Abbreviations

Question 1

IFRS

Answer 1

International Financial Reporting Standards

Question 2

SAP

Answer 2

Standards of Actuarial Practise

Question 3

APN

Answer 3

Actuarial Practice Note

Question 4

PPFM

Answer 4

Principles and practices of financial management
(Applied in the management of discretionary participation products)

Question 5

PRBE

Answer 5

Policyholder Reasonable Benefit Expectations

Question 6

IASB

Answer 6

International Accounting Standards Board
(They issued IFRS)

Question 7

ORSA

Answer 7

Own Risk and Solvency Assessment

Question 8

SAM

Answer 8

Solvency Assessment and Management

Question 9

FAIS

Answer 9

Financial Advisory and Intermediary Services

Question 10

ASISA

Answer 10

Association for Savings and Investment SA

Question 11

FSCA

Answer 11

Financial Sector Conduct Authority
Market regulator, taken over the FSB’s job

Question 12

NCA

Answer 12

National Credit Act

Question 13

FICA

Answer 13

Financial Intelligence Centre Act
Prevent money laundering/unlawful activities

Question 14

FSB

Answer 14

Financial Services Board
No longer in existence.
Taken over by PA and FSCA

Question 15

FSV

Answer 15

Financial Soundness Valuation