Debarment for being paid a referral fee by a competitor not justified, says FST
The employer did not point to a single provision in the FAIS Act, or any other legislation, that prohibits this.
Board Notice 194 of 2017
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NCA Credit providers’ FICA obligations
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Looking back at this year’s FPI Professional’s Convention
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Webinars on how to investigate misconduct and address poor performance
Settlement agreement with representative sinks FNB debarment
That the parties entered the agreement after the notice of intention to debar had been sent was highly relevant.
‘No room for doubt’ about a key individual’s responsibilities
Case of Smart Billion highlights what is expected of KIs, says FSCA.
Tribunal sets aside debarment of consultant who changed record of advice
The far-reaching implications of debarment were not justified in the circumstances, the FST finds.
Key individual asks for R500k fine and five-year debarment to be reconsidered
Applicant argues that non-compliance is not a contravention when the law does not provide for a penalty.
Reduction in CPD requirements: FSCA explains why KIs and reps are treated differently
The FSCA has confirmed that the provision for a pro rata reduction in CPD hours as a result of parental leave, or because of illness or disability, applies only to an FSP’s representatives, […]
Financial soundness exemption? Claims of hardship must be ‘adequately’ supported
“Merely claiming” that compliance with the financial soundness requirements will create hardship is not “reasonable grounds” for justifying an exemption from section 45(2) of Board Notice 194 of 2017. Such claims must be […]
Financial soundness exemption? Claims of hardship must be ‘adequately’ supported
“Merely claiming” that compliance with the financial soundness requirements will create hardship is not “reasonable grounds” for justifying an exemption from section 45(2) of Board Notice 194 of 2017. Such claims must be […]
Financial Soundness of Representatives
The new Determination of Fit and Proper Requirements for Financial Services Providers, 2017 (Board Notice 194 of 2017) sets out a number of new requirements relating to the financial soundness requirement of representatives. […]
Good standing
Board Notice 194 of 2017 which contains the latest Fit and Proper requirements introduced a new concept called “Good standing”. This does not refer to your ability to consume copious amounts of alcohol […]
Complex F & P Competency Requirements
The natural tendency is to approach these obligations in the same manner as we did in the past – tick the box, close the file and carry on regardless. BIG MISTAKE. Like the […]
The Nine Classes of Business
We received a substantial number of enquiries about this topic in response to articles published last week. It is not only important to those who are required to do Class of Business (CoB) […]
