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FSCA FAIS Notice 17/2020: Exemption from and extension of period to comply with fit and proper requirements

On 31 March 2020, the Financial Sector Conduct Authority issued FAIS Notice 17 of 2020 which provides an exemption from and extension of the period to comply with certain fit and proper requirements.

According to FAIS Notice 17 of 2020:

  1. In respect of the 2020 CPD Cycle, the date by which financial services providers (FSPs), key individuals (KIs), and representatives (including supervised representatives) are required to obtain the minimum CPD hours (reflected in Table 1 below) as required in terms of section 33(1) of the Determination of Fit and Proper Requirements for Financial Service Providers, 2017 (Board Notice 194 of 2017) has been extended to 31 August 2020.
  2. In respect of the 2021 CPD Cycle, the minimum number of hours of CPD activities that a FSP, KI, representative (including a supervised representative) is required to complete in relation to the scope of business in respect of which it is authorised, approved or appointed to render or manage or oversee the rendering of financial services has been reduced. The reduced hours are reflected in the table below.

Scope of business

2020 CPD Cycle – Minimum number of hours

2021 Cycle – Reduced minimum number of hours

Single subclass of business within a single class of business

6

4.5

More than one subclass of business within a single class of business

12

9

More than one class of business

18

13.5


  1. The due date by which a supervised representative is required to comply with certain regulatory examination requirements as set out in Conditions 2(1), (2), and (3) of FAIS Notice 86 of 2018 (Exemption of Services under Supervision), in terms of the periods set out in those Conditions, or in terms of a period determined by an individual exemption granted to an FSP, KI, representative or supervised representative, has been extended to 15 December 2020, where the relevant due date falls between 1 January 2020 to 31 November 2020.

A copy of FAIS Notice 17 of 2020 is accessible here.


 

FPI and IISA Professional Members CPD Deadline for 2020:

The FPI and IISA CPD Deadline for their members was the 31st of May 2020.  Any CPD activity completed from the 01st of June will count toward the new CPD cycle for Professional Member requirements. 

               The 2021 CPD cycles for FAIS and Professional Bodies will coincide again on the 31st of May 2021.

 


FAnews is now offering you IISA and FPI approved CPD hours to help develop and enhance your knowledge.

Become CPD smart and keep your game at the top - engage, develop and enhance your abilities by earning IISA and FPI CPD hours following these easy steps -

  1. Subscribe / download (https://www.fanews.co.za/latest-publications) to the FAnews Magazine;
  2. Register by filling in your personal details;
  3. Confirm your log-in details via email once you have registered;
  4. Log-in using your email and password;
  5. Click on the latest issue of the FAnews magazine; and
  6. Answer the multiple-choice questions related to each article listed and click submit.

In order to receive your CPD hours, you are required to complete ALL the questionnaires PER Edition.

However, if you get one or more questions wrong you will have a second chance to try again.

FAnews will submit your answers directly to the FPI and IISA members must upload their own certificates.

Contact: reception@fanews.co.za should you require CPD assistance.


 

Please note:

In the Board Notice 194 of 2017 the FSCA requires that all and any regulatory CPD activities be approved by a Professional Body.  This is reflected in the Definition of a CPD Activity in the Board Notice.  The FAnews magazine is approved by both the IISA and the FPI who are Professional Bodies.

Section 32 states that CPD activities are:

  • Market trends
  • Risk updates
  • Legislative update

FAnews purpose is to provide our readers with these updates in written form and make that available through our online platform for Regulatory CPD purposes.  What the Professional Bodies deem as relevant for Professions is beyond the scope of what the FSCA requires and therefore beyond what FAnews provides.

The FSCA does not require professional body membership of anyone in the industry in the current regulations and therefore this is irrespective of whether the affected 140 000 persons are members of professional bodies or not.  Any CPD that befits the requirements of Section 32 of Board Notice 194 of 2017 must be approved by a professional body.  The FIA is not a professional body but an industry association and as such approach the IISA and FPI for approval of their events to comply with the same requirements.

 

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