B-BBEE IFA Practice Report Webinar

As required by the Financial Sector Transformation Council (FSTC)

This member-access webinar covers the vital subject of B-BBEE and how it will impact your IFA Practice.

Do you know what will happen if you don’t/didn't submit the required Financial Sector Transformation Council (FSTC) – B-BBEE IFA Practice report on your BEE status by 7th June 2021?

Our webinar was hosted by our Guest Presenter Anton de Wet CA (SA).

Anton is a Chartered Accountant and Registered Auditor who has specialized exclusively in BEE advisory and implementation since 2012. He has assisted multiple companies, including some in the financial services sector, to understand and deal with BEE as a business imperative for most companies.

Our exclusive webinar will provide more insight as to:

  1. Why Independent Financial Advisers (IFAs) and their Practices are required to report to the Financial Sector Transformation Council by 7 June 2021, and
  2. what exactly to include when doing so.

Anton explains the exact requirements for those with an annual turnover less than R10m (“Group 1” Advisors) and those with an annual turnover of more than R10m in their latest financial year (“Group 2” Advisors). He will also talk about the current legislative landscape and what can be expected from both the insurers and the FSCA going forward.

He provides his unique and open-minded take on this topic which otherwise has the potential of causing frustration and uncertainty. His main message: BEE can be navigated successfully!

We will also be asking the question: “Will product providers be able to withhold payment to IFAs who have not submitted the required Financial Sector Transformation Council (FSTC) – B-BBEE IFA Practice report?”

On behalf of our members, we have approached multiple product providers to address these questions:

  1. Will your company be mandated to request a B-BBEE Certificate from IFA Practices?
  2. Should an IFA Practice not provide a B-BBEE Certificate will there be any actions that your company be required to take such as a) reporting them the FSTC, b) terminating the current commissions and fees payable and c) terminate the contractual relationship (Broker, IFA Contract)?
  3. Will this IFA B-BBEE Certification process impact on the B-BBEE status of your company?

 

– Members are able to watch free of charge, non-members will need to pay a webinar fee of R2400 (or become a member and receive free access to all our member-access webinars).

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