industry news
Fair treatment of client complaints – Amended code now pro …
The 2003 version of the General Code of Conduct (GCoC) for authorised financial services providers and representatives captured the handling of complaints in three pages, only focussing on basic principles and procedures. The just released amendment of the GCoC dedicates nine pages to the complaints handling process as well as the commitment to the fair […]
best practice
Joint Standard 2 of 2020 – Margin Requirements for non …
The Financial Sector Conduct Authority (FSCA) and the Prudential Authority (PA), acting with the concurrence of the South African Reserve Bank, recently published a Joint Standard which prescribes margin requirements for non-centrally cleared OTC derivative transactions. The Joint Standard applies to a provider entering into non-centrally cleared OTC derivative transactions with a counterparty or a […]
technologically speaking
Social media – 4 ways to step up your game
Social media is important to financial advisors, because more and more people are looking to social media, and the online space in general, for insurance information. Various reports have also revealed that more people are spending time online during the COVID-19 pandemic. In the UK, during the peak of the COVID-19 pandemic in April, Britain’s […]
compliance and legislation
Should a separate debarment hearing follow after disciplinar …
by Joani van Vuuren, Shane Johnson, Siya Ngcamu of Webber Wentzel In a recent decision, the Supreme Court of Appeal (SCA) considered the interplay between disciplinary inquiries convened under the Labour Relations Act 66 of 1995 (LRA) and debarments of representatives under the Financial Advisory and Intermediary Services Act 37 of 2002 (FAIS Act). The […]
Inclusion of smoothed bonus policies in default investment p …
“A new conduct standard on the conditions in terms of which smoothed bonus policies may form part of default investment portfolios was released on Tuesday evening and is scheduled to come into force nine months from publication,” Pam Saxby for Legalbrief Policy Watch recently reported. According to the supporting documentation the conduct standard will be […]
Final Conduct Standard for Banks – Aims to ensure fair tre …
“The Conduct Standard for Banks is the first step towards rolling out a comprehensive market conduct regulatory framework for the banking sector. The main objective of the Conduct Standard is to introduce requirements ensuring the fair treatment of financial customers of banks,” the FSCA notes in FSCA communication 38 OF 2020 (BANKS). The just-released Conduct Standard […]
Online learning – Still time to make MBSE your education p …
Over the last three months education has changed dramatically, with the distinctive rise of online learning, whereby teaching is undertaken remotely and on digital platforms. Yes, we have entered an era where online education is the new normal. The question is which intuition do you choose to be your online education partner? The Moonstone Business […]
Amending the rules of advertising – How to keep your ads s …
Advertisements are likely to be the most regular contact consumers have with companies that offer financial services and products. As a financial services provider (FSP) it is therefore important to be aware of what to include in your advertising and what not. The Financial Sector Conduct Authority (FSCA) has just published the final amendments to […]