Last week was the week to take down your car’s odometer reading if you run a log book for SARS and it was the week to have paid your provisional tax.
Then on Thursday last week I attended a compliance training morning with a small group of advisers. Our compliance officer took us through what happens when the Financial Sector Conduct Authority – previously known as the Financial Services Board – comes to do an onsite inspection of our businesses. Something none of us look forward to, when it inevitably happens one day.
The one thing that stood out from the morning, was how the requirements on us to collect updated FICA from our clients was now going to be more …… bothersome. From having to collect updated info once a year, we now have to collect updated documents every time a client does new business with us, but still with a minimum of once a year. So unfortunately, expect me to be more of a nag around this issue.