The new Rules also incorporate the proposal to raise the Ombud’s jurisdictional limit from R800 000 to R3.5 million.
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The FAIS Registration department at the FSB sent letters to compliance officers and compliance practices in January requesting that all relevant details be updated. The response, according to the department, was extremely poor, […]
The recent Molate determination, in which Discovery Life was held liable for losses incurred after the death of a life assured, again raises the issue of objectivity with the benefit of hindsight. Background […]
On Monday we reminded subscribers of the 30 June deadline for the submission of financial statements where their financial year ended on 28 February. Subsequently, we received a number of enquiries about applying for an […]
On Tuesday, David Ferguson, founder and chief executive of Nucleus Financial Group in the UK, speaking at the Sanlam i3 Summit, said RDR and all the associated legislation introduced in the UK in […]
We requested clarity from the FSB on the interpretation of the various publications on this matter. Two of my colleagues at Moonstone Compliance then very kindly drew up the table below which certainly […]
The decision in the Hlumbane case by the Appeal Board of the FSB provides very interesting information about the Board’s powers in terms of decisions made by the Registrar of Financial Services Providers, […]
From the Long-term Ombud’s 2016 annual report: The Assessors and Adjudicators in the Long-term Ombud’s office were canvassed about the issues that currently fall into this category. Last week we discussed “Bad Bargains” […]
Twenty four determinations were issued by the FAIS Ombud in the 2015/2016 financial year, half of which concerned short-term insurance products. Settlements, where respondents “pleaded guilty” amounted to a staggering 1 150. So far, […]
It sometimes seems that the old colonial approach of “Divide and rule” was replaced in Africa by “Delay and rule”. Almost a year after the Bill was first passed in Parliament, the President […]
Despite regular reminders, payments to advisers outside of what is legally permissible continue to make the news. This topic was covered in some detail in FAIS Newsletter 23, published in March 2017. Although the article […]
Board Notice 51 of 2017 is a 31 page addition to the current list of recognised qualifications for FSPs and compliance officers. We note that all the qualifications are now marked as “G” […]
The demarcation between health insurance and medical schemes has a long history, going back as far as 2000 after the enactment of the Medical Schemes Act no. 131 of 1998. The basis of the […]
The Financial Intelligence Centre (FIC) has issued a Revised Public Compliance Communication 05B (PCC) which provides clarity to accountable and reporting institutions on their obligations of registration with the FIC. This revised PCC […]
In South Africa, automation of financial advice is still relatively scarce, but very likely to surge in the next few years. In the USA, it already plays an important role in the investment […]
On 27th of March we published an extract from the ASISA Dispatches to give readers a perspective on the multitude of legislative changes currently underway in the financial services environment. On Tuesday, the Financial […]
If you have just returned from a visit to Mars, you may want to take cognisance of some of the legislative changes that are currently taking place. It is a daunting task just […]
