FSCA PUBLISHES ROADMAP FOR THE OMNI-CBR AND DRAFT OMNI-CBR FOR COMMENTS
The Financial Sector Conduct Authority (FSCA) previously published FSCA Communication 22 of 2021, providing background to the development of the Omni-Conduct of Business Return (Omni-CBR). The purpose of the Omni-CBR is to enable the FSCA to conduct off-site monitoring to access meaningful, reliable, measurable, and comparable information to assess the delivery of fair customer outcomes across the financial sector.
The FSCA has published a Roadmap for the roll-out and implementation of the Omni-CBR. Phase 1 of the multi-year consultative process entails the publication of the Roadmap and draft Omni-CBR, the presentation of an explanatory webinar series, interactive sector specific workshops, an invitation for written feedback on the draft Omni-CBR and the collation and review of the written comments received. The remaining phases will be implemented over a four-year period, with the FSCA aiming to have full and complete CBR reporting on a quarterly basis by June 2026.
To read FSCA Communication 16 of 2022 (Publication of Roadmap for roll-out and implementation of cross-sectoral Omni-CBR) and access the draft Omni-CBR in .xlsm format, click here.
To read the Roadmap for the roll-out and implementation of the Omni-CBR, click here.
To access the FSCA’s invitation to Omni-CBR Workshops for Financial Services Providers, click here.
Written comments must be submitted via the secure FSCA Comments portal. The comments template is web-based and is available for completion by any individual on behalf of a licensed financial institution or industry association. The comments portal will be open for the submission of written comments from 10 June 2022 until 10 August 2022, and can be accessed by clicking here.
Workshops for financial services providers (FSPs) have been scheduled as follows:
Larger FSP’s (Annual Revenue or fund value of > R5 million): 7 July 2022. To register, click here.
Smaller FSP’s (Annual Revenue or fund value of < R5 million): 8 July 2022. To register, click here.
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