FFC Renewal Process
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IMPORTANT NOTIFICATION FIDELITY FUND CERTIFICATE RENEWALS FOR 2010 As part of the Estate Agency Affairs Board statutory mandate and legislation, it is the requirement of all estate agents wishing to operate within the property industry to be in possession of a valid Fidelity Fund Certificate (FFC). The validity of a FFC is 01 January of a year to 31 December of the same year and estate agents and principals are therefore required to renew by no later than 31 October of each year to obtain a FFC for the following year. PLEASE NOTE: BANKING DETAILS: ABSA RENEWAL FEES Principal: R855.00 LATE RENEWAL PENALTY FEES Principal: R250.00 |
As part of the Estate Agency Affairs Board statutory mandate and legislation, it is the requirement of all estate agents wishing to operate within the residential property industry to be in possession of a valid Fidelity Fund Certificate (FFC).
The validity of a FFC is 01 January of a year to 31 December of the same year and estate agents are therefore required to renew by no later than 31 October of each year to obtain a FFC for the following year.
The following must be taken into account when preparing for the renewal:
It is imperative that the Principal of the firm renews his/her FFC and ensures that the Auditor’s Report has been submitted to the Estate Agency Affairs Board (EAAB) within a four month period after their financial year end;
Failure of the Principal renewing as well as the non-submission of the Auditor’s Report, will hamper the EAAB being able to issue the FFC’s for the employees of the firm;
When making a payment, please ensure that your Unique Seven Digit Reference Number is correct. This Unique Seven Digit Reference Number remains the same every year;
As each estate agent is allocated a Unique Seven Digit Reference Number, separate payments must be made for each estate agent.
RENEWAL PROCESS
It is extremely important that regarding renewals of FFC’s, that all Principals and estate agents are aware of the processes that apply which are in accordance with the Act 112 of 1976.
Irrespective of whether a Notice of Renewal of the Fidelity Fund Certificate is received or not, it is still the responsibility of each registered Estate Agent to renew their Fidelity Fund Certificate before the due date of 31 October of each year.
It is also imperative that should the employment of an estate agent be terminated with a firm, that the Principal gives due notice to the EAAB to update the records of the firm.
Should that same estate agent join another firm that the EAAB is given due notice of their change of employment. The importance of this being advised timeously is so that if the same estate agent pays for their renewal without advising the EAAB of his change in firm details, the FFC will be printed with the incorrect firm name.
It is also the responsibility of the Principal of the firm to advise the EAAB of any change in physical or postal address, contact no’s etc in order for our records being kept up to date.
It is important for all estate agents to be aware of the late renewal penalty which is applicable if renewals are made after the due date of 31 October each year.
PENALTY FEES
Principal R250.00
Full Status /Intern R150.00
Banking Details for Fidelity Fund Certificate Renewal Payments (including the penalty fee for late renewals):
Bank: ABSA
Account Numbers: 405 203 3310
Branch Code: 535105
Branch: Protea Park
A/C Name: Estate Agency Affairs Board
Please fax your proof of payment to our Accounts Department:
Attention: Mr Xolani Msomi
FAX: 0866 138 759 or email to Xolani.msomi@eaab.org.za
