FSB FAIS Newsletter 17
This very welcome FSB publication, published on 30 June 2015, contains a lot of need-to-know information. Some topics were covered in our publications before, but this is an excellent document to keep in a safe […]
Best Practice
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.
Read moreFSB Guidance Note on Section 13(1)(c)
This guidance note comes into effect in a few days, and will have serious consequences for a number of FSPs and representatives. Alan Holton, a FAIS specialist, shares his views on the practical […]
Important FAIS Guidance Note
The FSB published guidelines on the correct interpretation and application of section 13(1)(c) of the FAIS Act which states: A person may not render financial services or contract in respect of financial services […]
PAIA Deadline Looming
The ill-fated Promotion of Access to Information Act of 2000 is rearing its head again. Moonstone Compliance provides all its clients with a PAIA manual. The cost of producing such a manual varies […]
POPI Update
It appears that our readers are more attuned to complying with pending legislation than public enterprises. Grant Thornton recently published an article titled: “Public Sector falling behind in POPI Act compliance”: “More than […]
Education and Values
Professionalisation is a core thrust of all the changes envisaged in the financial services industry – from the introduction of FAIS to all current and future objectives. What role will obtaining credits, a […]
Proposed Qualification for Trustees
Subsection (3) of Section 7C of the Pension Funds Act prescribes that, within a period of six months after a person becoming a board member, he or she must have, or acquire, certain […]
Discussion paper on Reinsurance
The FSB recently published a document on the proposed future regulatory framework for reinsurance in South Africa. This document – Outlines the results of the reinsurance regulatory review carried out by the Financial […]
Levy Calculators
My colleague, Paull Lawrence, updated his levy calculators to help you determine what you can expect to pay. There are two tools – the one is for sole proprietors only, and another for […]
DOFA and the Five Year Experience Requirement
FAIS Information Circular 2 of 2015, dated 12 April 2015, clarifies a practice which both the Registrar and the industry appears to have applied incorrectly. At the heart of the matter lies the Fit and […]
Financial Statements
FSPs whose financial year ends at the end of February need to submit their financial statements to the Registrar by the end of June. Please bear in mind that, should you require to […]
Bundled Benefits
The Banking Ombud’s 2014 annual report contains a number of very interesting case studies which most of us can learn from. I found definite touches of the late Charles Pillai’s flowery language in […]
Qualifications Lists Updated
The FSB published updated Qualification lists for FSPs and Compliance Officers. If you have a qualification, but is unsure whether it is recognised by the FSB for your specific licence category, this is […]
New ASISA Replacement Standard
A newly published “ASISA Standard on Replacement” is currently being rolled out to the industry. The aim of the revised guidelines is to bring it in line with Treating Customers Fairly outcomes. The […]
Standards to Provide Greater Clarity
The introduction of the FAIS Act and its supplementary regulations proved to be quite a challenge for both the FSB and the industry. At one stage, industry experts expressed the view that the […]
