SARS pays back R10bn, but some taxpayers’ refunds are being withheld

Taxpayers should inform SARS if they have been unemployed for a full year or longer, to avoid being flagged as non-compliant.

Can Appeal Board overrule FSB decision?

The recent Willbrink Outsources CC decision by the FSB Appeal Board assessed a rather novel approach to overturn a FSB decision. The appeal was in respect of the Registrar’s decision to withdraw the […]

Unclaimed Retirement Benefit Search Engine

The Financial Services Board made this facility available on its website this week. I was obviously curious about whether the Kruger millions were not possibly hidden in a pension fund somewhere and promptly […]

Fairness in Justice

In a recent decision concerning a Sharemax investment, the FSB Appeal Board said that section 20(3) of the FAIS Act requires the FAIS Ombud to consider complaints in a procedurally fair, informal, economical […]

Pick the right Ombud

This case reminds me of a Dennis the Menace cartoon where he walks up to his dad and says: “Pick a card – any card.” Dad picks a card and Dennis says: “No, […]

Have Ye no Shame?

The audacity of criminals appear to increase in leaps and bounds, as witnessed by a case study published in the Short-term Ombud’s latest annual report. The complainant approached the office of the Ombudsman […]

Causal event charges and TCF

If the Pension Fund Adjudicator had her way, causal event charges would be levied very differently, if at all. In a case reported on in FANews on 3 August 2017, the product provider, in response […]

NCR Alert for Vehicle Financiers and Dealers

On 2 August 2017, the National Credit Regulator (NCR) issued a media statement to announce its intention to conduct a compliance monitoring exercise on vehicle licence and registration fees payable by consumers under […]

FSB Levy Reminder

By now you should have received a letter from the FSB advising details of the annual FSB and FAIS Ombud levies payable by the end of October. If you did not, it could […]

Moonstone Regulatory Update Workshops 2017

In the financial services industry in South Africa, the only certainty is change. A number of regulatory changes with significant impact on the industry are in the pipeline. Moonstone Compliance is pleased to […]

Binder Remuneration Update

We reported last week on the publication of proposed amendments to the Regulations made under the Long-term Insurance Act, 1998 (“LTIA”) and the Short-term Insurance Act, 1998 (“STIA”) for public comment. This included […]

Getting More from Data

The use of data, and protection of confidential client information, will play an extremely important role in the future of financial advisers in South Africa. Whilst it makes good sense to invest in […]

Proposed Regulatory Amendments Update

In December 2016, National Treasury (NT) with the support of the Financial Services Board (FSB) published, for public comment, proposed amendments to the Regulations made under the Long-term Insurance Act, 1998 (“LTIA”) and […]

Short-term Insurance and FICA

Talks are currently underway to increase the obligations of the Short-term industry in respect of the Financial Intelligence Centre Act (FICA). The Financial Intelligence Centre (FIC) is the body responsible for identifying the […]

Unauthorised use of IDA Name / FSP Number

We were advised by the Independent Dealer Association (IDA) of an entity who is apparently making unauthorised use of its logo and FSP number. The IDA and IDA Risk Management confirmed that it […]

The Value of Financial Advice

This is the title of an article, published on 13 July 2017, on research conducted in the UK by the International Longevity Centre. The research finds that clients who received financial advice from 2001 to […]

New findings contradict NHI White Paper

Recent research conducted by Econex, a leading firm in competition economics, paints a different picture to that portrayed in the NHI White Paper on healthcare in South Africa. In a research note published […]