Regulatory Alerts2019-05-23
Added · Updated
FSCA Communication 1 of 2019: Scripted Execution of Sales
The Financial Sector Conduct Authority (FSCA) mandates Category I financial services providers to amend their licence profiles via the FAIS e-portal to electronically register representatives authorized for scripted sales execution. Providers must verify adherence to strict governance, oversight, recording, and monitoring controls, or alternatively submit a manual form outlining any compliance gaps and a remediation schedule. Successful profile validation enables electronic representative uploads, whereas failure to implement adequate controls or meet competency standards exposes both the FSP and its representatives to regulatory enforcement.
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