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 […]
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Cautionary note to CIS Managers
Board Notice 92 of 2014 was promulgated in August 2014. It prescribed disclosure requirements, and came into effect on 1 May 2015. The Registrar adopted a phase-in approach in order to allow Managers time to gain […]
Utilisation of Medical Services
The Council for Medical Schemes (CMS) carried out an analysis on the utilisation data of health services during the calendar years 2013 and 2014, based on the data provided by medical schemes through […]
Conveying Material Terms to Clients
There is more to conveying changes in material terms to clients than simply dropping them a note to that effect. The Khoza determination by the FAIS Ombud provides guidelines in this regard. The […]
FIA on Health Minister’s assertions
Justus van Pletzen, CEO at the Financial Intermediaries Association of Southern Africa (FIA), provided a much needed perspective on the issue of the impact of broker commission on the cost of private healthcare. […]
FAIS Ombud – Loss assessment disputed
The recent Cornelissen determination by the FAIS Ombud provided insight into a number of very interesting aspects not previously covered in her determinations. The eventual finding is also something new for us. Overcharging […]
FIC and Motor Vehicle Dealers
The Financial Intelligence Centre (FIC) has revised Public Compliance Communication 07 (PCC07) to explain the duties of motor vehicle dealers when reporting cash transactions of more than R24 999.99 to the FIC. The Centre […]
ASISA Introduces New Cost Comparison Standards
In a media release by the Association for Savings and Investment South Africa (ASISA) on 10 February 2016, it announced details of a new “meaningful” basis to allow consumers and advisers to compare charges and […]
Appeal Board Halves Debarment Period
An appellant received an early Christmas box on 24 December when he appealed successfully against a five year debarment for failing to meet the personal character qualities of honesty and integrity. The FSB debarred […]
Tax amendment Bill passed
The tax harmonisation reforms of retirement funds will be implemented from 1 March 2016. What are the changes that will come into effect on 1 March 2016? “The Taxation Laws Amendment Act, 2013 will come into effect […]
Investment in Hedge Funds by Pension Funds
The Registrar published a draft notice setting out conditions for investments in hedge funds by Pension Funds. Despite the declaration of a hedge fund as a collective investment scheme, any investment by a […]
FAIS Ombud Settlements
Whilst Ombud determinations receive fairly wide coverage, the same does not apply to cases where a settlement is reached between the complainant and the respondent. We extracted the cases discussed in the FAIS […]
Digital Disruption the new Game Changer
The latest PWC study titled Insurance 2020 & beyond: Necessity is the mother of reinvention, provides important insights into how technology will empower and shape the financial services industry in future. The information […]
Appeal Board Decision
It is not often that a determination by the FSB Appeal Board reveals some of the sad human realities of our society. The Appellant was debarred for two years for submitting false applications. […]
Kan Munisipaliteit jou kragtoevoer afsny?
Hierdie artikel word gepubliseer met die goedgunstige toestemming van Van der Spuy en Vennote. Die munisipaliteit het my in kennis gestel dat hulle my elektrisiteitvoorsiening gaan afsny omdat daar uitstaande betalings ten opsigte […]
A Bull on your Bonnet?
Having just spent ten days travelling extensively in Namibia, I am acutely aware of the dangers of running into animals. There are even warning signs against wart hogs, which I thought would not […]
Medical Schemes Council Ups the Ante
MSC Circular 59 of 2015 contains proposed amendments to the Medical Schemes Act, including various fee increases. Regulation 31 deals with the amounts payable to register a medical scheme, to accredit an administrator, […]
