industry news
Prudential Authority Annual report – Looking beyond the ma …
The South African Reserve Bank’s Prudential Authority (PA) has just published its first annual report for the 2018/19 financial year, covering the state of the country’s banking and insurance sectors. Besides focussing on the annual numbers, what are the other key take outs for the financial services industry? What triggers the reader to focus on […]
best practice
Debarment – 3 critical steps to comply
The FSCA’s Guidance Notice 1 of 2019 clarifies the requirements for debarment as described in Section 14(3) of the FAIS Act with which an FSP must comply when debarring a person. It is important that these requirements should be contained in an FSP’s policies and procedures governing its debarment process. The Guidance Notice shares the […]
technologically speaking
The importance of clearing or disabling cookies
“In order to have a positive and safe experience in the digital world, we need to understand the ever-increasing diversity of digital threats and equip ourselves with the necessary knowledge and skills”. This is the view of Wilna Meiring of the Institute of Risk Management South Africa (IRMSA). In a recent article, she shares information […]
compliance and legislation
Treating customers fairly – FSP shows commitment in recent …
“The Office of the FAIS Ombud is committed to resolving complaints in a procedurally fair, informal, economical and expeditious manner, with reference to what is equitable in all circumstances. In this vain, the FAIS Ombud always explores every available avenue to resolve a complaint between the parties on an informal basis, without the need to […]
Levies on financial institutions – Published by the FSCA
The FSCA has published the 2019 levy notice: Category I or IV FSP (a) A base amount of R3 575; and (2018: R3 373) (b) KI/Rep x R570 (2018: R538) Category I or IV FSP (1.1 and/or 1.19 only) (a) A base amount of R3 575; and (2018: R3 373) (b) KI/Rep x R250 (2018: […]
PA Annual Report – Number crunching the insurance industry
The Prudential Authority’s annual report was covered in various media publications where the focus was mainly on the banking sector’s assets. The report also shared numbers from the insurance industry: Entities per sector Number of entities Balance Sheet Size R millions (Dec 2018) Life insurance sector 73 3 004 204 Primary insurers 66 2 993 […]
Equity unit trusts or money market funds – Where do you ge …
In a recent Moneyweb article, Patrick Cairns mentions that the poor performance of the local stock market over the last five years has led many investors to consider moving away from equity unit trusts. Many have preferred the perceived security of money market funds, where returns have been higher. He shares that between 1 July 2014 and […]
Moonstone Regulatory Update Workshops 2019 – Registration …
Registration to attend Moonstone’s informative regulatory update workshops will open soon. If you are as concerned about the impact of the overwhelming amount of new legislation on your business as 99% of the industry, you should seriously consider attending. At these workshops we will once again share what you need to know in a practical […]