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A reader recently enquired about laying a complaint with the office of the FAIS Ombud. The enquiry stemmed from an investment that one of his clients made in the calamitous RVAF scheme, which was in the news recently as a result of four findings against one advisor by the Ombud. We discussed the complaint process, which is set out on the Ombud’s website.…
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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 have done, and then find a different approach. The very first step is to read the Preparation Guide compiled by the FSB to establish what you are required to do, what you can…
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The first Monetary Policy Committee (MPC) meeting led by the new governor, Godwin Emefiele, was held on July 22. As at the May MPC meeting of the Central Bank of Nigeria (CBN), all monetary policy instruments were left unchanged. In January, the cash reserve requirement (CRR) on public sector deposits was raised from 50% to 75%, while the CRR on private…
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What happens to the commission of intermediaries who resign, or whose contracts with product providers are cancelled? The latest FAIS Ombud newsletter contains an example which throws some light on the subject. Ombud Case study: Are You Getting What You Paid For? This Office has, in the past few years, experienced an increase in the number of complaints…
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The Financial Intelligence Centre published Public Compliance Communication (PCC) 29 to provide guidance on the application of Exemption 4 of the FIC Act which provides for the reliance by one accountable institution (the secondary accountable institution) on the identification, verification and certain record keeping requirements required…
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Winning the gold medal at the Commonwealth games is fantastic. Beating New Zealand in the final is priceless. As Supersport puts it: Their 17-12 victory meant that the Kiwis lost their first ever match in the Commonwealth Games, after going through the previous four Games unbeaten and winning gold on each occasion. Will Proteas hold the fort? Armchair…
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Proposed capping on Consumer Credit Insurance Premiums

Last week we commented on a request for public response to a “Technical Report on the Consumer Credit Insurance Market in South Africa”. One of the proposals concerns regulating the pricing of CCI. The thinking is to allow credit providers to “…continue to require CCI cover as a condition of granting credit, but within a framework where…
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Will History Repeat Itself?

I want to take you back to 17 May this year. The Sharks recorded one of their finest victories ever on this day when they broke the SA drought against the Crusaders in Christchurch. What made it even more remarkable was the fact that they played with 14 men from the 17th minute on, and had another player yellow carded later on. Gavin Rich reported as follows…
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Fourth Ombud Ruling on RVA Fund

The office of the FAIS Ombud published its fourth determination against a financial advisor on Friday. In essence, it found that, in four all instances, the losses suffered by investors resulted from clients not being properly advised of the inherent risk of the scheme, and the fact that application forms were totally lacking in information which…
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