FSP Contractual Obligations
Employers will have to ensure that they have all their ducks in a row once the Financial Sector Regulation Bill is passed. There are two aspects, in particular, where the new legislation will […]
Industry News
RDR Update on Short-term Insurance
Theme 4 of the recently published RDR General Status Update by the FSB expands on items discussed in the RDR Phase 1 Status Update document, published a few weeks earlier. Key stakeholder feedback and […]
Good BYA PAIA in the SKYA
The Promotion of Access to Information Act came into being in the year of our Lord 2000. When it was eventually discovered that virtually every person in South Africa, including the informal street […]
FAIS Ombud Settlements
Whilst Ombud determinations receive fairly wide coverage, the same does not apply to cases where a settlement is reached between the complainant and the respondent. We extracted the cases discussed in the FAIS […]
PAIA Manual Deadline Looming
The Promotion of Access to Information Act 2000 requires all public and private bodies to compile manuals that must contain information which is to be made available in certain circumstances. A copy of […]
Professionalising Financial Advice
The Minister of Finance intends introducing the Insurance Bill, 2015 in the National Assembly shortly. The Bill seeks to promote the maintenance of a fair, safe and stable insurance market by establishing a […]
Enforcement Action against Short-term Insurer
The Enforcement Committee of the Financial Services Board levied a penalty of R100 000 against a short-term insurer, following a referral by the Registrar of Short-term Insurance stemming from a contravention of section 44 […]
Closing Loopholes under Twin Peaks
Some seriously bad outcomes for consumers of financial products resulted from products being designed in a way to circumvent regulatory supervision or action. Co-operation and collaboration between various bodies will form a cornerstone […]
Adviser Categorisation Alternatives
The RDR proposal to create three categories of advisers drew the most responses. A progress report was presented by Leanne Jackson at the 2015 Insurance Regulatory Seminar. RDR so far All stakeholder feedback […]
Future Approach to Market Conduct Supervision
A presentation at the FSB Insurance Regulatory Seminar provided practical insight into what we can expect from market conduct supervision when the new regulatory body is in place. We are rapidly approaching the […]
Taxation Laws Amendment Bill
The announcement of changes in the tax treatment of provident funds led to a flurry of resignations and withdrawals from members of such funds who feared that their ability to withdraw all their […]
Hakuna Matata
The Italian word “Andante” features in one of ABBA’s classic songs. Dictionaries define it as “a moderately slow” movement, usually in music. Closer to home, there is also a Swahili term, Pole-pole, which […]
Costly FICA Transgression
The latest Enforcement Committee order, against a stockbroking firm, should act as a warning to all financial services providers to ensure that they comply with the requirements of the Financial Intelligence Centre Act […]
Contradictory Interpretations
The latest issue of the Short-term “Ombudsman’s Briefcase” contains an interesting case which highlights again the difficulty of complying with varying interpretations by overseeing bodies. We recently commented on two FAIS Ombud determinations […]
Industry Opportunities and Challenges
Earlier this year, Insight Discovery, a Middle East based strategic research company, in conjunction with Moonstone Information Refinery, conducted the first South African Investment Panorama survey. The purpose of the exercise was to […]
Lessons from Overseas
It is good to know that most local authorities follow developments overseas very carefully while transforming the industry, and consult widely. Three recent reports from Australia are of importance to the local industry. […]
The psychology of investing in volatile times
Market volatility is something we are all accustomed to, but recent events have made investors more jittery than usual. China’s ‘Black Monday’ wiped hundreds of billions off the world’s financial markets last month […]
