The determination of Fit and Proper requirements, published in 2008, referred to four competency requirements: Experience Qualifications Regulatory Exams (Level 1 FAIS Legislation and Level 2 Product knowledge) Continuous Professional Development (CPD) The first two, […]
The Wallace determination by the Ombud, discussed in last week’s Moonstone Monitor, contained reference to the FNB/Newlove case which was referred to the FSB Appeal Board, which ruled in favour of the Ombud’s […]
KB Cash Loans from Kuruman recently featured in a settlement agreement with the Registrar of Financial Services for a contravention of the FAIS Act. For about a year, from November 2010, it advised its […]
In the publication of the Phase 1 proposals it was envisaged that drafts of subordinate legislation to give effect to the majority of the RDR Phase 1 proposals would be published for comment in April 2016, […]
Alan Holton of Compliance Monitoring Systems, and a Moonstone Compliance associate, continues his in-depth look at this very contentious issue from a legal perspective. The FSB produced a GUIDELINE ON THE DEBARMENT PROCESS […]
The current provisions in the FAIS Act, 2002 and the procedures that have been adopted and applied by FSPs, and to some extent by the FSB, regarding the debarment of representatives have led, […]
The introduction of the FAIS Act and supporting regulations contributed to making the provision of financial advice a more daunting and costly service than ever before. Prior to 30 September 2004, we saw […]
The Enforcement Committee of the Financial Services Board levied a penalty of R100 000 against a short-term insurer, following a referral by the Registrar of Short-term Insurance stemming from a contravention of section 44 […]
Often, candidates, despite having paid within 24 hours of registration, receive a notification advising that their examination was temporarily cancelled due to failure of payment. The important word here is TEMPORARY. Our system […]
There is a tendency to see legislation that regulates financial services as operating differently from other laws. While the processes may sometimes differ, the same principles apply. This became evident in a recent […]
Information Letter 2 of 2014, issued on 29 August, provides clear guidelines on what co-administration agreements should contain, and what not. The Registrar of Long-term Insurance is concerned that certain existing agreements do […]
In the space of the last eight weeks we saw seven determinations against one FSP, and it is likely that there is more to come. The total in fines meted out by the […]
An important part of your preparation for writing the regulatory examinations concerns your mental approach. I came across an interview in Moneyweb with Paddy Upton, who plays an important role in the preparation […]
The headache around the lack of proper procedure by FSPs when debarring representatives appears to be continuing, despite clear guidelines from the Regulator. In the FSB’s first quarterly bulletin of 2014, the problem […]
This line from “The sound of music” applies equally well to those who have written the level 1 REs on several occasions and failed. It may be wise to stand back, review what you […]
The FSB provided the following guidelines for RE candidates who wish to appeal: Candidates have the right to lodge an appeal in respect of the regulatory examination. Appeals are directed at the content […]
The jury is still out on whether 30 June or 31 December is the final date for representatives appointed in 2012 and 2013, as discussed in Thursday’s Moonstone Monitor. The FSB is reviewing the practical […]
