The FSCA hosted a series of financial soundness workshops (see links below) for FSPs in September 2022, and has subsequently launched a survey.
The workshops were split according to the type of business conducted, namely FSPs that collect premiums or hold assets and those that do not collect premiums or hold assets. At the conclusion of the workshops, the FSCA also hosted a session providing details about a financial soundness survey to be launched on the FSCA website from 1 October 2022 to 22 November 2022.
The aim of the survey is to:
- Gauge FSPs’ understanding of the financial soundness requirements as set out in the
- Determination of Fit and Proper Requirements for Financial Services Providers, 2017 (BN 194 of 2017);
- Help enhance the ability of FSPs to meet these requirements;
- Gain an understanding of the impact of broader environmental risk factors on the sustainability of FSPs; and
- Assist the FSCA in better understanding the impact of financial risks.
Watch the first workshop
Financial soundness and financial statements for all FSPs that collect premiums or hold assets
Watch the second workshop
Financial soundness and financial statements for all FSPs that DO NOT collect premiums or hold assets
HOW TO COMPLETE THE SURVEY:
- Click on this link to access the survey.
- Only one survey per FSP may be completed.
- It is not necessary to upload any documents when completing the survey.
- The questions are either “Yes/No/Not applicable” or contain drop-down options.
- Select the responses that most closely describe the situation of the particular FSP.
- The questions ask for ranges and not exact numbers, for example the question relating to the number of key individuals contains ranges such as “1 – 5”, “6 – 10” etc. If the FSP has three (3) key individuals, option “1 – 5” should be selected.
- Follow-up questions may appear depending on individual responses to certain questions.
- It will be possible to print a copy of the answers after they have been submitted.