Victims of the Classic Financial Services scheme express dismay that director Cobus Geldenhuis remains at large amid ongoing accusations of defrauding innocent investors.
Read moreProposed amendments to the definition of a “business of a medical scheme” The publication of the Second Draft Demarcation Regulations follows the enactment of the Financial Services Laws General Amendment Act, No. 45 of […]
On Tuesday we discussed what happens when material changes occur in a client’s health between the time of applying for life cover and acceptance of the risk by the insurer. My colleague Julian […]
The latest newsletter from the Long-term Ombud contains two cases where claims were repudiated as a result of a health condition manifesting between the date of application and acceptance of the risk. Non-disclosure […]
There can be little doubt that there is a steady increase in the efficiency of this champion for the fair treatment of consumers. The figures listed below come directly from the Ombud’s report: […]
The eagerly awaited discussion document on the review of retail distribution, expected this month, has a long history. The triangular association – whereby the intermediary provides advice to the policyholder but is incentivised […]
We commented on this very relevant topic last week. More detailed information has since come to hand. We will use this over the next few weeks to discuss what will possibly be contained […]
The FSB published guides for small FSPs and asset managers on the practical impact of treating customers fairly (TCF) on their businesses. The harsh reality of TCF is, of course, that you could […]
Alan Holton, an independent compliance practitioner and associate of Moonstone, recently shared the following information regarding amendments to the Financial Services Laws General Amendment Act of 2013. Financial Services Board Act 1990 and […]
The Pension Fund Adjudicator (PFA) recently ruled on an investor’s complaint regarding the excessive causal event charges. The PFA found in favour of the product house, but was rather scathing in her comments […]
It is standard practice that Ombuds do not rule on what investors may deem to be unsatisfactory returns. This ruling is interesting for two reasons: The complainant alleged that excessive fees caused the […]
The Retirement Funds Department of the FSB published Draft Information Circular 6 of 2013 to clarify its views on certain issues, including the payment of fees and commissions when a client elects to […]
Very little escapes the eagle eye of Alan Holton, a compliance practitioner and associate of Moonstone. He came across a publication which contains compliance related articles, and brought the following to our attention […]
The postponement of the Insurance Laws Amendment Bill, 2013 also impacted on a proposed change by the FSB to the FAIS Act. The objective of the proposed changes was to close regulatory gaps […]
The National Treasury (“Treasury”) and Financial Services Board issued the following media release last week: In 2012, South Africa, as a committed member of the G20, embarked on a process to enhance and […]
The FIC issued two new directives applicable to all accountable and reporting institutions: Directive 1 stipulates that “All institutions registered with the FIC are required to update their registration details only via the […]
When you walk on the right side of the law, it is often difficult to understand why so many obligations are placed on you to comply, when those, for whom the legislation is […]
