FSB on Execution of Sales

The FSB responded as follows to two articles we recently published on these topics. In your articles, “Sticking to the script?” and “FSB Fit and Proper Requirements: Qualifications and execution of Sales”, published […]

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Was Ombud entitled to bend the rules?

This question will be answered on 30 November, when the J C Mostert / L Landman appeal against a determination by the FAIS Ombud Appeal is heard by the FSB Appeal Board. We believe […]

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New Fit & Proper and the REs

Market indications are that the final Fit and Proper Regulations are due for publication any day now. These regulations form an important part of the knowledge tested in the Regulatory exams. Changes to […]

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FIC Amendment Act Readiness Test

The Financial Intelligence Centre recently sent a guidance note to all Accountable Institutions to assist them in assessing their readiness to comply with the amended legislation which came into effect on 13 June and […]

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Cost implications of Twin Peaks

Some of the harshest criticism of the Financial Sector Regulation Act concerns cost, with some claiming inadequate impact assessment, specifically as far as cost is concerned. Caroline Da Silva,acting Deputy Executive Officer for […]

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Twin Peaks approach to licencing

The Financial Sector Conduct Authority (FSCA) envisages a shift from the current sectoral licensing model to a more centralised, activity-based licensing one. This shift, however, will only take place in the second phase […]

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A second bite at the apple

The Groenewald determination, which just came to hand, indicates a more democratic approach by the Ombud. In the past, a determination was made, signed, sealed and delivered. This case saw the Ombud make […]

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CMS Annual Report 2016/17

The Council for Medical Schemes (CMS), regulator of the medical schemes industry, released its Annual Report for 2016-2017 on 5 October, providing a comprehensive report on the status of the private medical schemes industry […]

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FSB Regulatory Updates

The FSB published the following information on draft documents for comment in its FAIS Newsletter 24. Conduct of Business Returns (CoBR) The draft FAIS CoBR was published for comment on 6 December 2016. Comments were received from […]

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In good faith

A case study recently published by the Short-term Ombudsman reiterates the basic principle that short-term insurance is a contract entered into in good faith and that there was no obligation on an insurer […]

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Compliance audit on credit life insurance policies

Since the publication of the final credit life insurance regulations (the Regulations) that came into effect on 10 August 2017, Moonstone received numerous queries relating to the compliance requirements imposed by the Regulations. In the […]

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Updating of Policy Wording

A noteworthy comment from the SAIA September newsletter: The Short-term Ombud indicated that Insurers’ policy wording and claims philosophies are not updated and aligned to changes in technology and criminal behaviour. For example, […]

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The client’s right to know

Last week, we reported on the Phoshera judgment by the FSB Appeal Board where it concurred with the view of the FAIS Ombud that the rejection of a claim was warranted on the […]

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Too many eggs in one basket?

“Catch-22 is any paradoxical, circular reasoning that catches its victim in its illogic and serves those who have made the law.” One of the options in the Merriam-Webster dictionary reads: “A situation presenting […]

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FAIS Ombud Actions Queried

Two issues in the recent Phoshera appeal again saw the Appeal Board ask questions about the FAIS Ombud’s decisions. “This appeal is filled with procedural anomalies. First, there is the question of condonation […]

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Exemption for Compliance Officers

FAIS Notice 119, published on 13 September 2017, contains details of changes to the minimum prescribed intervals of visits and reports by compliance officers as contained in Section 4(4) of the Notice on Compliance Officers. […]

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Retirement Funds Default Regulations

The latest ASISA Dispatches comments as follows: The final regulations were issued by the Minister of Finance on 25 August 2017. The effective date is 1 September 2017 with 18 months being afforded for existing default arrangements to […]

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