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Author Archive | Janine Geldenhuys

Non-disclosure

Non-disclosure drama

Non-disclosure drama – Tips on the broker’s role to ensure a better outcome at claim stage In the midst of a raging social media war, journalists writing about the pros and cons of the final outcome (or is it?) and PR companies using the Momentum case as “lessons learnt” exercise, it’s important, although difficult, to […]

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stats

CIS industry stats – Investors undeterred by volatility

The Association for Savings and Investment South Africa (ASISA) recently released the Collective Investment Schemes (CIS) industry statistics for the third quarter ending September 2018. Besides the stock market volatility, a troubled economy and the turmoil in emerging markets, local investors still committed a healthy R54 billion in net inflows to the industry. These inflows pushed the […]

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Proposal

Services under Supervision Proposals

This is the time of year when a vitamin B jab becomes obligatory if you want to make it to the festive season. To make matters worse, the burden of budgeting for 2019 also starts rearing its unwelcome head. A recent consultation paper, published by the FSCA, contains some very relevant issues which may have […]

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hsbc

Non-compliance with FICA

Non-compliance with FICA – Failure to implement proper processes leads to fine The Prudential Authority (PA) has imposed administrative sanctions on the Johannesburg branch of HSBC Bank for non-compliance with aspects of the Financial Intelligence Centre Act. In a statement, the SA Reserve Bank said that the administrative sanctions were imposed because certain weaknesses were […]

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Weed-legilisation

Legalisation of usage of dagga

Legalisation of usage of dagga – Currently more industry questions than answers Lots of questions are being asked as a result of a recent Constitutional Court ruling that effectively legalised personal possession and usage of dagga. How will South Africa’s new marijuana laws change driving in the country? How will the traffic police enforce driving […]

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FIAS

Client needs and circumstances

FAIS Ombud Settlement – Always take clients’ needs and circumstances into account Furnishing financial advice means adhering to a set of legislative requirements as well as keeping to certain principles. One of the settlements discussed in the latest FAIS Ombud Annual report puts the emphasis on a few provisions of the General Code of Conduct […]

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retirement

Retirement – Products need to adjust to stay relevant

The way we live has changed dramatically. This has an impact on the financial services industry as well. This is illustrated in a recent article written by Patrick Cairns in Moneyweb. Cairns rightfully asks the question: “Why save for retirement if you don’t intend to retire?” He questions how financial products being offered to employees […]

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FAIS-Ombud-Settlements

FAIS Ombud Settlements

Learn from compliance mistakes made by FSPs An FSP’s interaction with clients must at all times meet the standards set out in the General Code of Conduct. The FAIS Ombud’s Annual report highlighted a few settlements that particularly challenged the adherence to two such standards. The first settlement relates to Section 7 of the Code that […]

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