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FSCA FAIS Notice 17 of 2020

03 April 2020 The Financial Sector Conduct Authority (FSCA)

FINANCIAL ADVISORY AND INTERMEDIARY SERVICES ACT, 2002
(ACT NO. 37 OF 2002)

EXEMPTION FROM AND EXTENSION OF PERIOD TO COMPLY WITH FIT AND PROPER REQUIREMENTS, 2020

The Financial Sector Conduct Authority hereby, under -

(a) section 44(4) of the Financial Advisory and Intermediary Services Act, 2002, read with section 281(3)(b) of the Financial Sector Regulation Act, 2017, exempts particular persons from section 33(1) of the Determination of Fit and Proper Requirements for Financial Services Providers, 2017 (Determination); and

(b) section 279(1) of the Financial Sector Regulation Act, 2017, extends the period to comply with certain dates contained in the Determination and Exemption of Services under Supervision, 2018,
to the extent set out in the Schedule.

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QUESTION

Which of the following factors will make the biggest difference to the profitability of a short-term insurance brokerage over the next five years?

ANSWER

Implementing tech-backed distribution platforms
Diversifying into specialist risk management & risk advisory services
Renewing focus on the broker-client relationships
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