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FICA Update

FAIS Newsletter 25 from the FSB is dedicated to the Financial Intelligence Centre Act and, more specifically, to substantial changes which came into effect in June and October. The amendments are designed to bring South Africa’s Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) legislative framework in line with Standards set out by the Financial […]

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Compliance is an ongoing requirement

The importance of having systems in place to ensure compliance was illustrated this week in a notice from the FSB Enforcement Committee. Rule 5.1(a)(i) of the PPR Rules require that a registered entity should only do business with duly authorised FSPs. This should not only be ascertained at the contract stage, but on a continuous […]

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Virtual-Currency

Virtual Currency Alert from Treasury

“The National Treasury, the South African Reserve Bank, the Financial Services Board, the South African Revenue Service and the Financial Intelligence Centre, published a document titled “User Alert – Monitoring of virtual currencies”. The purpose is to make the public aware of the risks associated with the use of virtual currencies for either transactions or […]

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FSB-Building

Conduct of Business Regulatory and Supervisory Developments

The FSB Insurance Division’s recent Seminar focused on planned conduct of business regulatory and supervisory developments in the insurance sector. Many of these developments are driven by three overarching objectives, including redesigning the organisational framework, establishing a robust regulatory framework and increasing the focus on transformation in the financial services industry. The importance of improving […]

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Festive season greetings

This year, which is speeding to an end, has arguably been the busiest in my 40 years in the industry. The latest batch of legislative changes envisaged for the next six months is a clear indication of the applicability of the Bachman–Turner Overdrive song: You ain’t seen nothing yet. From all of us at Moonstone, […]

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Pension-funds

Proposed closure of Pension Funds

The Registrar of Pension Funds published Notice 4 of 2017 which gave notice of its intention to cancel a substantial number of funds in response to applications from fund administrators. Any person aggrieved by the intended cancellation is invited to submit objections to the proposed cancellation. The original deadline for submission of objections was extended to […]

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credit-provider

Debt Relief Bill Published

On 24 November 2017, the Portfolio Committee on Trade and Industry published its Draft National Credit Amendment Bill, 2018 (the Bill) in the Government Gazette. The Bill is generally referred to as the Debt Relief Bill as it proposes the new concept of ‘debt intervention’. A South African citizen or permanent resident that is a natural person […]

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Technology-disintermediation

Draft PMB Code of Conduct for discussion

The Prescribed Minimum Benefits (PMB) Code of Conduct (CoC) published in 2010 has been reviewed, and following the incorporation of inputs received from all the task team groups; the first draft of the Code of Conduct has now been published. The draft PMB Code of Conduct is available on the Council for Medical Schemes (CMS) […]

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