Regulative Bodies

POPI ACT (POPIA) - PROTECTION OF PERSONAL INFORMATION

The POPI Act is a comprehensive privacy law that is mandatory for all businesses within the private and public sector that process personal information in South Africa. It seeks to protect and regulate the processing of personal information, falling into the broader Constitutional right to privacy.

The POPI Act requires businesses to regulate how information is organised, stored, secured, and discarded. This ensures that the business can maintain the integrity and confidentiality of its clients’ and employees’ personal information by preventing loss, damage, and unauthorised access to the personal data. The Act therefore guarantees that personal information will be used in a responsible and ethical manner by businesses from the time it is collected until the time it is destroyed.

The commencement of certain sections of the POPI Act, which took effect on 1 July 2020, deals with, among other things:

  • the purpose of the Act,
  • the application and exclusion provisions,
  • the lawful processing of personal information and exemptions thereof,
  • sections relating to the Information Officer,
  • prior authorisation,
  • codes of conduct issued by the Information Regulator,
  • provisions regulating direct marketing by means of unsolicited electronic communications,
  • enforcement, complaints, offences, and penalties

FSCA

The FSCA is an independent institution, established by statute to oversee the South African non-banking financial services industry in the public interest, and fully funded by fees and levies imposed on this industry.

After more than 20 years of regulating the non-banking sector of South Africa’s financial services industry, the FSCA has established itself as a reputable authority in this field, locally and internationally. Over the years, it has contributed to the stability of this industry while meeting its mandate of protecting consumers of financial products and services.

The FSCA has developed and maintained a strong, effective presence in the regulatory field, in South Africa and internationally, while working closely with its counterparts elsewhere in Africa to establish solid regulatory frameworks.

CMS (COUNCIL FOR MEDICAL SCHEMES)


The Council for Medical Schemes is a statutory body established by the Medical Schemes Act (131 of 1998) to provide regulatory supervision of private health financing through medical schemes.

The Council for Medical Schemes supervises a massive and very important industry: There are about 87 medical schemes in South Africa with around 8 776 279 beneficiaries. These schemes have a total annual contribution flow of about R129.8 billion.

OMBUDSMAN FOR SHORT-TERM INSURANCE

Established in August 1989, The Office of the Ombudsman for Short-Term Insurance provides consumers with a free, efficient and fair dispute resolution mechanism. It offers consumers a “no risk” mechanism to resolve disputes with insurers. The Office can assist consumers with the following personal lines short-term insurance:

  • Motor
  • Houseowners (Buildings)
  • Householders (Contents)
  • Cell phone
  • Travel
  • Disability
  • Credit protection insurance
  • Commercial Insurance on a Limited basis, i.e. claimants such as small businesses, including a sole proprietor or trader, a juristic person, partnership or trust that has a turnover in the last financial year of less than R35 million. Claim disputes, which the Office can assist with, include fire and allied perils, glass, theft, motor, travel, sickness and accident and SASRIA claims (affiliated to the aforesaid covers).

 

The Office of the Ombudsman for Short-Term Insurance has been granted recognition in terms of the provisions of the Financial Services Ombud Schemes Act. Personal lines short-term insurers, who are members of this office, have agreed to abide by the Ombudsman’s decision.

The Ombudsman’s task is to act as a “mediator” or informal arbitrator and he/she does not represent either of the parties to the dispute.

OMBUDSMAN FOR LONG-TERM INSURANCE

  • The office for the Ombudsman for Long-term Insurance was established in 1985. The function of the office is to mediate in disputes between subscribing members of the long-term insurance industry and policyholders regarding insurance contracts.
  • It is an independent office which is accountable to an independent Long-term Ombudsman Council for providing an efficient and independent service to policyholders and others in response to disputes arising from long-term insurance policies.
  • Policyholders who submit a complaint to the Ombudsman may still decide to follow the conventional civil justice process, although these two processes are not allowed to proceed simultaneously.
  • The service is free to complainants.
  • Industry subscribers are bound by the Ombudsman’s rulings. There is provision in the rules for an informal appeal process

FICA

The FICA Act amends the existing Financial Intelligence Centre Act (2001) to strengthen South Africa’s (SA) ability to fight illicit financial flows and other forms of financial crimes, which include money laundering, corruption, terrorism financing and tax evasion. SA has been a member of the Financial Action Task Force (FATF) since 2003. FATF is an international body of countries tasked with setting best practices to combat money laundering and terrorism financing. SA is also a signatory to and ratified the United Nations (UN) Convention Against Corruption in 2004.

 
 

PROFESSIONAL BODIES

FISA

The FPSA is the new standard for fiduciary practitioners in South Africa. It is a mark of quality and peace of mind for consumers of fiduciary services in Southern Africa as it indicates that, apart from the qualifications a member holds, he/she has demonstrated the ability to act as a professional in the highly technical fiduciary field.

In order to attain the FPSA® designation, the individual has to be a FISA member. As from 2018, anyone who wishes to apply to FISA for the FPSA® designation will first have to enter and successfully complete the Advanced Diploma in Estate and Trust Administration which has been offered by the School for Financial Planning Law at the University of Free State since 2015.

What does this mean for me?

By using someone with the FPSA® designation, members of the public will know that they are dealing with a person who has demonstrated:

  • Academic knowledge by obtaining a formal qualification and the required level of appropriate experience;
  • The ability to apply the knowledge;
  • A willingness to be bound by the ethical standards of a profession;
  • A commitment to maintain levels of technical knowledge through a continuing professional development (CPD) programme.

The FPSA® standard will soon be the only accepted standard in the fiduciary industry.

 

What exactly can an FPSA®do for me?

An FPSA® will be able to assist with estate and will planning, will drafting, deceased estate administration and trust administration. While many persons may claim to have knowledge in these areas, an FPSA® approved it by passing a stringent examination.

FPI


Value of CFP® certification
These include:

  • Highest standard of the financial planning profession
  • Exclusive disignation of financial planning professionals
  • The CFP® certification is trusted among financial professionals and consumers
  • Recognition in more than 25 countries around the world
  • The satisfaction of assisting clients in meeting their financial goals
  • Meeting the global benchmark for competency, ethics and professional practice standards to provide comprehensive financial planning services

 
Ethics and Conduct

FPI takes great pride in the professional conduct and integrity of its members. It is a requirement of membership that all FPI members run and conduct their practices based on the principles of our Code of Ethics and Practice Standards.

Any misconduct of the code may be dealt with in a disciplinary hearing. The Disciplinary Regulations governs how disciplinary matters are attended to.