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.

2016 Budget Tax Bills

On 8 June, National Treasury and the South African Revenue Service (SARS) published the 2016 Draft Taxation Laws Amendment Bill (TLAB) and the 2016 Draft Taxation Laws Amendment Bill (TALAB) for public comment. […]

Unsuccessful appeal against debarment

On 12 May 2015, the Registrar decided to debar the appellant, Mr Francois Pens Ellis, for a period of two years in terms of section 14A (1) (a) of the FAIS Act. The […]

Moonstone Survey Winners

In May, Insight-Discovery, in conjunction with Moonstone, conducted a survey amongst Investment advisers, the outcome of which will be of tremendous value to product providers. A draw was conducted with the aid of […]

Clarity on a refuted claim

Brevity can sometimes also be the soul of a twit. In a recent article on a complaint dismissed by the FAIS Ombud, we wrote: This case concerned a claim that was declined as […]

Honesty and Integrity

A recent finding by the Board of Appeal in the Teixeira case clarified certain matters around the very broad definition of this important fit and proper consideration. Briefly: the adviser was debarred by […]

Revenue growth and pending reforms

In December 2015, an Australian company, Centurion Market Makers, ran an industry survey on the impact of existing and pending reforms as well as projections for revenues and growth in 2016. In many […]

2016 Levies

It is that time of the year again. Below is a summary of what you can expect to pay, courtesy of my colleague Grethe van Heerden, as well as a link to our […]

Amended 2016 Compliance Reports

Please note that the Cat II, IIA and III reports (Published during May 2016) have been amended. “Note that FAIS Notice 51 of 2016 has been repealed and replaced with FAIS Notice 84 of 2016 and FAIS Notice 52 of 2016 has been repealed and replaced with […]

Debarment overturned by Board of Appeal

The Board was recently tasked with reviewing a decision by the Registrar to debar Ms LA Teixeira for 5 years and to withdraw the authorisation of her business. The grounds for the Registrar’s […]

Defencex Investor Update

A reader enquired as follows last week: Have you heard anything about the Defencex claim’s second phase? The input area for this claim is inactive. In response, I contacted Hanna Ziady at Moneyweb […]

To debar, or not to debar?

To rephrase the Bard, this should not really be the question – there is a better option. Representatives appointed in the second half of 2013, and the first half of 2014, and who […]

FAIS Ombud – Harten Determination

This complaint was originally dismissed by the FAIS Ombud on the basis that there was no reasonable prospect of success. The client reverted to the Board of Appeal who ruled that the Ombud’s […]

Malfunctioning Sports Stars

Finally the penny dropped – the senior Proteas are so exhausted by the time they get around to playing for their country that they cannot perform. Or, should I say, someone finally had […]

FAIS Credits and Qualifications

The competency requirements under FAIS are often misunderstood, leading to many people stressing unnecessarily. Prior to 2010, transitional arrangements were in place which allowed for “FAIS Credits” to be obtained which would exempt […]

Client’s right to approach Appeal Board

A recent ruling by the FAIS Ombud sheds light on the right of a client to approach the FSB Appeal Board if dissatisfied with a decision by the Ombud. In the Harten determination, […]

Registrar issues warning

FAIS Circular 20 contains a reminder to FSPs regarding what changes in the FSP need to be conveyed to the Registrar within 15 days. Section 8(10)(a)(ii) of the FAIS Act states: “Where a […]