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.

FSB Press Release – Sep 2014

The Financial Services Board (FSB) warns the public to refrain from conducting any financial services business or investing funds with Discount Mart Cleaning Services CC trading as DMC Holdings (DMC) and/or Mr Abdool […]

Enforcement Committee Order Against Representative

The importance of the legal requirement to only conduct business with a duly authorised financial services provider was painfully underlined in the latest order by the Enforcement Committee (EC), when the respondent, a […]

In (not so) Full and Final Settlement

Have you ever wondered why this disclaimer is contained in every claims settlement letter? The latest newsletter from the Long-term Ombud contains details of why merely stating “In full and final settlement” is […]

Retail Distribution Review Update

An article in Business Day last week provided an update on the long-awaited white paper on the Retail Distribution Review (RDR), which appears to be due any day now. Caroline da Silva, DEO […]

Pickvest Appeals to High Court

Last week was not a good one for the two most prominent property syndications in the country. We reported elsewhere about the woes of Sharemax, and now Picvest also made the headlines. This […]

Retirement Provision Concerns

In an address to parliament on 4 September, the Minister of Finance expressed concern over the number of people resigning to get their hands on money in their pension and provident funds. The matter […]

TCF Name Change

SAIA notes in its August newsletter that the Treating Customers Fairly (TCF) Department will cease to exist. It will, in future, form part of the Market Conduct Strategy Unit. This is in line […]

Levy Deadline for Rep Register

The FSB and FAIS Ombud levies are calculated on the status of your FSP as at 31 August every year. Any changes to the rep register must be conveyed to the FSB within 15 days. […]

Appeal against Debarment not Upheld

Details of appeals against decisions by the FSB’s Enforcement Committee provide very interesting insight into the practical application of legislation affecting most of our subscribers. What makes it even more interesting is that […]

Carelessness can be Costly

The latest determination by the FAIS Ombud provides clear evidence that the moving of an insurance book is not merely a routine admin matter which can be left in the hands of others. […]

Are Agencies Over-Rated?

Barbara Kiviat*, a former Time staff writer, noted in an article last year on the global financial crisis that the jury is still out on what exactly happened, and who is to blame, […]

Registrar authorises portfolios to ‘side pocket’ ABIL debt

The Registrar of Collective Investment Schemes (CIS) will allow CIS managers to create new funds, known as “side pockets”, to host African Bank Investment Limited (ABIL)’s debt instruments. The move seeks to assist […]

National Credit Act Training

A recent article posted on Bizcommunity provided a summary of the amendments to the National Credit Act which was published on 19 May 2014. The amendments aim to provide added protection for consumers, […]

New Battle Lines Drawn in Demarcation Debate

The invitation to respond to the proposed demarcation regulations on healthcare products elicited 461 responses, according to Business Day. The proposals may be unconstitutional, and is likely to be challenged in court. If […]

Real Restitution

In the space of the last eight weeks we saw seven determinations against one FSP, and it is likely that there is more to come. The total in fines meted out by the […]

Gap Cover – the Real Facts

The negative implications contained in the demarcation proposals on health cover products was clearly outlined in an article by Adri van Zyl in Die Burger on 6 August 2014 titled Versekeraars is op hol. The […]