55 to 109; section 111; and section 114 (1), (2), and (3) on 1 July 2020.

FSCA warns the public against individuals claiming to be associated with Allan Gray

The Financial Sector Conduct Authority (FSCA) would like to warn the public not to deal with certain individuals’ operating on WhatsApp claiming to be affiliated with Allan Gray (Pty) Ltd, an authorised Financial Services Provider (FSP No. 27145).