Regulatory Alerts2021-02-10
FSCA Draft Exemption Notice on Competency Requirements for Financial Services Providers
The Financial Sector Conduct Authority (FSCA) published a draft exemption notice to temporarily relieve financial services providers, key individuals, and representatives from specific competency requirements following unintended reclassification issues under the 2017 Insurance Act. The exemption addresses compliance gaps caused by the reclassification of credit life and funeral products, granting retrospective relief from 1 July 2020 to ensure affected persons remain properly authorized under the correct FAIS subcategories. Stakeholders may submit comments on the draft notice and template by 10 March 2021 to facilitate a fair transition without prejudicing client interests or public policy objectives.
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