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.

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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 […]

Guidance for Hedge Funds

The Financial Services Board published guidelines on requirements for advertising, marketing and information disclosure applicable to Hedge Funds. Following the declaration of hedge funds as collective investment schemes, all hedge funds are required […]

Fica Bill finally signed

It sometimes seems that the old colonial approach of “Divide and rule” was replaced in Africa by “Delay and rule”. Almost a year after the Bill was first passed in Parliament, the President […]

Advanced Medical Scheme Broker Training

The Council for Medical Schemes (CMS) will be hosting a one day consultative “Advanced Broker Training workshop for accredited healthcare brokers. This initiative is in response to a request by healthcare brokers who […]

FIC Update

Registration Guidelines on Youtube The Financial Intelligence Centre created a Youtube channel containing videos on registering on the goAML system. They currently detail: The documents required Process for Entities already registered with the […]

Raging Bull Awards

Congratulations to all recipients of these prestigious awards from all of us at Moonstone. It is pleasing to note that the majority of these winners use our platforms to share information with the […]

Slim vang sy baas

This Afrikaans saying is very apt with regards to a recent Ombud determination in which, for once, the adviser was not held liable for a client’s loss. During January 2012, two complaints were […]

New Acts Affect Sectional Titles Schemes

Miller’s Attorneys of George recently published information about new legislation which will affect Trustees and Executive committee members of Housing Development Schemes (Community Schemes). Two new acts and regulations came into operation on […]

Appeal Board rules on Ombud RVAF finding

In one of the most important findings by the Appeal Board of the FSB, an appeal against a finding by the FAIS Ombud was upheld. The Ombud’s findings Some of the relevant findings […]

Growing importance of Data

At the 2016 Insurance Regulatory Seminar held in Cape Town last week, Farzana Badat, Head of Insurance Compliance went to great lengths to illustrate the importance of “…reliable, dependable, quality data… to articulate […]

Debarment Update

The Cliffe Dekker Hofmeyr publication Finance and Banking Alert – 17 October 2016 carries an article titled, Debarment of Delinquent FAIS Representatives. It provides a brief outline of what to do when a […]

Debarment after suspension

A recent Appeal Board decision contained a number of interesting comments regarding the withdrawal of a licence and debarment of a FSP. Background The appellant’s licence was withdrawn as a result of non-payment […]

Second Appeal also unsuccessful

The Ombud made a determination on 30 March 2012, holding the appellants liable for the repayment of the amount invested. An appeal was upheld by the Appeal Board on 26 February 2014. In terms of the order, […]

Placing Business Overseas

A recent case from the Enforcement Committee reinforced the importance of making sure that one understands the requirements contained in regulations and directives issued from time to time. The latest version of Directive […]

FSP Expectations from Product Providers

A landmark research report from Insight Discovery shows what IFAs expect from LISPs and asset management companies. Market intelligence firm Insight Discovery released its second South African Investment Panorama (SAIP), a survey of […]