On 19 June 2020 the Minister of Finance published Government Notice 684 in GG 43347 which contained a number of proposed amendments to the Schedules to Financial Intelligence Centre Act. Interestingly, short-term (non-life) insurers have […]
On 19 June 2020 the Minister of Finance published Government Notice 684 in GG 43347 which contained a number of proposed amendments to the Schedules to Financial Intelligence Centre Act. Interestingly, short-term (non-life) insurers have […]
– Interesting high court judgment This rather sensational headline greeted readers of the Star newspaper on December 14, 2018. But does this reflect the real findings of the KZN High Court? A careful reading of […]
In the November 8 edition of the Moonstone Monitor, the first ground for the request to the Tribunal for a reconsideration of the decision to debar Ms X was discussed. That article dealt with […]
In a recent (5 October 2018) matter heard before the Financial Services Tribunal, the applicant, Ms X, applied for a reconsideration of a decision taken by the respondent, Y (the FSP). The FSP […]
The new Determination of Fit and Proper Requirements for Financial Services Providers, 2017 (Board Notice 194 of 2017) sets out a number of new requirements relating to the financial soundness requirement of representatives. […]
In a nutshell In terms of Section 32 of Board Notice 194 of 2017 (Determination of Fit and Proper Requirements for Financial Services Providers, 2017), every sole proprietor, key individual and representative must […]
A recent decision of the High Court in Bloemfontein where an FSP was found to have been negligent in advising a client to invest in the Sharemax scheme, is a “must read” for […]
The Retail Distribution Review (RDR) of 2014 contained several comments that expressed concern about the negative effects of “churning” which it described as “inappropriate or unnecessary replacement of policies driven by intermediary incentives”. […]
The recent Appeal Board Determination in the matter of J&G Financial Service Assurance Brokers (Pty) Ltd and R L Prigge is an important Determination for a number of reasons. Mention has already been […]
The Insurance Bill in its probable final form has now been published. The Bill deals essentially in prudential matters as these apply to insurers. However, there are a number of amendments to existing […]
Motor dealers are reminded that if they receive a cash payment from a customer of more than R24 999,99 – and here cash means coins, banknotes or travellers cheques – that this must be […]
At a recent meeting between senior officials of the FAIS Division of the FSB and a committee of industry members, Ms Lorraine van Deventer expressed the concern that many FSPs still do not fully […]
From enquiries we receive, there appears to be some confusion regarding the collection of short-term insurance premiums. This is understandable, given the various amendments to the STIA, the implementation of the Financial Sector […]
In an informative assessment of the Financial Sector Regulation Bill, Alan Holton, an associate of Moonstone Compliance, wrote: “The Bill makes provision for the Prudential Authority and Financial Sector Conduct Authority to create […]
Despite a lot of early fanfare, little mention was recently made of this important piece of legislation which is bound to impact on each FSP. This overview is, by its nature, very brief […]
In Part I we discussed the close relationship between the two elements, stating that succession planning could be considered a subset of business continuity planning, and how the TCF requirements added a dimension […]
