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  • Wealth Management

    Financial Inclusion

    When the Financial Sector Regulation Bill was sent to parliament for final ratification, it was returned with a ...

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guidelines

Debarment Guidelines Withdrawn

The document titled “Guideline on the Determination of Reappointment of Debarred Representatives”, published on 13 July 2011, was withdrawn in a notice published on Friday, 20 October 2017. No reason for the withdrawal was given, nor was any indication provided as to whether it would be replaced by an amended guideline. The debarment process is arguably one of the […]

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script

Stick to the script

We receive many enquiries from readers about debarments, like this one last week: The reason why I was debarred was that I helped a customer with a loan application over the phone. I told the customer not to disclose too many expenses as the loan would be declined. That was picked up by the quality […]

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Automated advice and Fit and Proper

During the recent Moonstone Regulatory Update Workshops, Billy Seyffert, COO of Moonstone Compliance and Risk Management alluded to rather stringent requirements for those who plan to go this route. The FPI recently conducted a Robo-Advice Survey. Interestingly, close to 50% of the respondents indicated that they believe that regulators should monitor the progress and standards […]

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FIC readiness test

FIC Amendment Act Readiness Test

The Financial Intelligence Centre recently sent a guidance note to all Accountable Institutions to assist them in assessing their readiness to comply with the amended legislation which came into effect on 13 June and 2 October respectively. If you are an accountable institution, and did not receive this document, we suggest you contact the FIC to make […]

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Wealth Management

Financial Inclusion

When the Financial Sector Regulation Bill was sent to parliament for final ratification, it was returned with a number of proposed amendments, most of which related to financial inclusion. This was also the subject of an address by the FSB at the 17th Batseta Annual Conference. Batseta is the Council of Retirement Funds in South […]

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Cost implications of Twin Peaks

Some of the harshest criticism of the Financial Sector Regulation Act concerns cost, with some claiming inadequate impact assessment, specifically as far as cost is concerned. Caroline Da Silva,acting Deputy Executive Officer for Insurance at the FSB, noted the following in the latest Twin Peaks newsletter: While implementing the Twin Peaks model will have cost […]

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Debarment Overturned

Justice for All?

Was justice fully served in the Oosthuyzen case before the High Court in Bloemfontein last month? From the perspective of the plaintiff, possibly yes, albeit it 7 years later. Delayed, but at least not denied. What about the advisor? Was he lulled into a false sense of security, being a representative of the Unlisted Securities South […]

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Assessment-disputed

High Court awards widow R2.7 million

A bereaved widow, who was convinced to invest R2 million in the Sharemax Villa scheme, finally saw justice a month ago in the Bloemfontein High Court, when the judge held her financial advisor accountable for the loss. The plaintiff was vulnerable in July 2010 when the defendant advised her. She was a widow with a two and […]

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