Navigating the 2024 FFC & RC Renewal Process

Navigating the 2024 FFC & RC Renewal Process: Essential Insights from PPRA

PPRA S47, S78 and S49: issuing of FFCs and RCs:

PropAcademy is committed to keeping our community of property practitioners well-informed about the latest regulatory requirements and processes. A recent webinar hosted by the Property Practitioners Regulatory Authority (PPRA) shed light on the essential steps and documentation required for the renewal of Fidelity Fund Certificates (FFCs) and Registration Certificates (RCs) for 2024. Here’s everything you need to know to ensure a smooth renewal process.

Key Updates and Requirements:

  1. Renewal Notifications and Timeline:
  • The PPRA has identified all property practitioners due for FFC renewal in 2024. Notifications will be sent via bulk email, and it is crucial to ensure your contact details, especially your email address, are current in the PPRA records.
  • Invoices for renewal will be dispatched starting July 2024, marking the commencement of the renewal season which will run until October 31, 2024.
  1. Required Documentation for Firms:
  • For Juristic Persons (CC’s or Private Companies): You will need to submit an Application Form, a Tax Clearance Certificate, and a BBBEE Certificate or Sworn Affidavit.
  • For Sole Proprietors: An Application Form and a Tax Clearance showing compliant status are required.
  1. Understanding BEE Compliance:
  • The BEE compliance level accepted is 40 points or more (BEE Level 8). Entities not meeting these standards have the option to apply for an exemption as per Section 4.
  1. Payment and Processing Details:
  • Payments should be made using the specific seven-digit reference number as the payment reference.
  • Once payments are reconciled, compliant property practitioners will receive their FFC or RC valid for three years.
  1. Non-Compliance and Penalties:
  • Practitioners with non-compliance issues will be contacted, and any penalties must be cleared before a certificate can be issued.
  • Non-compliance might include criminal convictions, lack of tax and BEE certifications, or previous claims against the Fidelity Fund.
  1. Ensuring Accurate Contact Information:
  • Verify your contact details with the PPRA to prevent any issues with the issuance of certificates and to ensure you receive all pertinent communications from the PPRA.

How PropAcademy Can Assist:

PropAcademy offers guidance and support to ensure our practitioners navigate these processes seamlessly. Our team can help you understand the documentation requirements, assist in ensuring your compliance with BEE and tax regulations, and provide resources for any queries you might have during the renewal process.

Conclusion:

Staying informed and prepared is key to ensuring that your practice continues without interruption. We encourage all property practitioners to begin preparing for the renewal process early to avoid last-minute hassles and ensure compliance with all regulatory requirements.

Disclaimer: This article is based on information provided by the PPRA during their latest webinar. While we strive to provide accurate and up-to-date information, practitioners are encouraged to verify details with the PPRA directly as policies and regulations may change.

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