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Investment Indicators - 16 April 2018 |
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“Reality leaves a lot to the imagination.” - John Lennon |
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Distributed to 52,395 subscribers.
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Rates Review |
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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. |
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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% |
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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% |
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2. Money Market Funds |
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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 |
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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:
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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.
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Accountable Institutions are expected to demonstrate progress
towards the implementation of the new requirements in terms of the
FIC Act.
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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 |
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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
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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 |
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Task 4 |
Criteria 1 – 15 |
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Task 5 |
Criteria 1 - 11 |
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Task 13 |
Criteria 1 - 2 |
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Task 15 |
Criteria 1 - 5 |
RE5 |
Task 8 |
Criteria 3 & 8 |
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FSCA published new licence application forms
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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
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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
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Are you hiring? Advertise your position on Moonstone’s Career Platform
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In Lighter Wyn |
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Big brother is watching you |
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Tel: +27 21 883 8000 | Fax: +27 21 883 8005
info@moonstoneinfo.com
www.moonstone.co.za
P.O. Box 12662, Die Boord, Stellenbosch, 7613, Republic of South Africa
Disclaimer:
Services and products advertised by external product suppliers in
this newsletter are paid for by the respective suppliers. Moonstone
does not endorse any opinions, conclusions, data, products, services
or other information contained in this e-mail which is unrelated to
the official business of Moonstone and furthermore accepts no
liability in respect of the unauthorised use of its e-mail facility
or the sending of e-mail communications for other than strictly
business purposes.
The complete disclaimer can be accessed
here. |
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