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Malawi goes to the polls on May 20 in a series of elections that one way or another may well define the country’s medium to long-term future. Local authority, national legislative and presidential polls are all scheduled for the same day. Incumbent President Joyce Banda and her People’s Party (PP) face a major challenge from at least two opposition…
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Consumers at the lower end of the market are often more vulnerable when it comes to being defrauded. The latest Ombud determination provides details of how the Reformed Christians for Truth Church became the victims of an “advisor” (himself a pastor) who was neither registered with the FSB, nor appointed as an agent of the licensed financial…
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Candidates who pass the level 1 regulatory examination are issued with certificates which record this fact. These documents contain a number of security features to avoid fraudulent use thereof. Details of this cannot, for obvious reasons, be made public. Modern technology makes it relatively easy to replicate documents which look like the…
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The FIC issued two new directives applicable to all accountable and reporting institutions: Directive 1 stipulates that “All institutions registered with the FIC are required to update their registration details only via the FIC’s electronic registration platform.” Directive 2 requires that “…login credentials may only be used…
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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 customers for it”. Hopefully, they have since learnt that you have more success if you determine a need first, and then create a solution for it. Metropolitan…
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When I read his article the first time, I got a little hot under the collar. Some of the following statements accounted for my agitation: I can’t help thinking we might have lost a little interest in playing South African teams, and that ultimately the future of this competition might be more localised round time zones. New Zealand needs to align…
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Two Flew Over the Cuckoo’s Nest

For the second weekend running, South African sides threw away their chances of winning towards the end of the game.
The Bulls and the Cheetahs had the beating of the opposition, only to fade after being outplayed by tactically superior teams willing to play for 82 minutes, not 60.
Highlanders 27 – Bulls 20
Ons bespiegel Vrydagoggend oor ons eerste…

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A Miracle in the Making

On Monday night, there were two people I really felt sorry for after the dramatic win by Ikeys over Pukke in Potch. No, it was not the home side’s flyhalf who attempted a drop goal instead of just kicking the ball out, or the scrumhalf who could also have kicked.
It was the Stormers coaches.
Poor old Alistair Coetzee and Robbie Fleck must have really…

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Lest We Forget

When you walk on the right side of the law, it is often difficult to understand why so many obligations are placed on you to comply, when those, for whom the legislation is actually intended, pays lip service to it.
Two recent FAIS Ombud determinations against financial services providers who blatantly ignored the law in order to get their hands on…

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Q & A on Cambist

We regularly receive enquiries from readers about Cambist, who offers a return of 19.5% on investments. For all practical purposes, it appears that they act as an aggregator between the public and certain investment opportunities.
We took a look at their website and found the following information:
Cambist offers two products: (click on this…

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Nigeria – GDP nearly doubles following rebasing

Nigeria now has the largest economy on the continent following the release of much-anticipated preliminary rebased GDP statistics. The previous base year of 1990 has become outdated due to changes in the structure of the economy.
The National Bureau of Statistics (NBS) now estimates Nigeria’s GDP at N80.22trn in 2013 compared to N42.4trn prior…

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Does Kepler have a point?

I have to agree with him that, given our current ranking, we did well to make the semi-finals in the ICC World Twenty20 Cup in Bangladesh. Yes, I was as devastated as you when we lost to India, but we were outplayed tactically.
Wessels is never one to mince his words, which is possibly why his wisdom is not employed more proactively in SA cricket.
In an article…

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Update on Regulatory Exams

Amended Preparation Guides
The guide for RE1 and RE 5 was amended to accommodate recent changes in legislation. The revised guide can be downloaded here.
The RE 3 and RE 4 preparation guides were not affected by these legislative changes. One or two minor administration changes were inserted. Click on the following highlighted sections, should…

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Retail Distribution Review Update

Plans to review the way in which products are distributed, and specifically the way in which advisors are remunerated, took centre stage in the media recently.
RDR is not only about replacing commission with fees.
It is actually dangerous to separate remuneration from the rest of the envisaged changes as it creates an incorrect perception of the…

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A Scintillating Weekend Awaits

The T20 Semi-final – Proteas vs India
It’s a difficult one to call, and as objective as I would like to be, I must admit I wouldn’t bet any money on SA.
Not because I think we can’t win it – more out of “we’ve been here before” and “I’ll believe it when I see it…” perspective. Yes, pessimistic I know, but we as supporters have been…

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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 of £12,377,800 on Santander UK plc (“Santander”). The latter, by agreeing to settle at an early stage of the FCA…

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