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Don’t leave compliance to the last minute! Category I and II FSPs need to make a note of these important compliance dates for their business, submit documents and levies on time, and compliance and regulatory admin won’t be a headache in the new year! FSPs should also keep in touch with their compliance officer and broker consultant who are ready to assist with compliance queries. Kobus Wentzel, Executive Head of Distribution and Sales at 1Life Insurance, shares key compliance deadlines FSPs need to meet in 2025.
Three key dates to diarise
In chronological order, these are three key dates you need to be prepared for!
28 February 2025: SARS tax-year end
We’ve included SARS deadlines in our key compliance dates, which can get lost in all the FAIS and FSCA compliance requirements but are a business essential!
Make a note of due dates from SARS for any:
- VAT returns submission dates
- Employee tax returns and reconciliations
- Business and personal tax return due dates, including provisional tax payments
If you are using an accounting package or software these dates may be flagged, but always double check! If you miss a deadline you will pay penalties.
31 May 2025: CPD cycle ends
The CPD cycle runs from 1 June to 31 May each year. Before this date:
- Make sure your required CPD hours are complete and recorded for all Fit and Proper requirements, classes of business and professional designations such as CFP.
- Ensure your competence register is up to date.
- Determine how many hours you, any Key Individuals and representatives need for the new cycle.
- Speak to your product providers and broker consultants, as well as industry bodies such as the FIA and FPI for training, seminar and webinar dates so you can schedule training for the months ahead.
30 November 2025*: FSCA and FAIS levies due
Annual FSCA levies must be paid on time, or licences may be suspended. Levies are still to be finalised by the FSCA, so keep up to date with the regulator by following them on LinkedIn, and keeping in regular contact with your compliance officer for final amounts due. You can also visit the Fees and Levies page on the FSCA website for details on fees and view proposed changes in the Government Gazette.
FAIS levies must also be paid, with the amount determined by a fixed fee plus fee for number of Key Individuals and average number of representatives. You can find out more information in this Masthead article, and details of the fee proposals in the FAIS Ombud publication.
*Date subject to confirmation, 2024 levies were due end November.
Fourth key date: your annual financial year end
Your business’ financial year-end date determines several key compliance deadlines:
- Annual financial statements to the FSCA: within 4 months of business year end (FSPs Category I also need to include a Liquidity Calculation Declaration in this submission)
- Liquidity Declaration Calculation to the FSCA (FSPs Category II, IIa and III): half-yearly within 45 days of business year end
- Assets under management declaration to the FSCA (FSPs category II, IIa, and III)
- CIPC annual return if you are a close corporate or company
Make sure you schedule annual review dates to comply with the General Code of Conduct
FSPs should also set annual or bi-annual dates to review and update if necessary:
- Representatives Register with the FSCA
- Representatives under supervision
- Staff training dates such as conflict of interests, FICA and any COFI, as well as POPIA and any other regulatory training that may be required
- Indemnity insurance
- Succession plan details
- Business continuity and disaster recovery plan details
- POPIA compliance details, including making sure you follow the guidelines for storing and using information and marketing material, including newsletters that must include an opt-out
Work with your compliance officer and broker consultant
Schedule regular meetings with your compliance officer and they can ensure you know which deadlines you need to meet so you can prepare in advance. Your broker consultants will also keep you updated.