Investors demand justice as alleged ‘Ponzi mastermind’ remains free

Victims of the Classic Financial Services scheme express dismay that director Cobus Geldenhuis remains at large amid ongoing accusations of defrauding innocent investors.

Appeal Court Judgment on J Arthur Brown

The successful appeal by the State against the judgment by the High Court against J Arthur Brown certainly makes for interesting reading. The judgment found that the Western Cape High Court erred in […]

Moonstone RDR Workshops

The Retail Distribution Review will have a huge impact on the way business is conducted in all sectors of the financial services industry. We expect two reactions to the proposals: those who dig […]

Direct Marketers and Aggregators

Steven W writes: It seems that direct marketers of insurance, and those who actually meet with the public, have dissimilar disclosure requirements, with the direct marketers having considerably less of an obligation than […]

Alleged Investigation of the FSB

In a media release issued on 30 October 2014, the Financial Services Board (FSB) shared its views on a media statement circulated by Kadesh Consulting, which alleges that there is an investigation underway into, amongst […]

FAIS Department 2014 Annual Report

The information below was extracted from a supplementary report to the FSB’s Integrated Annual Report which provides an overview of activities of all divisions in the FAIS department for the year which ended […]

Is it Time for a Compliance Review?

Diligent financial advisors conduct regular reviews of their clients’ portfolios to ensure that their aims and goals are on track. This is not only a regulatory requirement, but essential for new business purposes […]

Appeal Court Addresses Conditional Selling

A FSB media release on 9 October highlights far-reaching implications for finance and loan providers who coerce clients to make use of in-house brokerages. A recent judgement by the Supreme Court of Appeal […]

Microlenders Challenged

Business Day reported on 12 October about a court challenge to what it terms “dodgy micro lending.” In an unprecedented legal challenge, the University of Stellenbosch’s Legal Aid Clinic (LAC) is taking on […]

Cadac Application Fails

The Financial Services Board (FSB) confirmed in a media release that an application for leave to appeal in a matter brought by Simon Nash, CEO at Cadac, against the regulator and a number […]

Direct marketing: How POPI has redrawn the battle lines

Posted on 1 September 2014 on the website of Millers Incorporated and re-published here with their kind permission. Hierdie artikel is ook in Afrikaans beskikbaar More and more consumers are becoming aware of […]

Due Diligence Obligations

The “why” of this requirement is clear to all, but the “what”, “how” and “when” remains one of the biggest grey areas for FSPs. If you place your client’s business with a leading […]

Think TCF – Part 3

Thus far in this series of articles, we covered the need to embed fair treatment of customers in the culture of your business, and ensuring that the products you recommend address the real […]

SARS and Sharemax

Sharemax made the headlines again last week, after a relatively long lull in media exposure. It was reported that SARS applied to the North Gauteng High Court to liquidate Sharemax Investments in view […]

Think TCF Part 2

Outcome 2: Financial services & products rendered to clients are designed to meet the needs of clients. Your first thought is possibly: this does not apply to me. Think again. This outcome of […]

Input on Proposed Guidance Notice

The Deputy Registrar of Financial Services Providers invited industry input on a proposed Guidance Note on the interpretation and application of section 13(1)(c) of the Financial Advisory and Intermediary Services Act, 2002. This […]

The Real Future of Financial Advice in Australia

By Steve Manning It’s been a strange time In the same week the senate inquiry released a damning report against the financial advice provided by Commonwealth Financial Planning (CBA), the government quietly rolled […]