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.

Notes on Due Diligence

Failure to conduct a proper due diligence procedure is often used by the FAIS Ombud to find against financial advisers. Advisers involved in property syndications and Ponzi schemes, in particular, often felt the […]

FSB 2015 Annual Report

In response to media speculation about possible reasons for the delay in the publication of its 2015 Annual Report, the Regulator published the following press release: The Public Finance Management Act (PFMA) requires […]

ASISA Introduces New Cost Comparison Standards

In a media release by the Association for Savings and Investment South Africa (ASISA) on 10 February 2016, it announced details of a new “meaningful” basis to allow consumers and advisers to compare charges and […]

Sole Proprietors: Did you Know?

Those who remember the good old days of Chappies bubblegum might like to chew on these extracts from an interesting document published on the FSB website: There is no legal distinction between the […]

The Importance of Material Disclosures

In a determination dated 18 December 2015, the Ombud ordered the Respondents to pay R273 715 to a complainant for “…failure by the financial services provider to update the sum insured under the business […]

One swallow a summer does not make

The result of Tuesday night’s match, and the way the team played, came as a huge relief to anxious fans who were becoming rather despondent after the euphoria of the success in the […]

Treasury Heeds FICA Criticism

Legalbrief Today reported on Thursday on the National Treasury’s response to criticism that certain aspects of the proposed amendments to the Financial Intelligence Centre Act are impractical and too onerous. Quoting from a […]

Addressing Unintended Consequences

The financial services industry faces massive changes which need to be managed very carefully to avoid disruptions which it may never recover from. The South African Chamber of Commerce and Industry (SACCI) recently […]

Legal Services Provider Fined

The latest Enforcement Committee (EC) ruling is quite an interesting one. There is often a fine line between what constitutes a financial service and what not. Defensive Legal Protection CC, trading as Legal […]

A child’s voice in parents’ legal battle

It is often said “parents know best” – but when parents become embroiled in litigation against each other and children are involved, it can become very difficult for them to set their own […]

Wicked Cricket, Super Rugby & the 6 Nations

Wicked Cricket It is with a huge sense of relief that I notice that rugby matters are slowly but surely pushing cricket articles for space in the daily newspapers. The final straw that […]

Turn a Deaf Ear

There appears to be two kinds of respondents involved in FAIS Ombud determinations: those who attempt to defend themselves, and those who follow a strategy akin to the Lindesfarne song from which the […]

Retirement Fund Contribution Update

Some sweeping changes will take effect from 1 March 2016. The Taxation Laws Amendment Act No. 25 of 2015 that was published in Government Gazette No. 39588 on 8 January 2016 confirms the changes to the tax […]

Are the Proteas Blooming again?

Despite claims from the England side that they would be fully motivated for the final test at Centurion, it soon became evident that the extra edge they displayed in the first three tests […]

RE Deadline for Local and Foreign FSPs

Candidates are required to successfully complete the applicable level 1 Regulatory Exam by 30 June after expiry of 24 months from the date of first appointment as representative. In practical terms, this means that those […]

Healthcare Commission Increase

The Council for Medical Schemes announced a 9.6% increase in the maximum commission payable to registered healthcare brokers. This puts them on par with government employees who also receive increases way above the […]