30 August 2023
Glacier has to complete a Client information review by 31 October 2023, in order to meet our regulatory obligations in terms of the Financial Intelligence Centre Amendment Act (FICA).
We need your help to do this, as we are required to confirm that all client personal details are accurate and up to date. In particular, we are referring to the below information that now forms part of the compulsory financial information required of a client by FICA:
- Employment status – the client’s current status.
- Industry or sector – where the client currently works, or most recently worked.
- Source of money - source of the money used to fund the client's investments.
Whilst we adapted our application forms on 1 April 2023 to request the above, we also need this information from many existing clients, and we need to make sure that where we already have this information on record, it is accurate and up to date.
Over the next two months
Due to the stringent timelines to comply, we will communicate this request directly to your clients. We will reach out to phase one clients in September and to phase two clients in October 2023
Phase one clients
All clients who:
- have selected to receive communication via email; and
- will be receiving an investment statement mid-September (clients who selected to receive statements monthly, quarterly or bi-annually).
The easiest way to submit the information
These clients will be able to review and update their details on the Personal details tab in the interactive (.emc) format of their statement on 20 September. The statement will open on the Personal details tab, where the client can review and update their personal information. Providing the information to us will therefore be as simple as pressing the submit button on the interactive form.
We assure you that the online submission is secure and that your client’s personal information will be collected and used lawfully and in line with the Protection of Personal Information Act.
Intuitive forms
These forms will be customised per client. This means:
- the information we already have, is pre-filled on the form
- only the outstanding information per client is requested; and
- if there is a fillable field on the form that is not completed, it means that we do not have that particular information for the client.
No unnecessary information will be requested.
During the period 15 to 19 September 2023, we will email you a generic copy of this client communication. Please note that we will not be able to make a list of affected clients available to you, due to the size of the project.
If a client cannot submit online
If a client has a printer and scanner available, they can print the Details on record form included in the PDF format of the statement, update their details and the information under the heading Compulsory financial information, and email it to us at client.services@glacier.co.za, or send it to us via post.
Your client will receive confirmation of any changes we make to their personal information.
Phase two clients
These are all the clients not included in phase one. These are essentially those clients who have not provided us with an email address and clients who are not due to receive an investment statement in September 2023. We will be contacting these clients in October 2023 and will confirm further details in due course.
How you can help your clients
You will be able to help your clients by updating their personal information directly on our intermediary web. We will sincerely appreciate your assistance in providing the updated personal information of those clients who could not do so themselves electronically.
After 31 October 2023
If we do not have the correct information for a client by 31 October 2023, they will still be able to transact on their investment. However, there might be a delay in finalising any transactions as we will have to request the missing information in order to complete the request.
In summary
Until October 2023, clients will be able to view and update their own personal information fields. They will be able to do this online via the .emc version of their statement, as explained above (under The easiest way to submit the information). Clients who cannot submit the information online, can print the Details on record form included in the PDF format of the statement, update their details and the information under the heading Compulsory financial information, and email it to us or send it to us via post.
By the second week of October 2023 clients will be able to view and update their details on our secure website as well.
We will share more details around this functionality in the near future.
We appreciate your support and will communicate further details over the course of the next few weeks.
