Retirement Fund Contribution Update

Some sweeping changes will take effect from 1 March 2016. The Taxation Laws Amendment Act No. 25 of 2015 that was published in Government Gazette No. 39588 on 8 January 2016 confirms the changes to the tax treatment of contributions and the alignment of the annuitisation requirements between retirement funds from 1 March 2016. Momentum’s Legal Update 3/2016 looks at the impact of […]

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RE Deadline for Local and Foreign FSPs

Candidates are required to successfully complete the applicable level 1 Regulatory Exam by 30 June after expiry of 24 months from the date of first appointment as representative. In practical terms, this means that those appointed between 1 January 2014 and 30 June 2014 will be required to complete the RE 5 before 30 June 2016. Please do not delay writing until the last […]

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Legal Services Provider Fined

The latest Enforcement Committee (EC) ruling is quite an interesting one. There is often a fine line between what constitutes a financial service and what not. Defensive Legal Protection CC, trading as Legal Exec, provided legal advice and assistance to members of the public. In essence its services provide members with the payment of legal […]

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Turn a Deaf Ear

There appears to be two kinds of respondents involved in FAIS Ombud determinations: those who attempt to defend themselves, and those who follow a strategy akin to the Lindesfarne song from which the title of this article was taken. It is evident that many advisers who do respond to an invitation from the Ombud to […]

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A child’s voice in parents’ legal battle

It is often said “parents know best” – but when parents become embroiled in litigation against each other and children are involved, it can become very difficult for them to set their own interests aside and allow the interests of the child to take preference over their own. This also raises the question of whether […]

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Wicked Cricket, Super Rugby & the 6 Nations

Wicked Cricket It is with a huge sense of relief that I notice that rugby matters are slowly but surely pushing cricket articles for space in the daily newspapers. The final straw that broke my optimistic camel’s back was when the under nineteen side lost their first two matches at the World Cup. As far […]

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Are the Proteas Blooming again?

Despite claims from the England side that they would be fully motivated for the final test at Centurion, it soon became evident that the extra edge they displayed in the first three tests were lacking in the last one. It is commendable that the Proteas showed the courage to really give them a drubbing, and […]

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Healthcare Commission Increase

The Council for Medical Schemes announced a 9.6% increase in the maximum commission payable to registered healthcare brokers. This puts them on par with government employees who also receive increases way above the inflation rate. The new maximum is R80, or 3% of contributions, whichever is the lesser. Nogal! I joined the financial services industry […]

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