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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.
Read moreJustice delayed…
The Fidentia saga first came to light in March 2007 when J Arthur Brown and Graham Maddock were arrested. In February 2008, Maddock entered into a plea bargain and was sentenced to seven […]
De Bruyn Determination – FAIS Ombud
The most recent determination by the FAIS Ombud concerns the placing of a client’s investment in the ill-fated Blue Zone scheme. Reading it provides one with insight into the practical application of the […]
Stokvels and Burial Societies Exempt from Licensing
Board Notice 43 of 2013 exempts Stokvels and Burial Societies from being licensed. This obviously means that they no longer fall under the jurisdiction of the FSB. It is very specific about who […]
Applying for an Exemption
We pointed out on Monday that the information appearing on the FSB website differed from what we understood the process to be. We referred the matter to the Regulator, and received an amended […]
Industry News Summary
Readers who, like us, find value in the monthly summary of industry events published by InsuranceGateway can click here for a copy of the April summary. The very topical issue of “underwriting at […]
Temporary Disability Offers New Opportunity
FMI, an income protection specialist company, retained True South Actuaries and Consultants to investigate the market for disability cover in South Africa and report on such efficiencies and inefficiencies as are found. Their […]
Date of First Appointment Enquiry
I have been working in an insurance department in August 2010 until November 2011 then worked in a non-insurance department from December 2011 until June 2012. In July 2012 I have been working […]
Practical implications of Licence Suspension
We obtained a copy of a “Notification of Suspension of Authorisation” sent to an FSP who failed to write the level 1 regulatory examination by 30 June 2012. The FSP in question failed […]
Practical Compliance Advice
The telematic broadcast on 7 March provided factual information about FAIS related matters, with a good smattering of practical advice from the two guests. The first session of the presentation, by Charene Nortier, […]
Churning out Commission
In a number of determinations over the past few years, the FAIS Ombud ruled against FSPs who did not follow the laid down procedures, prescribed in the FAIS Act, when replacing existing business. […]
Ghost CPD Points Part II
Last week, we warned readers against training service providers who use Continuous Professional Development (CPD) credits as a means of selling their services to unsuspecting FSPs who are under the impression that it […]
Views on Risk Profiling
Last Monday’s article on the on the Smit determination, which involved an investment in the Dynamic Wealth MR Property Fund, certainly drew a lot of discussion. An experienced broker, and long time personal […]
New Act will keep onerous TABs on SA’s “Golden Goose"
Although speculation abounds as to what surprises Finance Minister Pravin Gordhan may spring on the economy in his annual National Budget Speech taking place on 27 February 2013, the real focus for tax […]
FSP Numbers
The latest figures showing suspensions and cancellations of FSP licences, as well as the reinstatement of authorisations, was published yesterday. The overall tally was a gain for the industry, with 159 suspensions being […]
Just that good!
The final test against Pakistan starts tomorrow and although the series may have already been decided, I am of the view that it will still prove to be a cracker of a game. […]