Changes to aspects of FAIS Ombud’s approach to handling complaints

The new Rules also incorporate the proposal to raise the Ombud’s jurisdictional limit from R800 000 to R3.5 million.

Draft Regulations on Hedge Funds

The National Treasury (“Treasury”) and Financial Services Board issued the following media release last week: In 2012, South Africa, as a committed member of the G20, embarked on a process to enhance and […]

New Financial Intelligence Centre Directives

The FIC issued two new directives applicable to all accountable and reporting institutions: Directive 1 stipulates that “All institutions registered with the FIC are required to update their registration details only via the […]

Fraudulent RE Certificates

Candidates who pass the level 1 regulatory examination are issued with certificates which record this fact. These documents contain a number of security features to avoid fraudulent use thereof. Details of this cannot, […]

Retail Distribution Review Update

Plans to review the way in which products are distributed, and specifically the way in which advisors are remunerated, took centre stage in the media recently. RDR is not only about replacing commission […]

Impact of Legislative Changes on Level 1 REs

The Financial Services Laws General Amendment Act, No. 45 of 2013 (FSLGA Act) was published in the Government Gazette on 16 January 2014, and included changes to the Financial Advisory and Intermediary Services […]

Treasury Proposals to Promote Savings

A media release on Friday sheds more light on these planned initiatives by the government to supplement the current interest income exemption with tax free savings accounts: This paper lays the basis for […]

Update on Retirement Reforms

The 2014 Budget announcement contained more detailed information on where we currently are on the road to extensive reforms of the retirement industry. A media release by National Treasury on 14 March 2014 […]

Foreign FSP Registration

Foreign FSP Registration A Foreign representative is recorded on the Registrar’s database using his/her passport number as identification. Unfortunately, each time a passport is renewed, a new passport number is issued. The Registrar’s […]

Electronic updating of Representative Registers

FSBA financial services provider (FSP) must in terms of Condition 3 of its licence, inform the Registrar of Financial Services Providers (Registrar) within 15 days after any change to its register of representatives. […]

Retirement funding gets a boost

The Taxation Laws Amendment Act No. 31 of 2013, published in Government Gazette No. 37158 on 12 December 2013, contains very important changes to the tax treatment of contributions to retirement funding. Hettie […]

Hedge Fund Regulation a Step Closer

The National Treasury and the Financial Services Board (FSB) published a Joint media statement outlining their preliminary response to stakeholder comments on proposals released in September 2012 for regulating hedge funds. Annexure A, […]

Retirement funding gets a boost

Old Mutual Representatives Granted Exemption

Board Notice 273 of 2013, published in December last year, provides details of an exemption granted to certain Old Mutual representatives in respect of the experience and qualification criteria applicable to: Collective investment […]

Are Pension Fund Trustees Equipped to handle Death Benefits?

An article on the Norton Rose Fulbright website poses an interesting and challenging question to trustees in terms of their obligation as far as the distribution of death benefits is concerned. Prior to […]

Irregularity Reporting

A recent press release by the FSB named nine funeral services providers who appear to be acting outside of the law. Is it only the Regulator’s duty to expose such transgressors, or do […]

Final RE date for Reps Working Under Supervision

An important amendment to the conditions applicable to representatives working under supervision was announced in Board Notice 260 of 2013, published on 19 December 2013. Readers may recall that there was some uncertainty […]