Tribunal sets aside WesBank’s debarment of financial and insurance marketer
The Financial Services Tribunal says the dispute is ‘one of the many cases where employers use labour disputes to debar FSP representatives’.
Compliance and Legislation
Evidence of material bias in Discovery Connect debarment, says Tribunal
The sales agent was accused of manipulating quotes to reduce clients’ motor vehicle insurance premiums.
Policyholder waiting for funeral policy payout after three years
The FAIS Ombud issues a determination after the FSP fails to follow through on its undertaking to settle the claim.
First wave of crypto asset service provider licences nears approval
The FSCA also confirms that one FSP licence has been provisionally suspended as part of its investigation into advisers who may have referred clients to BHI Trust.
What you should know about the FAIS competence requirements
The first in a series of articles that explains the competence requirements for people who want to enter the financial services industry.
Cap on healthcare broker fees increases by 5%
The new limit applies to contributions received from 1 January.
Proposed amendment Bill aims to end funeral cover over-insurance
A review of the entire structure of the funeral class would be a better way to prevent over-selling, says Moonstone Compliance’s Paull Lawrence.
Understand the nuances of anti-avoidance rules, or get a binding ruling
Sars binding private ruling highlights the importance of regularly reviewing the nature of a preference share or an equity instrument.
Directory of the FIC’s compliance communications issued in 2023
The directory contains a brief description of each document, a link to the document and, where available, links to other communication related to it.
New implementation date for National Financial Ombud
The Ombud Council also provides an update on the status of the new FAIS Ombud rules.
What you should know about a pension interest at divorce
A specific order in terms of section 7(8) of the Divorce Act is required if spouses want a retirement fund to make a deduction and payment to the non-member spouse.
EU court case may have bearing on SA law
The Court of Justice of the European Union’s recent ruling on the Value Added Tax treatment of directors’ fees prompts a reassessment of local legislation to ascertain the necessity of imposing Vat on such fees.
Must a retirement fund’s rules stipulate the exact number of trustees?
If the rules do not state the actual composition of the board, it will not be possible to determine whether the board is properly constituted at any given time.
Financial regulator again extends the exemption on compliance officer visits
The exemption remains subject to the conditions announced in 2017, and COs must inform FSPs they are operating under the exemption.
Tribunal amends aspects of JSE’s public censure of listed company’s director
The fine of R2m imposed on AYO’s Khalid Abdulla was reduced to R1.2m.
KI’s enquiries could have prevented losses suffered by Stringfellow clients, says FST
‘A key individual is not only responsible to oversee the categories of financial services for which he is licensed, but he bears an oversight role in relation to the FSP generally.’
FAIS Ombud highlights FSPs’ obligations when a policy is replaced
The complaint arose because the policyholders were under the impression the new policy had retroactive cover.
