Financial Inclusion
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 […]
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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.
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High Court awards widow R2.7 million
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 […]
Enforcement under Twin Peaks
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 […]
Remorse and Forgiveness
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 […]
Qualifications and Execution of Sales
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 […]
New ombud system proposed
The ceremony at which Jack Nicholson received his Oscar for “As good as it gets” was the same one where “Titanic” dominated all the categories. Nicolson, with that wicked smile of his, opened […]
Too many eggs in one basket?
“Catch-22 is any paradoxical, circular reasoning that catches its victim in its illogic and serves those who have made the law.” One of the options in the Merriam-Webster dictionary reads: “A situation presenting […]
Moonstone Regulatory Update Workshops 2017
In the financial services industry in South Africa, the only certainty is change. A number of regulatory changes with significant impact on the industry are in the pipeline. Moonstone Compliance is pleased to […]
Southern Cape Fires: The Future in the Rear View Mirror
“Our tale is of a rather sobering scenario that should urgently be considered by those planning for the Garden Route’s future […] in this possible future, fires would rage with abnormal intensity, seriously […]
Twin Peaks making grim progress
In the early days of “The Pill” the UCT rag magazine, Sax Appeal, reported on a new book by the Pope titled: “The pill’s grim progress.” No doubt, the same scepticism accompanies the […]
Key Individual cannot delegate accountability
In a recent Appeal Board case, the FSP appealed against the FSB’s decision to debar her for five years. One of the grounds she raised was that her secretary failed to inform her […]
Insurance Bill Update
The National Treasury presented its response to public comments received on the Insurance Bill, 2016, to Parliament’s Standing Committee on Finance in May. A copy of the Bill, as well as the presentation […]
Moonstone Brand Ambassador, Oliver Bekker, excels
Oliver Bekker, brand ambassador for Moonstone and Suitebox, saw a lifetime dream come true when he qualified for the 117th US Open golf tournament at the Erin Hills course in Wisconsin which starts […]
Too many cooks
The phrase “Friends, Romans, Countrymen, lend me your ear” was not uttered by Vincent van Gogh after the painful self-inflicted loss of his hearing appendage. A recent FAIS Ombud determination reminded me of […]
Three new Appeals against Ombud findings
The latest hearings schedule of the FSB Appeal board contains details of three appeals against decisions made by the FAIS Ombud in 2016 which are to be heard in June 2017. The Wallace determination […]
Future Product Training
The latest proposed amendments regarding intermediary proficiency stem from a review of the competency framework, and aims to build on the existing requirements by establishing an effective and proportionate regulatory framework to ensure […]
