Claims and Medical Opinions
The Long-term Ombud’s Ombuzz Issue 33: April 2016 contains some very interesting case studies on the role of medical opinions when claims are repudiated. In many complaints our office has to deal with […]
Massive interest in two-pot withdrawals puts administrators to the test
As the two-pot system rolls out, fund administrators are receiving a wave of withdrawal claims, highlighting the financial squeeze many are feeling.
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Annual Financial Statements Reminder
The majority of FSPs have a financial year end of February. For them, it means that the 2016 financial statements need to be submitted by 30 June this year. Full details are contained in […]
New Financial Intelligence Centre Notices
The FIC published two new notices on 25 April: Notice 1: “The FIC is in the process of validating the applications of those registrants who have applied for access and to whom the […]
Latest Enforcement Committee Orders
The Enforcement Committee of the FSB recently published interesting details of two settlement cases. Magnum Opus It appears that Magnum Opus Investment Managers administered a collective investment scheme without being duly licenced, or […]
SA Football shows the way
Sports Minister, Fikile Mbalula, on Monday said: “I have resolved to revoke the privilege of Athletics South Africa (ASA), Cricket South Africa (CSA), Netball South Africa (NSA) and South African Rugby (SARU) to […]
The return of African Bank
Cadiz Asset Management published an interesting article on the way forward for African Bank. In 2014, the South African Reserve Bank (SARB) placed African Bank under curatorship following the largest bank and corporate […]
FIC Registration Turmoil
The alarm bells went off just after 8 am last Thursday as we started getting frantic calls from compliance officers about ORG Number notification emails sent to FSPs with instructions how to verify […]
Tax Law Changes and Provident Funds
Provident fund members stand to gain a significant income boost from tax law changes – GTC Wealth Management The changes to legislation regarding provident fund cash lump sums at retirement hit the headlines […]
Springbok emblem in the crosshairs again
We normally refrain from mixing politics with sport in this column. My comments below should also not be construed as political, but rather as a practical perspective on a few issues that should […]
Reinstatement of Debarred Representatives
We receive enquiries on a daily basis from (often disgruntled) representatives who wish to re-enter the industry by applying to have their debarment lifted. Unfortunately, as a representative, you cannot apply to have […]
New Proposals affecting Compliance Officers
Two new draft Board Notices were published by the FSB last week. The first aims to provide clarity on what will be required of current Compliance Officers in terms of regulatory exams, while […]
When is a debarment not a debarment? Part 2
Alan Holton of Compliance Monitoring Systems, and a Moonstone Compliance associate, continues his in-depth look at this very contentious issue from a legal perspective. The FSB produced a GUIDELINE ON THE DEBARMENT PROCESS […]
When is a debarment not a debarment? Part 3
This is the third and final article in a series by Alan Holton of Compliance Monitoring Systems, and a Moonstone Compliance associate, on this very contentious issue. What is a possible remedy? It […]
New CO Fit & Proper Proposals
We reported on the 18th of April of two new draft Board Notices which aim to clarify the regulatory exam requirements for compliance officers and COs under supervision. A compliance officer must successfully […]
Proposed amendments to the Exemption i.r.o. COs under Supervision
In terms of the Exemption, a supervisee who does not meet the required experience and regulatory examination requirements on approval, may render compliance services under supervision whilst obtaining the required experience and regulatory […]
When is a debarment not a debarment? Part 1
This subject normally elicits more responses from readers than most others. Alan Holton of Compliance Monitoring Systems, and a Moonstone Compliance associate, takes an in-depth look at this very contentious issue from a […]
