Secondary

Author Archive | Alan Holton

finance

Financial Soundness – at all times

At a recent meeting between senior officials of the FAIS Division of the FSB and a committee of industry members, Ms Lorraine van Deventer expressed the concern that many FSPs still do not fully appreciate the financial soundness requirements that were imposed in the Fit and Proper Requirements contained in Board Notice 106 of 2008. In […]

Continue Reading
Short-term

Short-Term Insurance Premium Collection – Now and in Future

From enquiries we receive, there appears to be some confusion regarding the collection of short-term insurance premiums. This is understandable, given the various amendments to the STIA, the implementation of the Financial Sector Regulation Act, the recent amendments to the Regulations and comments made regarding certain proposals in the Retail Distribution Review Updates. Little has […]

Continue Reading
legislation

Legislative Instruments under the FSR Bill

In an informative assessment of the Financial Sector Regulation Bill, Alan Holton, an associate of Moonstone Compliance, wrote: “The Bill makes provision for the Prudential Authority and Financial Sector Conduct Authority to create ‘legislative instruments’. This term is defined and means subordinate legislation made in terms of a financial sector law, and includes regulations, prudential […]

Continue Reading
POPI-(1)

POPI and your FSP

Despite a lot of early fanfare, little mention was recently made of this important piece of legislation which is bound to impact on each FSP. This overview is, by its nature, very brief and covers very high level views only. More detailed information will be shared in our follow-up workshops once we have the final […]

Continue Reading
Succession-Planning

Business Continuity and Succession Planning – Part II

In Part I we discussed the close relationship between the two elements, stating that succession planning could be considered a subset of business continuity planning, and how the TCF requirements added a dimension not normally included in the definition of business continuity, namely ensuring that clients or customers are serviced if the business is terminated. […]

Continue Reading
Suitebox Horizontal Banner

business_continuity

Business Continuity and Succession Planning – Part I

We recently published a brief summary of an article on the buying and selling of financial services practices that appeared on an Australian website. The owner of Centurion Market Makers discussed the two most prevalent questions from buyers and sellers. In response to the question, “What are your reasons for wanting to buy a business?”, […]

Continue Reading
POPI-(1)

POPI and the FSP – Part II

On Monday we discussed the rationale behind the Protection of Personal Information Act 4 of 2013 (“POPI” or “the Act”), some important definitions and the role of the information officer. This article deals with some practical requirements ordained by the Act. Collection of Personal Information Generally speaking, personal information must be collected directly from the […]

Continue Reading
POPI-(1)

POPI and your FSP Part I

Despite a lot of early fanfare, little mention was recently made of this important piece of legislation which is bound to impact on each FSP. This overview is, by its nature, very brief and covers very high level views only. More detailed information will be shared in our follow-up workshops once we have the final […]

Continue Reading
Criticism

Is Criticism of FSR Bill Justified? By Alan Holton

Does the proposed Financial Sector Regulation Bill really “…violate the Constitution, the doctrine of the separation of powers and the rule of law…”? Mr Martin van Staden is a law student at the University of Pretoria and the Southern African regional director of African Students for Liberty. He recently authored an article published in BusinessDay […]

Continue Reading
FAIS Ombud

When is a debarment not a debarment? Part 2

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 IN TERMS OF SEC 14(1) dated 05 November 2013. This document states the following at paragraph 3(i) Providers must obey the law and must […]

Continue Reading