So, you’ve been hacked. Is this a reportable irregularity?
A recent (1 June 2021) headline on a UK based website reports that there were 116 million records breached in the UK in May 2021. Although no formal figures are available for South […]
Author: Alan Holton
Legal precedent set as Odendaal’s assets forfeited in Steinhoff fraud battle
The SARB has forfeited to the state cash totalling R42m from Berdine Odendaal’s bank accounts, as well as her R18m property in Paarl’s Val de Vie estate.
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Legally sanctioned, but morally justifiable?
“There is something that has been bugging me since 2004”, writes Andró Griessel on the Netwerk24 website, “and that is the so-called early termination charges on contractual savings plans.” (My translation) Griessel states […]
Complaints Management Framework – Effective date for full implementation
The General Code of Conduct was significantly amended in June 2020. This is particularly true of Section 17 which requires the establishment of a complaints management framework. Most of the new requirements had […]
Complaints Management Framework – Effective date for full implementation
The General Code of Conduct was significantly amended in June 2020. This is particularly true of Section 17 which requires the establishment of a complaints management framework. Most of the new requirements had […]
Amendments to FICA – Proposals will affect FSPs and motor dealers
On 19 June 2020 the Minister of Finance published Government Notice 684 in GG 43347 which contained a number of proposed amendments to the Schedules to Financial Intelligence Centre Act. Interestingly, short-term (non-life) insurers have […]
Amendments to FICA – Proposals will affect FSPs and motor dealers
On 19 June 2020 the Minister of Finance published Government Notice 684 in GG 43347 which contained a number of proposed amendments to the Schedules to Financial Intelligence Centre Act. Interestingly, short-term (non-life) insurers have […]
Did Reserve Bank cause Sharemax implosion?
– Interesting high court judgment This rather sensational headline greeted readers of the Star newspaper on December 14, 2018. But does this reflect the real findings of the KZN High Court? A careful reading of […]
Debarment – what does the characteristic of honesty and integrity imply?
In the November 8 edition of the Moonstone Monitor, the first ground for the request to the Tribunal for a reconsideration of the decision to debar Ms X was discussed. That article dealt with […]
Fairness in Debarment Procedures
In a recent (5 October 2018) matter heard before the Financial Services Tribunal, the applicant, Ms X, applied for a reconsideration of a decision taken by the respondent, Y (the FSP). The FSP […]
Financial Soundness of Representatives
The new Determination of Fit and Proper Requirements for Financial Services Providers, 2017 (Board Notice 194 of 2017) sets out a number of new requirements relating to the financial soundness requirement of representatives. […]
CPD Important considerations before you proceed
In a nutshell In terms of Section 32 of Board Notice 194 of 2017 (Determination of Fit and Proper Requirements for Financial Services Providers, 2017), every sole proprietor, key individual and representative must […]
Professional Indemnity Insurance and exclusions
A recent decision of the High Court in Bloemfontein where an FSP was found to have been negligent in advising a client to invest in the Sharemax scheme, is a “must read” for […]
New steps to curb Churning
The Retail Distribution Review (RDR) of 2014 contained several comments that expressed concern about the negative effects of “churning” which it described as “inappropriate or unnecessary replacement of policies driven by intermediary incentives”. […]
FSB Appeal Board Clarifies Factual Causation
The recent Appeal Board Determination in the matter of J&G Financial Service Assurance Brokers (Pty) Ltd and R L Prigge is an important Determination for a number of reasons. Mention has already been […]
Notes on the Insurance Bill
The Insurance Bill in its probable final form has now been published. The Bill deals essentially in prudential matters as these apply to insurers. However, there are a number of amendments to existing […]
Important FICA Reminder for Motor Dealers
Motor dealers are reminded that if they receive a cash payment from a customer of more than R24 999,99 – and here cash means coins, banknotes or travellers cheques – that this must be […]
