SARS pays back R10bn, but some taxpayers’ refunds are being withheld

Taxpayers should inform SARS if they have been unemployed for a full year or longer, to avoid being flagged as non-compliant.

Taking Stock

Reaction to the recent introduction of the E-Toll system in Gauteng reminded me of a similar sense of indignation a few years ago when the regulatory examinations were announced. Many people in the […]

FSB Compliance Department Annual Report

The FAIS Compliance Department’s goal is tasked with ensuring that all FSPs are held to a high degree of compliance with the FAIS Act. The Department is also committed to instil the goals […]

FAIS Supervision Annual Report

The FAIS Supervision Department of the FSB supervises financial services providers (FSPs) in terms of a risk-based approach. In response to the changing face of the regulatory landscape, international trends and outcomes of […]

Compliance Officer Presentation

The FSB’s presentation for compliance officers provided a lot of practical insight and advice. Whether you are an external or internal CO, there is a lot of food for thought and consideration on […]

Financial Intelligence Centre Directive 01/2013

A recent request from the FIC contained a request for all accountable and reporting institutions to ensure that their records at the Centre are up to date and accurate. The actual directive spelling […]

Compliance Consolidation

The introduction of the FAIS Act brought a number of additional layers of cost which providers of financial services had to absorb. The majority of the tentacles of this octopus have compliance written […]

TCF Guide for small FSPs and IFAs

Treating Customers Fairly will impact on the whole industry. To date, most of the communication was aimed at corporates and industry bodies, with little information flowing through to smaller FSPs and independent financial […]

FSB: Debarment Guidelines

At the end of October, we published an article titled, New Debarment Notification Document, containing details of a new form which has to be completed and sent to the FSB when a key […]

FSB: Guidelines on Advertising and Marketing

In the light of an increase in practices relating to advertisements, brochures and similar communications that are contrary to section 4(3) of the Long-term and Short-term Insurance, steps aimed at addressing this were […]

POPI: Are you all set?

This article is published with the kind permission of Van der Spuy and Partners in Paarl and Cape Town. The protection of privacy in South Africa has undergone intense investigation over the last […]

FAIS Ombud 2012/2013 Annual Report

The statistics section of the Ombud’s report provides useful insight into trends in the industry. New complaints received During the applicable year, the FSB received 9 949 complaints. The total number of complaints […]

FSB Directive on Causal Event Charges

Following on from a recent draft document calling for input from the industry, the Registrar has now published a directive on the maximum causal event charges which may be deducted under Part 5A […]

New Debarment Notification Document

FAIS Circular 7, issued by the FSB this week, contains details of a new debarment notification document which comes into effect tomorrow, 1 November 2013. The background to this new form was discussed […]

FSB in the Box

I came across a most interesting document on the FSB website. Allan Greenblo, Editorial Director of Today’s Trustee, conducted an interview with Mr Dube Tshidi (pictured above), executive officer of the FSB. One […]

Risk Management Plans

Section 11 of the General Code deals with the control measures required: “A provider must at all times have and effectively employ the resources, procedures and appropriate technological systems that can reasonably be […]

FSB and Ombud Levies

All registered FSPs should, by now, have received their invoices in respect of the FSB and FAIS Ombud levies. These levies are for the period 1 April 2013 to 31 March 2014. If […]