FSCA Adjusts Levies for Financial Institutions

Financial Sector Conduct Authority

The Financial Sector Conduct Authority (FSCA) has published the latest levies for financial institutions in Government Gazette 41746.

The new levies are determined in terms of the Financial Services Board Act of 1990.

The FSCA aims to ensure a fair and stable financial market in which consumers are informed and protected and those that threaten the financial well-being of consumers are held accountable.

Detail is provided on levies for, inter alia:

•    Pension funds;
•    Administrators;
•    Retirement annuity funds;
•    Pension funds adjudicator;
•    Friendly societies;
•    Short-term insurers and underwriters at Lloyd’s;
•    Long-term insurers;
•    Special SAM levy on short-term and long-term insurers;
•    Intermediaries;
•    Collective investment schemes in securities;
•    Foreign collective investment schemes;
•    Collective investment schemes in property;
•    Collective investment schemes in participation bonds; and
•    Exchanges.

Pension funds will have to pay R1 206 plus an additional R14.27 per member. The total amount payable cannot exceed R2 764 018.

Administrators are expected to pay R7 700.31 plus an additional amount of R600.29 per fund under administration as well as 73 cents per member.

Retirement annuity funds will be charged R1 206.28 plus an additional amount equal to 0, 0097% of the value of the assets of the fund.

Overdue accounts will be charged interest at the prime interest rate.

Consolidated payments from the representative body of a group of similar financial institutions can also be made.

The new levies came into force on 29 June 2018.

Meanwhile, in Gazette 41738, the FSCA has published proposed amendments to the JSE Debt Listings Requirements for comment.

Objections are invited within 14 days of the date of publication.

In Notice 89, the FSCA has published the form of licence for a financial services provider.

The prescribed licence format was drawn up in terms of the Financial Advisory and Intermediary Services Act.

It came into force on the date of publication.

In a separate matter, national treasury re-published the rate of levy for the 2016 tax period for the Oil Pollution Compensation Fund in Gazette 41738.

The levy is due and payable on 31 July 2018.

Sabinet Cape Town Office