23 March 2026
From 13 April 2026, the clearance period for money paid via debit order to Glacier will be extended from 40 to 60 calendar days.
Why is this change happening?
The change follows a regulatory update approved by the South African Reserve Bank (SARB) and the Financial Sector Conduct Authority (FSCA). The update is designed to improve fairness and balance between the dispute rights of debit order payers and debit order collectors.
Current clearance period
Currently, when an investment is funded via a debit order, the debit order amount is subject to a 40-calendar-day clearance period. During this clearance period, the client may not withdraw from the investment or transfer the investment. In the case of a Retirement Annuity, the client may also not retire from the fund.
What the change means
From 13 April 2026 onwards the following will apply:
- Amounts transferred to an investment via a debit order will be subject to a 60-calendar-day clearance period during which the transferred amount cannot be withdrawn.
- South African banks will, however, allow the immediate reversal of incorrect or unauthorised debit orders if disputed within the 60-calendar-day period. Investors must therefore act within 60 days if disputing a debit order.
Our documentation will be updated to reflect the new debit order clearance period.
