Primary briefing · Gazette
high impact 55097 · 2026-07-31
FIC Directive 10 in force: geographic registration for accountable institutions; draft Directive 12 open for comment; RAF cap adjusted
Comment closes
21 Aug 2026
Government Gazette 55097 carries three items of immediate practitioner relevance. FIC Directive 10 of 2026, effective on publication (31 July 2026), requires every accountable institution under the FIC Act to provide geographic location particulars upon registration with the Centre. Institutions already registered must update their registration within 90 days (approximately 29 October 2026), and any future change in geographic location must likewise be updated within 90 days. Non-compliance attracts administrative sanctions under sections 43B(2), 61A and 45C of the FIC Act. Separately, draft Directive 12 proposes a new annual obligation for all Schedule 1 accountable institutions to submit copies of their Risk Management and Compliance Programmes (RMCPs), with staggered deadlines of 30 September and 31 October depending on institution category; public comments close on 21 August 2026. The gazette also adjusts the Road Accident Fund statutory cap on loss-of-income and loss-of-support claims to R390,664, effective 31 July 2026.
Who is affected
All accountable institutions under the FIC Act (banks, insurers, attorneys, estate agents, crypto asset service providers, etc.)AML/CFT compliance officers and teamsFinancial services regulatory practitionersPersonal injury and RAF litigation practitionersMental health care establishments (form replacements also gazetted) What this means for practitioners
Accountable institutions already registered with the FIC must update their registration to include geographic location particulars by approximately 29 October 2026 (90 days from 31 July 2026).
Compliance teams should review FIC Directive 10 requirements for ongoing 90-day update obligations whenever geographic location changes.
Submit comments on draft Directive 12 (annual RMCP submissions) by close of business 21 August 2026 via the FIC website.
Personal injury practitioners must apply the new RAF statutory cap of R390,664 to all claims for loss of income and loss of support from 31 July 2026.