Are Reps really liable for FSP Misconduct?

Two recent articles elicited a number of interesting questions from readers. Alan Holton’s thought provoking article, “Representatives also at risk” investigated what could happen if an employer FSP is no longer registered at […]

Read More

POPI becomes a Reality

The proposed amendments to the Financial Intelligence Centre Act (FICA), which is still awaiting signature by the President, takes on significant meaning in view of the court action instituted by the Minister of […]

Read More

POPI and your FSP

Despite a lot of early fanfare, little mention was recently made of this important piece of legislation which is bound to impact on each FSP. This overview is, by its nature, very brief […]

Read More

Application for Liquidation of Saxum Insurance

On 12 October 2016, the Registrar for Short-term Insurance launched an urgent application in the Johannesburg High Court to place SaXum Insurance Limited (SaXum) under final liquidation. The application is scheduled to be […]

Read More

Debarment after suspension

A recent Appeal Board decision contained a number of interesting comments regarding the withdrawal of a licence and debarment of a FSP. Background The appellant’s licence was withdrawn as a result of non-payment […]

Read More

FIC Guidelines

The Financial Intelligence Centre published PCC36 which provides clarity on the obligations of accountable institutions and other persons assisting clients in making use of the 2016 Special Voluntary Disclosure Programme (2016 SVDP) which […]

Read More

Due Diligence Revisited

The Appeal Board recently ruled on a determination by the FAIS Ombud on a complaint regarding an investment in the ill-fated Bluezone property syndication. Last week we commented on the observation by the […]

Read More

FAIS Newsletter 21

Enquiries indicate that many FSPs do not share important information like this with all their staff. Below is a summary and a link to the full document. Electronic submission of Handover Compliance Reports […]

Read More

Second Appeal also unsuccessful

The Ombud made a determination on 30 March 2012, holding the appellants liable for the repayment of the amount invested. An appeal was upheld by the Appeal Board on 26 February 2014. In terms of the order, […]

Read More

TCF in Dispute Resolution

An interesting case from the latest Short-term Ombud briefcase reflects that fairness and equity should be applied in settling a dispute. Background Ms. A suffered a burglary at her property, which was let […]

Read More

TCF in Dispute Resolution

An interesting case from the latest Short-term Ombud briefcase reflects that fairness and equity should be applied in settling a dispute. Background Ms. A suffered a burglary at her property, which was let […]

Read More

Ombud Overturns Rejected Claim

The latest Ombudsman’s Briefcase contains a number of case studies. It is interesting to note that the insurers involved are named in all of these cases. Below is one such a case, and […]

Read More

Proceed with Caution

Indications are that we will, in the next week or two, see updates on a number of proposed legislative changes, including the Policyholder Protection Rules. In the publication of the Phase 1 proposals in […]

Read More

Compliance Deadlines

All too often one sees a list of FSPs whose licences were suspended for failure to submit their compliance reports in time. Category I FSPs with a compliance officer are reminded to submit […]

Read More

POPI and the FSP – Part II

On Monday we discussed the rationale behind the Protection of Personal Information Act 4 of 2013 (“POPI” or “the Act”), some important definitions and the role of the information officer. This article deals […]

Read More