DOFA Do’s and Do Nots
Vetting the date of first appointment of applicants and appointees is an important part of compliance. FAIS Newsletter 20, published on 19 May 2016, contains a number of pointers to make life easier […]
Compliance and Legislation
Changes to aspects of FAIS Ombud’s approach to handling complaints
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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Provident Fund Annuitisation Legislation
National Treasury has confirmed that the 2016 Revenue Laws Amendment Act, promulgated on 20 May 2016, qualifies provident fund members for a tax deduction on their own contributions ‘without being required to annuitise […]
Bulk transfers by FSPs and Insurers
This is the title of an article in the FSB’s FAIS Newsletter 20, which also addresses the shortcomings mentioned at the conclusion of the article above. In instances where the transfer of clients resulted […]
FAIS Ombud Dismisses Complaint
No need to check the calendar – it’s not 1 April. On 25 October 2012, the complainant entered into a contract of insurance for comprehensive cover in respect of a vehicle. The insurer was […]
Employer Liability for Employee Advice
The Wallace determination by the Ombud, discussed in last week’s Moonstone Monitor, contained reference to the FNB/Newlove case which was referred to the FSB Appeal Board, which ruled in favour of the Ombud’s […]
Is Criticism of FSR Bill Justified? By Alan Holton
Does the proposed Financial Sector Regulation Bill really “…violate the Constitution, the doctrine of the separation of powers and the rule of law…”? Mr Martin van Staden is a law student at the […]
Ombud holds Insurer liable for Sharemax loss
During September 2009 James Wallace, the complainant, consulted his Momentum representative, Ian Marais, about investing his mother’s money as well as some of his own. His seventy year old mother resided in the […]
DOFA Deadline Looming
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 […]
Claims and Medical Opinions
The Long-term Ombud’s Ombuzz Issue 33: April 2016 contains some very interesting case studies on the role of medical opinions when claims are repudiated. In many complaints our office has to deal with […]
Latest Enforcement Committee Orders
The Enforcement Committee of the FSB recently published interesting details of two settlement cases. Magnum Opus It appears that Magnum Opus Investment Managers administered a collective investment scheme without being duly licenced, or […]
Reinstatement of Debarred Representatives
We receive enquiries on a daily basis from (often disgruntled) representatives who wish to re-enter the industry by applying to have their debarment lifted. Unfortunately, as a representative, you cannot apply to have […]
When is a debarment not a debarment? Part 2
Alan Holton of Compliance Monitoring Systems, and a Moonstone Compliance associate, continues his in-depth look at this very contentious issue from a legal perspective. The FSB produced a GUIDELINE ON THE DEBARMENT PROCESS […]
When is a debarment not a debarment? Part 3
This is the third and final article in a series by Alan Holton of Compliance Monitoring Systems, and a Moonstone Compliance associate, on this very contentious issue. What is a possible remedy? It […]
Proposed amendments to the Exemption i.r.o. COs under Supervision
In terms of the Exemption, a supervisee who does not meet the required experience and regulatory examination requirements on approval, may render compliance services under supervision whilst obtaining the required experience and regulatory […]
When is a debarment not a debarment? Part 1
This subject normally elicits more responses from readers than most others. Alan Holton of Compliance Monitoring Systems, and a Moonstone Compliance associate, takes an in-depth look at this very contentious issue from a […]
FIC Update
The Financial Intelligence Centre (FIC) is preparing to launch its new registration and reporting system on Monday, 25 April 2016. To date, it has migrated the registration data of all institutions currently registered with the […]
