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.

Clarity on Prescribed Medical Benefits

An important ruling by the Supreme Court of Appeal (SCA) brought clarity on the rights of medical schemes in terms of their rules versus what the Medical Schemes Act prescribes. Legalbrief Today reports: […]

Professionalising Financial Advice

The Minister of Finance intends introducing the Insurance Bill, 2015 in the National Assembly shortly. The Bill seeks to promote the maintenance of a fair, safe and stable insurance market by establishing a […]

Succession planning for coaches

While we await the outcome of the meeting where Heyneke Meyer’s future as coach of the Springboks will be decided, it is interesting to note the career path of Steve Hansen. The information […]

Enforcement Action against Short-term Insurer

The Enforcement Committee of the Financial Services Board levied a penalty of R100 000 against a short-term insurer, following a referral by the Registrar of Short-term Insurance stemming from a contravention of section 44 […]

Replacements going forward

The original RDR Proposal on replacements provided that “…long-term insurers would be prohibited from paying any form of commission or fee to an intermediary in respect of the replacement of life risk policies. […]

Rupert se Leopard Creek SMS aan Kallis

Altus Momberg het verlede week in Media24 berig oor hoe Jacques Kallis en Mark Boucher lewenslange lidmaatskap van Leopard Creek gekry het. Tydens die spoggeleentheid in die Cape Sun-hotel, waar Kallis vereer is […]

Fixtures and fittings when selling property

This information is placed with the kind permission of Millers Attorneys. The issue of fixtures and fittings can be very contentious, primarily because there is no law that specifies what should be left […]

Closing Loopholes under Twin Peaks

Some seriously bad outcomes for consumers of financial products resulted from products being designed in a way to circumvent regulatory supervision or action. Co-operation and collaboration between various bodies will form a cornerstone […]

Regulatory Instruments

The term “regulatory instrument” appears in the Financial Sector Regulation Act and includes, inter alia, a prudential standard, a conduct standard and a joint standard. These regulatory instruments form part of the Financial […]

RDR Phase 1 Status Update

The FSB published its Retail Distribution Review (RDR) discussion document, which contained a total of 55 specific regulatory proposals, in November 2014. A subset of 14 RDR proposals was identified for implementation in “Phase […]

Medical Schemes Commission and RDR

I recently received the following enquiry from a reader: I was wondering if you have any thoughts on medical aid commission being regulated in a similar manner to the proposed RDR for long-term […]

Adviser Categorisation Alternatives

The RDR proposal to create three categories of advisers drew the most responses. A progress report was presented by Leanne Jackson at the 2015 Insurance Regulatory Seminar. RDR so far All stakeholder feedback […]

Future Approach to Market Conduct Supervision

A presentation at the FSB Insurance Regulatory Seminar provided practical insight into what we can expect from market conduct supervision when the new regulatory body is in place. We are rapidly approaching the […]

When must you retire?

Hierdie inligting word geplaas met die goedgunstige toestemming van Van der Spuy en Genote I am 59 years old and have been working for nearly 20 years at the same company. The office […]

Temporary cancellation of Fais examination

Often, candidates, despite having paid within 24 hours of registration, receive a notification advising that their examination was temporarily cancelled due to failure of payment. The important word here is TEMPORARY. Our system […]

Conflicts of interest and Contracts

The RDR feedback provided at the FSB Insurance seminar elaborated on conflicts of interest which may impact on an adviser’s objectivity. The following three were discussed: Binders and outsourcing – stricter conflict controls […]