Assessment letters

Banks in supervisory categories 1 to 3 undergo a formal assessment at regular intervals following which they receive an assessment letter.

This SFMA page gives supervised institutions and market participants a practical view of the assessment letters topic. It explains the supervisory focus, the information SFMA may request and the controls or processes that should be maintained after authorisation or registration.

Basis of the assessment

This supervisory tool helps SFMA assess whether the supervised institution continues to meet legal and organisational requirements. The authority can request information, review controls, carry out focused assessments, commission audit work and require remediation where weaknesses are identified.

Outcome and need for action

This section explains how outcome and need for action fits into the assessment letters topic. The relevant information should be documented clearly so SFMA can understand the activity, risk profile, controls and supervisory implications.

Preparing for supervision

Supervised institutions should keep policies, records, reports, governance documents and evidence of controls current. Where material changes or incidents occur, they should assess notification duties early and maintain a clear audit trail for supervisory review.