A recent article in “Die Burger” reports on the first liquidation and distribution accounts in respect of the Herman Pretorius/Relative Value Arbitrage Fund matter. In total, the RVAF handled investments totalling R2.2 billion, and […]
Two issues in the recent Phoshera appeal again saw the Appeal Board ask questions about the FAIS Ombud’s decisions. “This appeal is filled with procedural anomalies. First, there is the question of condonation […]
FAIS Notice 119, published on 13 September 2017, contains details of changes to the minimum prescribed intervals of visits and reports by compliance officers as contained in Section 4(4) of the Notice on Compliance Officers. […]
The Protection of Personal Information Act adds yet another obligation on businesses in the financial services sector. Draft regulations, published on 8 September 2017, set out what will be required. Section 4 outlines the duties […]
In June we reported on three new cases to be heard by the FSB Appeal Board. One of these concerned a complaint that was dismissed by the Ombud but the client, an advocate, […]
The August ASISA Dispatches provided the following information on Living Annuities. The 2016 Living Annuities Survey statistics were finalised in August. The survey showed that living annuity policyholders withdrew on average 6.62% of […]
The latest ASISA Dispatches comments as follows: The final regulations were issued by the Minister of Finance on 25 August 2017. The effective date is 1 September 2017 with 18 months being afforded for existing default arrangements to […]
Every financial adviser should be familiar with the statistics: Only 5% or so of South Africans will retire comfortably. In total, South African consumers owe R1.6 trillion in debt. There are 20 million active credit […]
In these times of rapidly diminishing action against wrongdoers, it is refreshing to read the Tax Ombud’s findings after an investigation into “…alleged delayed payment of refunds as a systemic and emerging issue.” […]
The Financial Intelligence Centre (FIC) Act has been amended with the first set of provisions coming into effect on 13 June 2017. These provisions do not have any effect on accountable institutions. The next set […]
Harnessing Our Digital Future This is the title of a new book by Andrew McAfee and Erik Brynjolfsson, directors of the MIT Centre for Digital Business, which was recently reviewed in News24. Below […]
Board Notice 153 0f 2017, published on 1 September, contains the final proposals for comment by 2 October on the revised protection rules for short- and long-term insurance policies. The information is contained in 6 […]
Research by economics consultancy Econex looked at the impact of removing tax credits to medical schemes and then reallocating them to funding National Health Insurance (NHI) as suggested by the 2017 White Paper. […]
Investigations into the health market by the Competition Commission appear to have hit a bit of a hitch. A media statement confirmed that the “Revised Administrative Timeline”, published on 1 December 2016 has been withdrawn […]
Fintech solution delivers the next evolution in financial advice to SA The SuiteBox client engagement and support tool delivers video meeting and digital signing capabilities to financial advisers Rapid advances in fintech provide […]
Moonstone Business School of Excellence (MBSE), in collaboration with Compliance Online, now offer a nine-module online training course for businesses that will be required to comply with the requirements of the Protection of […]
CIS Information Circular 30, published on 12 July 2017, contains guidelines from the Registrar regarding the publishing and disclosure of CIS portfolio performance. The Registrar has noted that some managers of Collective Schemes Investments are […]
