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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 […]

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Fintech is the ‘new normal” – More than half of th …

More than half of banking and financial services customers around the world use fintech products and services, according to a new global poll carried out by deVere Group. Of the 883 customers surveyed across Europe, Asia, Africa, Latin America and Australasia, 55% said that they “regularly use financial technology to access and manage their money”. […]

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Ten megatrends identified by Benchmark Survey – What is sh …

“The Sanlam Benchmark research is about asking and answering questions to spot the megatrends shaping our lives”, Viresh Maharaj, Chief Executive of Sanlam Corporate Sales and Marketing pointed out at the release of Sanlam’s 2019 Benchmark Research – the group’s annual retirement research. Here are the ten megatrends identified in this year’s Report: 1. Governance […]

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The High Court rules in favour of the NCR – Credit Provide …

“Banks should obtain permission from consumers before transferring funds from consumers’ accounts to pay amounts due under credit agreements”, Nomsa Motshegare, Chief Executive Officer of the National Credit Regulator (NCR) commented after a High Court ruling in Johannesburg last week. The High Court in Johannesburg ruled in favour of the NCR against Standard Bank that […]

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COFI Act: A progressive approach to regulating an industry

In a recent African Unity media release, Chief Legal and Compliance Officer at African Unity, Johan Ferreira explains that the COFI Act is also supportive of financial inclusion for all South Africans, a principle that is backed up by National Treasury’s explanatory paper accompanying the COFI Bill. He shares that the paper stresses the role […]

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