PPRA: 2025 3-Year FFC renewal commencing on 1 July 2024

PPRA: 2025 3-Year FFC renewal commencing on 1 July 2024

• 04 July 2024
• Regulatory Compliance and Legislation
• South African Accounting Academy

The 2025 three (3) year FFC renewal period will commence on 01 July 2024. The application form along with payment of the prescribed fee (as set out in the notification) must be submitted to the PPRA by no later than 31 OCTOBER 2024 for the issue to the applicant of a fidelity fund certificate, in respect of the next three (3) year FFC cycle.

Employees’ Fidelity fund certificates cannot be issued if the principal property practitioner has not renewed his FFC first.

Application and or payment received after the 31 OCTOBER 2024 will attract a monthly penalty of R142 per property practitioner, in terms of Regulation 23.

Fidelity fund certificates may not be issued until such time as the prescribed fees, plus the penalty if any, have been fully paid as is prescribed in Section 47.

The Authority has no discretion to waive any penalties if payment is received after the 31 October.

Please note that 3 year FFCs are issued for 3 calendar years, including the first year of validity, even where such year may not constitute a full calendar year, as in the case of a late renewal or new registration.

Regulation 15.4 states that every property practitioner to whom a fidelity fund certificate or registration certificate, as the case may be, has already been issued in respect of a specific calendar year, shall, unless he/she has ceased or will cease before the end of that year to operate as a property practitioner and has advised the Authority of such fact in writing, by not later than 31 October of that year, apply in terms of S47 to the Authority for the issue to him/her or it with a fidelity fund certificate.

The application form referred to in S47 of the Act, can be obtained from the PPRA website at https://theppra.org.za/ppra_forms

All completed firm FFC renewal applications, must be uploaded to the agent’s portal. At the following web address https://theppra.org.za/myffc/login. Alternatively, these forms may be emailed to: [email protected]

Click here to access the notification for download:

https://theppra.org.za/download.php?data_id=135920

Relevance to Auditors, Independent Reviewers & Accountants:

• The Property Practitioners Act is yet another piece of legislation that your clients must comply with, and which you must assess compliance with.  If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
• As an auditor and independent reviewer, you need to consider and assess compliance with the PPA and relevant publications issued by the PPRA.
• As an accountant, you may need to advise your clients who are property practitioners on compliance with the PPA and adherence to the latest guidelines and notifications issued by the PPRA.

Relevance to Your Clients:

• A property practitioner has a duty to comply with the Property Practitioners Act.
• Your clients who are property practitioners, must not only comply with the PPA, but they also have to adhere to the latest guidelines and notifications issued by the PPRA.

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