Registration for Class of Business training by Moonstone Business School of Excellence (MBSE) is now Open What and When? The Act stipulates that a FSP and representative must complete the class of business […]
The amended Determination of Fit and Proper Requirements come into effect on 1 April 2018. The competence requirements relating to regulatory examinations contained in the amended Determination apply to all FSPs, key individuals and representatives […]
The sustainability of independent financial advice was always a key aspect in the Registrar’s approach to the Retail Distribution Review. Board Notice 181 of 2017, published on 10 November last year, aims to level […]
The Financial Services Board subcontracted the beleaguered KPMG to do an impact assessment on the proposed amendments related to the Fit and Proper requirements, as published in the Draft fit and proper requirements […]
A recent case before the FSB Appeal Board saw the period of debarment halved which is an interesting deviation from previous views held by the Board on its powers to interfere in decisions […]
We have become used to the publication of important regulatory changes on and after 15 December each year, but 2017 set a new “record” which will be hard to beat. We will be sharing […]
This year, which is speeding to an end, has arguably been the busiest in my 40 years in the industry. The latest batch of legislative changes envisaged for the next six months is […]
How do the numbers contained in the Ombud’s latest report reflect on its mandate? Complaints received for the period 1 April 2016 to 31 March 2017 came to 10 846, compared to 9 891 for the previous year. • […]
The Financial Sector Regulation (FSR) Act was signed by the President in August 2017. The National Treasury announced that it will be publishing a series of consultation documents, setting out in more detail the […]
The Registrar has published proposed amendments to the General Code of Conduct for Authorised Financial Services Providers and Representatives, 2003 and proposed amendments to the Specific Code of Conduct for Authorised Financial Services […]
Perceived disparities between remuneration for tied agents and independent advisers have been a bone of contention for ages. The Registrar also expressed concerns about the possibility of using remuneration, other than commission, to […]
A recent decision of the High Court in Bloemfontein where an FSP was found to have been negligent in advising a client to invest in the Sharemax scheme, is a “must read” for […]
When the Financial Sector Regulation Bill was sent to parliament for final ratification, it was returned with a number of proposed amendments, most of which related to financial inclusion. This was also the […]
A bereaved widow, who was convinced to invest R2 million in the Sharemax Villa scheme, finally saw justice a month ago in the Bloemfontein High Court, when the judge held her financial advisor accountable […]
A fairer dispensation for all? The second issue of the FSB’s Twin Peaks newsletter contains four sections, one of which discusses the issue of enforcement, where we experienced problems in the past, in […]
Reviews of decisions by the Registrar and the FAIS Ombud tend to take a slightly more formal and legalistic approach. In the case of the FSB, particularly, it also provides insight into cases […]
The new Fit and Proper (F&P) requirements due for publication any day now contains reference to a new concept which aims to address a thorny issue, namely the different levels of complexity of […]
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