Rebosa 30 October 2018 Report

Colleagues

IMPORTANT DATES TO REMEMBER : See below

31 October 2018
1April 2019

FFC Renewal

This serves as a reminder that FFCs are due for renewal on 31 October 2018.

We would like to reiterate that it is extremely important that you renew and pay for your 2019 FFC, even if you have been blocked due to late audit submission or not being CPD compliant or for any other reason.  This will alleviate you of any further penalties.  

The EAAB have been dealing with a backlog in respect of the 4300 agents that were deregistered due to CPD non-compliance.  The EAAB have assured us that these de-registrations are being dealt with by a dedicated team.  This process is separate from the FFC renewals and we therefore urge all our members to ensure that they have paid and registered for the 2019 financial year irrespective of their status with the EAAB.

FIC Amendment Act

Following a meeting with the Financial Intelligence Centre and EAAB on 26 October 2018, we can confirm that the deadline to comply with the Act becomes effective 1 April 2019.  No extensions will be given.

The EAAB is currently developing content to educate the industry on the Act and its implications for the industry.  This will also form part of the CPD curriculum for 2019 as well as the Professional Designation Examination (“PDE”).  We will notify you as soon as this material becomes available.  The EAAB have also endeavoured to conduct countrywide roadshows to inform and educate industry on the Act.

In October 2017, Rebosa developed an RMCP template with our attorneys which is available for download on our website.  Please note that the amounts and timeframes in the RMCP have not yet been gazetted and therefore can be left blank until further notice.

When using this draft template please keep in mind that no two businesses are the same and the template must be adapted to your specific circumstances.  The template merely serves as a guide to assist you.

Given the latest developments in our country in respect of State Capture you need to be alerted that the Act requires the following of you:-

Section 28A (3) of FICA – List 1267
Requires accountable institutions to screen their clients against List 1267 –  “Lists of Persons and Entities subject to Targeted Financial Sanctions under the United Nations Sanctions Ordinance” accessible at: https://www.un.org/sc/suborg/en/sanctions/1267/aq_sanctions_list

When verifying a client you can access the website to ensure they are not on the UN sanctions list.

Schedule 3A of FICA – Domestic Prominent Influential Persons (“DPIPs”)
The various types of DPIP are listed in schedule 3A of FICA, and one such type is the senior officer of a company that does business with the government of a value higher than a prescribed amount per annum. Said amount has yet to be gazetted.

When verifying a client it is important to ascertain if they are a DPIP.

Section 21 (1) (a) – Duty to Identify Clients
Requires an accountable institution to establish and verify its client’s identity. How this is done is a matter left to the accountable institution’s discretion, which must be exercised within the parameters of a FICA-compliant RMCP.  Information that might be used to verify a client’s basic identifying attributes are name, date of birth, address and identity or passport number.

Important:

A financial penalty not exceeding R10 million in respect of natural persons and R50 million in respect of any legal person may apply iro non-compliance.

The EAAB being the regulatory body may also impose sanctions on those not in compliance with the Act by 1 April 2019.  This may well range from reprimands to cancellation of FFC’s. We will advise you in this regard on receipt of notifications from the EAAB.

Below for your perusal, Guidance Note 7 on the implementation of various aspects of the FIC Act for your ease of reference.

171002_FIC Guidance Note 07

Below also find Guidance Note 4A which provides examples of factors which will help estate agents evaluate transactions.

171002_FIC Guidance Note 04A

SSETA

Following a meeting with the new Acting CEO of SSETA, we can confirm that the SSETA are in the process of developing an E-Learning platform and introducing an E-Monitoring process for NQF 4 / NQF 5 real estate qualifications.  Implementation and roll-out is earmarked for June 2019.

We have also proposed to SSETA that provision be made for people wishing to enter the sector, to be afforded the opportunity to begin their NQF4 studies without first having to be employed by a real estate company as an intern.  This will alleviate the financial burden new entrants’ face and give them the capacity to concentrate only on workplace training and completing the log book by the time they enter the industry.  Our proposal is being given due consideration and we will keep you updated on the developments.

At the end of January 2019, SSETA will open a new Discretionary Grant window.  SSETA have budgeted for 11 programmes in their new financial year.  These programmes promote transformation and we urge our members to participate either as mentors or as training providers.

A committee comprising of SSETA, SAQA and EAAB has been established and tasked with overseeing the development of the new real estate qualifications.  Rebosa’s education steering committee will be invited to provide inputs on the new qualifications.

We are pleased to announce that we have almost cleared the NQF4/NQF5 certification backlog.  Should you still be experiencing problems with your certification, please write to us at info@rebosa.co.za to assist.

New Intern Registration on EAAB Website

It has been brought to our attention that a “Mentor Pin” is now required when a new agents register with the EAAB.

It clearly states that the “Mentor Pin” starts with an “F” indicating a Firms FFC Number.

The EAAB have clarified that the intention of the field was simply to ensure that interns are assigned mentors upon joining the industry.  The EAAB IT department will be removing this field so as to not cause any confusion.  Until such time as it is removed, you can ignore it.

Professional Indemnity Insurance Claims

Please note that the EAAB have advised that claims from estate agents in respect of professional indemnity insurance, should be addressed to AON directly.    The AON Insurance contact detail is below:

Ms Clarissa Rizzo
Principal Broker
Professional Risks Aon South Africa (Pty) Ltd
Email: fsgclaims@aon.co.za
 

Kind regards
Jan

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