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Investment Indicators - 16 April 2018
In This Week's Newsletter
Rates Review
Investment Rates
Money Market Funds
Top 3 Rates
 
From the Crow's Nest
Regulatory Focus on FICA
 
Your Practice Made Perfect
Regulatory Exam Material Update
FSCA has published the new licensing forms
FSCA contact details - download for future reference
 
Regulatory Examinations
Frequently Asked Questions
Updated 2018 schedules
 
Careers Platform
Are you hiring? Advertise your position on Moonstone’s Career Platform
Featured Positions
 
In Lighter Wyn
Big brother is watching you
 
 

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“Reality leaves a lot to the imagination.” - John Lennon
 
Please connect with us: www.moonstone.co.za pkruger@moonstoneinfo.com or 021 883 8000

 
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Rates Review
Top 3 rates
 1. Secured Investment Rates
Please note that (G) indicates a Guaranteed and (L) a Linked product. In order to understand the difference between guaranteed and linked rates, kindly click here for an explanation.
 R 100 000
 
 
 
     
  Company This Week Last Week
1 Clientéle Life (L) 6.670% 6.670%
2 1Life (L) 6.630% 6.600%
3 Absa (L) 6.265% 6.234%
     
 R 1 000 000
     
     
  Company This Week Last Week
1 Clientéle Life (L) 6.770% 6.770%
2 Discovery (G) 6.658% 6.442%
3 1Life (L) 6.630% 6.600%
     
 2. Money Market Funds
  Company This Week Last Week
1 Cadiz 7.900% 7.940%
2 Coronation 7.800% 7.850%
2 Allan Gray 7.800% 7.860%
3 Prudential 7.480% 7.700%
Please bear in mind that our figures, though based on the actual quotations that you also use, are for information purposes only, and can never replace the official quotation from the product house. In terms of the guarantees, you are requested to clarify the exact extent of such guarantees with the product house prior to advising clients.
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From the Crow's Nest
From the Crow's Nest
Regulatory Focus on FICA
The Financial Sector Conduct Authority (FSCA) has just published a general communication to Accountable Institutions (AIs) on its supervisory approach to implementation of the Amendments to the Financial Intelligence Centre Act, 2001 (FICA).

This publication confirms the FSCA’s commitment to assist Accountable Institutions with implementation of the required systems, procedures and controls envisaged in the original Roadmap.

A recent survey, as reported on Thursday, noted that many qualifying FSPs failed to register with the FIC. Although the survey was conducted mainly amongst small FSPs without a compliance officer, there can be little doubt that many others also did not register.

FAIS Newsletter 25 of 4 December 2017 contained extensive details of the amendments, and the Regulator’s expectations in respect of FSPs in implementing it. We provide a link below to this newsletter.

Commencement of the Amended FIC Act

The first provisions kicked in on 13 June 2017 and mainly concerned setting the table for the practical aspects, which commenced on 2 October 2017. These provisions required changes to Money Laundering and Terrorist Financing (ML/TF) Control Regulations and withdrawal of Exemptions, as well as training of staff and major changes to processes and systems used by accountable institutions.

Risk-based approach

Previously, accountable institutions relied on Exemptions and other information that was prescribed in the ML/TF Control Regulations. The Exemptions have been withdrawn and the ML/TF Control Regulations have been amended to make way for a risk-based approach.

A risk-based approach assumes that accountable institutions are best placed to know their products and services, clients, operating structure and business environment. It also assumes that accountable institutions are best placed to assess the risk that their business may be used for ML/TF purposes.

The amendments provide accountable institutions with the flexibility to use a range of mechanisms towards implementation of the FIC Act and encourage them to explore innovative ways of offering financial services to their broader client base.

FAIS Newsletter 25 contains a summary of the 18 new provisions affecting FSPs which became effective on 2 October 2017.

FSCA Regulatory Focus

The latest communication from the FSCA notes the following:
  1. The FSCA will continue to use onsite inspections and other oversight activities to guide and advise Accountable Institutions on implementation of the new requirements of FICA.

  2. Accountable Institutions are expected to demonstrate progress towards the implementation of the new requirements in terms of the FIC Act.

  3. In order to ensure appropriate traction during the implementation period, the FSCA will request Accountable Institutions to respond to surveys and/or to submit implementation plans highlighting progress towards the implementation of the new requirements in terms of the FIC Act. The respective Supervision Departments within the FSCA will engage with Accountable Institutions in due course regarding this.


In instances where implementation plans are to be submitted, Accountable Institutions will be required to indicate the key milestones that need to be achieved for successful implementation. It will be required that milestone dates be set starting from June 2018, indicating which provisions of the amendments to the FIC Act will be implemented by which milestone date. This implementation process will be closely monitored and the respective Supervision Departments within the FSCA will engage with Accountable Institutions in due course regarding this as well as the manner and date by which to provide the required implementation plans and the expected reporting intervals in respect thereof.

"The FSCA understands the challenges in achieving the above and more importantly that time is required to fully implement the new requirements. For this reason, Accountable Institutions are afforded until 2 April 2019 to fully implement the new requirements of the FIC Act as amended. Despite various communications from registrars of different sectoral laws on different implementation dates we have agreed with the Prudential Authority to coordinate to a single date. Any previous dates communicated may be disregarded".

Click here to download FAIS Circular 25 of 2017.

FICA will form an important part of the Moonstone Compliance and Risk Management Regulatory update workshops which are scheduled for June to coincide with the first CPD cycle.

Please also bear in mind that we are already assisting the industry to conform to the training requirements through the provision of an online FICA training platform.

Moonstone Compliance and Risk Management clients.

Click here if you are interested, but not a Moonstone client.
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Your Practice Made Perfect
Your Practice
Regulatory Exam Material Update
The following message currently appears on the Inseta Website:
 
Regulatory Exams Learning Material

The BANKSETA is currently revising the RE Learning Materials that INSETA developed in 2014. The revised RE Learning Materials will be made available on the websites of both the INSETA and BANKSETA during the second week on May 2018. To access the old material, please follow the below link.

http://www.inseta.org.za/inner.aspx?section=3&page=24

 

A number of readers have expressed great concern about having to prepare for an exam where the content has changed without having access to amended study material. Some called us “irresponsible” for publishing the current material on our website. In view of this, we have decided to remove the outdated Inseta material until the amended guides are available. Candidates will have to check the Inseta website for updates. We will also replace it, once available, and advise readers.

Candidates with a 30 June 2018 deadline are particularly concerned. Many of them have elected to write earlier so as to be able to rewrite in case they do not pass at the first attempt. Using study material that is not updated cannot be good for one’s confidence.

The best we can do at the moment is to indicate which of the Qualifying Criteria are affected by the new Fit and Proper requirements, and ask that candidates and trainers identify the relevant tasks, and amend it according to the new F&P requirements.

Candidates writing the RE 5 for representatives should note that only one task is affected by the new legislation, not the entire study guide.
 

Regulatory Examination Task Criteria
RE1 Task 3 Criteria 1 - 3
  Task 4 Criteria 1 – 15
  Task 5 Criteria 1 - 11
  Task 13 Criteria 1 - 2
  Task 15 Criteria 1 - 5
RE5 Task 8 Criteria 3 & 8
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FSCA published new licence application forms
The FSCA has published new “Application for Authorisation Forms for FSPs” on the Authority's website. Please note that Moonstone has been assisting applicants since 2004, and will gladly help you through the rather tricky process.

We start off by assessing your need so as to avoid duplication and repeated requests for more information. During the process you receive the full benefit of our experience when it comes to detailed information not always readily deductible from the application forms.

Click here to see what we can do, and submit a preliminary, “no obligations” questionnaire.
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FSCA contact details
The Financial Services Conduct Authority made available a document containing contact details, including telephone numbers and email addresses, of people in the various departments of the FSCA.

In addition, it contains email addresses relating to various specific types of enquiries to make sure that you hit the right spot first time.

Please download and save this document for future reference.
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Regulatory Examinations
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Frequently asked Questions

Please click here to access a list of questions and answers, including information on what exams to write, the cost thereof, study material, training and a lot more.

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2018 Schedules updated

Please note
: Registration cut-off is 11 working days before date of exam.
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Careers Platform
Are you hiring? Advertise your position on Moonstone’s Career Platform
Careers Platform Packages

•   The Moonstone website - www.moonstone.co.za - enjoys an average of 20 000 visits and approximately 39 000 page views per month.
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Our audience is relevant and industry specific: individual and corporate advisors and brokers in the following financial sectors: iInvestment, Risk, Healthcare, Banking, Retirement, and Insurance.


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Featured Positions
  • Key Individual: Destinata Capital Ltd, Faerie Glen, Pretoria & Somerset West - We have a position for a key individual who is licensed for at least category 1.8. Read More

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In Lighter Wyn
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