FSCA to act to recover R495m in fines owed by Jooste

Authority releases report on fines, debarments, investigations, and licence suspensions and withdrawals in 2023/24.

Consumer Expectations from TCF

There was a time when actuaries at product houses spent endless hours developing a product, packaging it, and then sending it to the marketing division with the message: “Go out there and find […]

Does the Penalty fit the “Crime”?

That which was termed “excessive” fines by the local regulatory authorities pale into insignificance when compared with what happened in the UK last week. The Financial Conduct Authority (FCA) imposed a financial penalty […]

Withholding of Pension Withdrawal Benefits

A recent determination by the Pension Funds Adjudicator concerns an employer’s decision to instruct the administrator of the pension fund to withhold the complainant’s withdrawal benefits after terminating his service. In their response […]

Managing and Mitigating Risk in your Business

The FAIS Supervision Department of the FSB follows a risk-based approach in supervising financial services providers (FSPs). Licenced entities are categorised in five sectors, ranging from high impact to small FSPs, with the […]

Proposed Changes to Liquid Assets Definition

Financial Services Providers who receive client funds are required to conform to very specific requirements in terms of liquidity, as set out in the Determination of Fit and Proper Requirements. In terms of […]

Services Under Supervision

The introduction of the FAIS Act brought with it a new set of regulatory requirements, including those pertaining to industry incumbents being fit and proper. As these conditions were refined, it became evident […]

"MyLawyer” Settles with Enforcement Committee

The FSB published details of a settlement reached with a company trading as “MyLawyer” (the respondent) who acknowledged that it had contravened section 7(1)(a) of the Short-term Insurance Act (STIA). From November 2011, […]

Short-term Ombud Ruling Appeal Mechanism

Insurers and consumers are now entitled to appeal against final rulings by the ST Ombud. This applies to complaints received on or after 1 December 2013. Any party affected by any formal ruling […]

And you thought Compliance was expensive?

The latest determination by the FAIS Ombud provides clear proof that non-compliance with one’s obligations under the FAIS Act and the General Code of Conduct can be a very costly affair. The information […]

Exhaustive Law Amendments Published

The Financial Services Laws General Amendment Act, Act No. 45 of 2013, was published on 16 January after extensive consultation with various role players and affected parties. The preamble to the publication states […]

Proposed Advertisement Guidelines

We publish below extracts from a document recently published by the Regulator aimed at regulating “advertisements, brochures and similar communications”. A Draft Information Letter, providing guidance to long-term and short-term insurers on the […]

Training News

A number of important documents were placed on the FSB website on Friday. Two of these are of particular importance to those involved in training, as well as those who are subject to […]

Penalties for late submissions

The FSB’s FAIS Newsletter 16 was published on 13 December 2013. The second article states that a decision was taken to implement punitive measures available to the Regulator when FSPs fail to submit […]

FSB: Debarment Guidelines

At the end of October, we published an article titled, New Debarment Notification Document, containing details of a new form which has to be completed and sent to the FSB when a key […]

New Debarment Notification Document

FAIS Circular 7, issued by the FSB this week, contains details of a new debarment notification document which comes into effect tomorrow, 1 November 2013. The background to this new form was discussed […]

TCF Update

The Treating Customers Fairly Roadmap provides some guidance to the planned roll out of this initiative, with enforcement indicated as starting in January 2014. The fact that it has its own unique little […]