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Regulatory & representative bodies

Financial Services Board

The Financial Services Board (FSB) is an independent regulatory body established by statute to oversee the South African non-banking financial services industry in the public interest. The FSB is committed to promoting and maintaining a sound financial investment environment in South Africa.Momentum is an authorised Financial Services Provider- license number FSP 6406 - in terms of the Financial Services and Advisory Act.

The FSB regulates the following licences within the MMI group of companies:

  • Long-Term Insurance
  • Investment Management
  • Linked Investment Service Providers
  • Retirement Fund Administration
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Foreign Account Tax Compliance Act (FATCA) Open

FATCA is the acronym for the Foreign Account Tax Compliance Act (FATCA), which is an American law passed in March 2010. Its aim is to identify US persons who may be using offshore accounts to avoid US taxation on their income and assets.

The South African Government has signed an intergovernmental agreement (IGA) with the Internal Revenue Service (IRS) agreeing to exchange information provided by financial institutions in South Africa. The IGA has been agreed in substance as if it is enacted. It is expected to be gazetted shortly.

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National Credit Regulator Open

The National Credit Regulator (NCR) is a statutory body established under the National Credit Act (NCA) to regulate South Africa's credit industry. The NCR:

  • Registers industry participants
  • Resolves complaints lodged against credit providers
  • Ensures enforcement of the NCA
  • Momentum is registered with the NCR as an authorised credit provider - licence number CP 173.
The South African Reserve Bank Open

The Financial Surveillance Department of the South African Reserve Bank acts under powers delegated by the Minister of Finance. It makes sure that the conditions, permissions and limits applicable to transactions in foreign exchange which may be undertaken by Authorised Dealers are adhered to. As Momentum conducts transactions involving foreign exchange, we are subject to the Exchange Control Rulings and regulations.

The South African Revenue Service Open

The South African Revenue Service (SARS) is a statutory body responsible for ensuring compliance with tax law and for collecting revenue on behalf of the state in South Africa. The tax laws have a high regulatory impact on the financial products that Momentum offers and as a result we must make sure we comply with the current tax dispensation at all times.

Guernsey Financial Services Commission Open

Momentum Group Ltd., the long-term insurer in the Momentum group of companies, operates a branch office on the Channel Island of Guernsey. The Guernsey Financial Services Commission (GFSC) is the regulatory body for the finance sector in Guernsey and this business is subject to its regulatory authority and supervision.

ASISA Open

The Association for Savings and Investment South Africa (ASISA) is the representative body for asset managers, collective investment scheme management companies, linked investment service providers, multi-managers, and life insurance companies. ASISA was established in October 2008 when the Life Offices' Association (LOA), Association for Collective Investments (ACI), Investment Management Association of South Africa (IMASA) and the Linked Investment Service Providers Association (LISPA) merged to form one representative body for the savings, investment and long-term insurance industry. The aim of ASISA is to:

  • Actively promote a transformed, vibrant, and globally competitive financial sector that reflects the South African demographics
  • Become more consumer focused
  • Collectively engage with Government on policy issues.

For more information:

Association for Savings and Investment South Africa http://www.asisa.org.za