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Tag: Financial Services Provider (FSP)

Financial Services Regulation – Update

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Keep up to date on the most important Financial Services Regulation developments in South Africa in June 2021.

How secure are WhatsApp chat commerce payments?

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Effective cross-generational communication with customers requires an excellent omnichannel strategy and chat is fast becoming the cornerstone for brands around the globe. But chat channels still carry a degree of security hesitancy that companies will need to overcome if they hope to reap the full rewards of chat commerce.

Crypto assets – a new financial product? 

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On 20 November 2020, the Financial Sector Conduct Authority (FSCA) published a draft Declaration (Draft Declaration) and a statement in support thereof which sets out its proposal to bring crypto assets within the ambit of the definition of 'financial product' in Section 1 of the Financial Advisory and Intermediary Services Act 37 of 2002 (FAIS Act).

FSCA clamps down on FICA non-compliance

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Financial services providers (FSPs) registered under the Financial Advisory and Intermediary Services Act 2002 fall within the ambit of ‘accountable institutions’ under the Financial Intelligence Centre Act 2001. As accountable institutions, these FSPs are obliged to comply with the FIC Act and are subject to oversight by the FSCA.

A caveat to the debarring of financial representatives

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A recent judgment in the Supreme Court of Appeal has reconfirmed that the duty of debarring representatives, who do not meet the requirement of a ‘fit and proper’ person as prescribed in the FAIS Act, falls fairly and squarely on the shoulders of financial services providers (FSPs).

FAIS – fit and proper compliance a business imperative

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The Financial Advisory and Intermediary Services Act (FAIS) is designed to create a professional code of conduct with specific outcomes and measurements which Financial Services Providers (FSPs) must comply with. 

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