2016 Fidelity Fund certificates to be submitted online

October 28th, 2015
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The new 2016 Attorneys Fidelity Fund Certificate Application Form was gazetted on 30 September in GN R898 GG39239/30-9-2015. To assist practitioners, the new application form has been automated and applications will be accepted only through the online process.

In order to submit Fidelity Fund certificates using the new online application, based on the new application form regulations, practitioners have been urged to ensure that they have the following ready:

  • Trust account/s balances for the previous four quarters ended 31 December 2014; 31 March; 30 June and 30 September 2015 for the following accounts:

– s 78(1) – to be reported individually for each s 78(1) account held by the firm;

– s 78(2)(a) – to be reported individually for each s 78(2)(a) account held by the firm;

– s 78(2A) – total balances to be reported per financial institution;

– estates – total balances to be reported per financial institution; and

– properties (other entrusted assets) –

total balances to be reported per category as indicated on the online application. These categories are: Movable assets; immovable assets; financial instruments and other.

  • Service charge formulae for the trust accounts.
  • FICA registration number.
  • Financial Services Provider number (if running an investment practice).
  • Firm’s registration number (for incorporated practices).

In addition to the above, attorneys were urged to ensure that –

  • their statutory provincial law society is in receipt of their unqualified audit reports;
  • practice management training, where applicable, has been completed; and
  • all interest as well as any other monies due to the statutory provincial law societies has been paid over.

If attorneys are in a firm with more than one member, the firm should identify a firm’s representative who will capture the financial information of the firm on the online application. A member of the firm will be required to create that representative on the online application at member’s login.

 

  • Full information – including a ‘Frequently Asked Questions’ section – relating to the online Fidelity Fund certificate submission is available on the Fidelity Fund website at www.fidfund.co.za

Compiled by Barbara Whittle, communication manager, Law Society of South Africa, barbara@lssa.org.za

This article was first published in De Rebus in 2015 (Nov) DR 17.