Dear Member,
Please take note of the following legislations
In the very first newsletter this year I said that "We're here to add value to your business" and I promised that I will keep you abreast of developments in our fast-changing industry.
Now I know that we have overkilled the issues on Legislation in previous publications, but South Africa’s broader financial services regulatory framework is again in a period of transition. The President signed the Financial Sector Regulation Act (FSR) into law during August 2017.
This Act gives effect to a shift towards the Twin Peaks model, whereby two regulatory bodies will be established. The FSCA (Financial Sector Conduct Authority) what we know as the FSB and the PA (Prudential Authority) or what we know as the Reserve Bank. This will lead to better co-operation between the likes of the Financial Sector Regulators, NCR and the FIC.
In the last twelve months, various Amendments and Draft documents were published for comment and we are eagerly awaiting feedback on these changes as it will significantly impact on our industry, financial institutions and consumers in South Africa. These changes will have a major impact on our daily operations and in the way we conduct our business.
Below follows a short reminder of the acts and regulations:
- FIC Amendment Act
Motor dealers to become Accountable Institutions, Readiness assessment survey, pending the outcome the Registrar may consider a transitional period.
- Draft FAIS Conduct of Business Report (CoBR) for FSPs
- Draft Fit and Proper amendments
- Credit Life Insurance regulations (Already in effect)
- The Protection of Personal Information Act (POPI) Compliancy challenge, a clear understanding of which positions or functions within the business require access to what information.
In the meantime, keep on selling.
I will keep you posted,
Robbie Starke
General Manager:
IDA
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IDA Dealer Member Zone: Welcome to our new members |
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