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VAT rate on short-term insurance transactions

The South African Insurance Association has compiled a list of questions and answers to provide guidance in respect of the impact of the change in VAT rate on short-term insurance transactions. Note from SAIA- 16-May: When this document was prepared and released on 26 March 2018, the insurance industry had applied for a special transitional ruling under […]

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RE Deadline 30 June 2018

The table below indicates who has to successfully complete the Regulatory Exams by 30 June 2018. Representatives’ DOFA RE 5 Deadline 30/06/2015 – 31/12/2015 30/06/2018 01/01/2016 – 29/06/2016 30/06/2018 30/06/2016 – 31/12/2016 30/06/2019 DOFA refers to your date of first appointment. For instance, if you were appointed on 1 September 2015, you actually have two years and nine months […]

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Privacy & Digital Marketing

With the recent Facebook–Cambridge Analytica data scandal as well as the European Union’s new set of data privacy laws that were implemented on 25 May 2018, data protection and privacy are two of the most talked about subjects in board meetings as well office corridors. As data and analytics are a big driver in how businesses revolutionise […]

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FICA Update June 2018

If there was ever any doubt about just how serious the world is about money laundering and related crimes, this was dispelled by the recent example of Australia’s Commonwealth Bank agreeing to a US$530 million fine over money-laundering breaches. “While not deliberate, we fully appreciate the seriousness of the mistakes we made,” said CBA chief […]

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Moonstone Monitor approved for CPD hours

The new Fit and Proper Determination requires that certain individuals are required to obtain a specified number of Continuous Professional Development (CPD) hours between 1 June 2018 and 31 May 2019. In response to an application to the FPI, a SAQA recognised Professional Body, for recognition of the Moonstone Monitor as a vehicle towards obtaining (CPD) hours; we received […]

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FSCA RE Study Material update June 2018

The May edition of the FSCA FAIS Newsletter contains a summary of events since the publication of Board Notice 194 of 2017 (the “Fit and Proper” Board Notice) which came into effect on 1 April 2018 and impacted on the RE 1 and RE 5 regulatory exams. The “Fit and Proper” Board Notice contains amended qualifying criteria for these […]

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New Draft Conduct of Business Report

The Financial Sector Conduct Authority (Authority) intends to replace the current compliance reports with the proposed Conduct of Business Report (COBR) that was published for public comment on the official web site of the FSCA. The proposed COBR was necessitated by the changing regulatory landscape and the focus on outcomes based regulation and proactive supervision. […]

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Millennials and reaching financial freedom?

Results of the 2017/2018 Old Mutual Millennial survey shows that better educated, tech-savvy and optimistic millennials – South Africans born between 1982 and 2000 – are more likely to seek financial independence and personal fulfilment, compared to older generations. This is according to Elize Botha, Managing Director of Old Mutual Unit Trusts. The Old Mutual […]

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