These reporting obligations can be found in Statement FS000 of the Amended FSC containing the “General Principles and the Scorecard”.

The reporting obligations are as follows:

• Paragraph 2.14 – All verification agencies that have verified a financial institution are required to submit a copy of the financial institution’s B-BBEE Verification Certificate and full verification report to the FSTC within 30 days from date of issue.
• Paragraph 8.5 – Each financial institution is required to report annually to the FSTC on its progress in implementing the provisions of the Amended FSC. *The seriousness of this provision is clear: The FSTC reserves the right to name institutions that do not submit their information. These entities will also automatically drop one level in the next rating following the non-submission.
• Paragraph 8.3 – Financial institutions are required to be measured on their own.
• Paragraph 8.4 – A financial institution may, however, be measured as a group, provided that this is approved in advance by the FSTC [in writing].
  The FSTC has confirmed that paragraph 2.14 and 8.5 should be read together, in that the ultimate responsibility to submit the verification certificate and full verification report to the FSTC rests with the financial institution.

As the top B-BBEE Ratings Agency in South Africa, we are committed to providing you with the utmost quality and professional service, with uncompromising ethics and a passion for transformation.

We, therefore, urge all our clients to apply for pre-approval with the FSTC (as per paragraph 8.4) well in advance should you wish to be verified on a consolidated scorecard as we have been informed that this process may take some time.

If you have any queries, please do not hesitate to contact our office on [email protected]

Sincerely,

Jeanette Buys

CEO

Tel: 021 914 9451 / Fax: 021 914 6295 / https://www.aqrate.co.za/