Proposed Qualification for Trustees
Subsection (3) of Section 7C of the Pension Funds Act prescribes that, within a period of six months after a person becoming a board member, he or she must have, or acquire, certain […]
FSCA can serve penalty notices electronically on foreign respondents
As a result of the declarator, the High Court ordered the Tribunal to revisit its decision regarding the R50m fine imposed on Viceroy Research.
Client Acquisition Costs
There appears to be a perception in some circles that a financial adviser sits in his plush office, while clients queue up outside, waiting for their turn to make use of his invaluable […]
Egypt’s Moursi sentenced to death
Former president Mohammed Moursi, cleric Yusuf Al-Qaradawi, and 104 other people have been sentenced to death. Among the others condemned on Saturday, May 16, were Mohamed Badie, the Supreme Guide of the Muslim […]
Discussion paper on Reinsurance
The FSB recently published a document on the proposed future regulatory framework for reinsurance in South Africa. This document – Outlines the results of the reinsurance regulatory review carried out by the Financial […]
Material Terms Revisited
The need to ensure that material conditions in a contract are brought to the attention of a client is clearly illustrated in a case study published by the Short-term Ombud. This applies equally […]
Springbok History
My colleague, Deon du Toit, recently sent me a link to a site called Springbok Rugby Hall of Fame. I found it incredibly interesting. For example: if you and your mates differ on […]
Levy Calculators
My colleague, Paull Lawrence, updated his levy calculators to help you determine what you can expect to pay. There are two tools – the one is for sole proprietors only, and another for […]
Is Restitution Fair to All?
A reader recently shared an interesting case with me concerning claw back of commission after a claim was repudiated. As this concerns principles, rather than the specific insurers, I removed all references to […]
Nigeria mulls lifting forex restrictions as economic growth slows
The Nigerian economy expanded by 3.96% y-o-y during 2015 Q1, down from 5.94% y-o-y in 2014 Q4. The National Bureau of Statistics (NBS) recorded a 11.57% q-o-q decline in real GDP during Q1, […]
2015 Levies Published
Board Notice 101 of 2015 contains details of the levies payable by 31 October 2015: Levy on Category I and IV FSPs: Base amount of R3 391 Fee of R542 per KI/Rep Levy on Category II, […]
DOFA and the Five Year Experience Requirement
FAIS Information Circular 2 of 2015, dated 12 April 2015, clarifies a practice which both the Registrar and the industry appears to have applied incorrectly. At the heart of the matter lies the Fit and […]
Super 15 Hoogtepunte
Die slag van Wellington Julle is welkom om my onpatrioties te noem, maar die wedstryd waarna ek die meeste uitsien hierdie naweek is die riller in Wellington, NZ, waar die Hurricanes op hul […]
Financial Statements
FSPs whose financial year ends at the end of February need to submit their financial statements to the Registrar by the end of June. Please bear in mind that, should you require to […]
Verification of Client Information
A recent decision by the FSB’s Appeal Board provides interesting insights into the determination of the period for which a person is debarred. A second aspect will be of interest to those who […]
Shambolic Sharks…
In response to feedback on the new layout of our newsletter, we resume our tongue-in-cheek sport column, and will continue to do so on Thursdays. The major disappointment from a South African rugby […]
Approved Specimen Mandate Amendments
FAIS Newsletter 16, published in December 2013, contains the following information: Sections 5.4 of the Administrative Code of Conduct and 5.2, 5.3 of the Discretionary Code of Conduct deal with the approval of […]
