FAIS clearly unclear about intermediary services
The Free market Foundation recently published an article on a matter which has certainly been a major bugbear since the introduction of the FAIS Act. When does a person have to register for […]
Author: Paul Kruger
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.
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FSP Levies for 2017 announced
FSPs will heave a collective sigh of relief on hearing that the new levies payable to the FSB actually decreased this year. No indication of the reason for this is given, but we […]
Retirement Fund Advantage
Do you understand the difference between the “27.5% of remuneration or 27.5% of taxable income” rule? Tony de Wijn of Softbyte Computers in Durban kindly offered subscribers a gratis programme which you can […]
FSB fines Smart Life R150 000
The Registrar of Long-term Insurance (the Registrar) referred a case against The Smart Life Insurance Company Limited (Smart Life) to the Enforcement Committee of the Financial Services Board. During the period 15 April 2013 until […]
Appeal Board Comments on Ombud
In the recent “Prigge” decision, the FSB Appeal Board commented on the FAIS Ombud’s powers and duties in a fairly forthright manner. The information below is taken directly from the Appeal Board decision. […]
Mitigating cyber risk in the financial services sector
A summary of this paper first appeared in the June edition of Moneymarketing. Whilst I am sceptical of the local application of surveys and studies done in other countries, I think that this […]
CMS to address Undesirable Practices
The Council for Medical Schemes published Circular 39 of 2017, calling for industry input on its intention to declare certain practices irregular or undesirable. Regulation 8 of the Medical Schemes Act entitles medical schemes […]
Insurance Bill Update
The National Treasury presented its response to public comments received on the Insurance Bill, 2016, to Parliament’s Standing Committee on Finance in May. A copy of the Bill, as well as the presentation […]
GTC Medical Aid Survey 2017
Results reveal that small medical aids also offer good value, and highlights that consumers may be unaware of their own medical aid plans and the benefits contained therein. Smaller medical schemes perform well […]
Minister signs FIC Amendments
On 15 June 2017, the Minister of Finance announced the coming into operation of a number of provisions of the Financial Intelligence Centre Amendment Act, 2017 (the FIC Amendment Act). There are two important dates […]
R E and Qualifications Fraud
In a holding statement published on Thursday, 15 June, the Financial Planning Institute (FPI) responded as follows to a media release by the FSB: Falsification of Regulatory Examination Results and Issuance of Fraudulent Certificates […]
Netwealth AdviceTech Research Report
A recent report, designed for the Australian advice industry and technology companies that support it, attempts to sketch the road ahead. As we appear to be heading down the same rocky road, we […]
Moonstone Brand Ambassador, Oliver Bekker, excels
Oliver Bekker, brand ambassador for Moonstone and Suitebox, saw a lifetime dream come true when he qualified for the 117th US Open golf tournament at the Erin Hills course in Wisconsin which starts […]
Reporting to the FSC Council
The Financial Sector Charter Council recently approached a number of people in the industry requesting that they register and submit their 2016 B-BBEE report. One reader actually submitted the form, together with his […]
Compulsory Compliance Officer Information Update
The FAIS Registration department at the FSB sent letters to compliance officers and compliance practices in January requesting that all relevant details be updated. The response, according to the department, was extremely poor, […]
Review Material Terms Regularly
We recently discussed two determinations made by the Ombud for Financial Services Providers in which she found that the respondents were lacking in their duty to provide clients with a reasonable explanation of […]
