Regulatory Alerts2022-02-28
FSCA Exemption of FSPs, Key Individuals and Representatives from Certain Competency Requirements
The Financial Sector Conduct Authority (FSCA) has published a notice granting financial services providers, key individuals, and representatives temporary exemption from specific competency requirements under the FAIS Act. This dispensation addresses unintended authorization misalignments caused by the 2017 Insurance Act’s reclassification of credit life and funeral products. The exemption ensures affected entities can continue operating under their existing authorizations without client prejudice or undue compliance burden during the transition.
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