Author Archive | Paul Kruger


New Chairman of Santam Board – Vusi Khanyile appointed

The Board of Santam recently announced the appointment of Mr Vusumuzi (Vusi) Phillip Khanyile as its chairperson with effect from 1 July 2018. Mr Khanyile joined the Santam board as an Independent Non-Executive Director on 23 April 2018, having previously served as a director between April 2010 and May 2013. He also served as Chairman of the Board from 2 June 2010 to […]

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And the winner is…

In the midst of the world cup soccer hype, Neymar memes and speculation on which team will be crowned as the winners of World Cup 2018, the role of soccer coaches sometimes fades into the background as star players are praised for the results. Soccer coaches are, however, key in creating the right platform for […]

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The latest FSCA FAIS notices

The FSCA as release the following FAIS Notices: FAIS notice 32 of 2018 – Compliance report for Category I with a CO ● Reporting date: Still 31 May 2018 ● Submission deadline: 15 September 2018 ● Some of the questions have been split into pre April 2018 and post April 2018. FAIS Notice 33 of 2018 – Compliance report […]

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Congratulations to the FIA winners

The Financial Intermediaries Association of Southern Africa (FIA) announced the 2018 FIA Awards winners at a gala event held at the Sandton Convention Centre last week. PRODUCTS PRODUCT SUPPLIERS Employee benefits Sanlam Employee Benefits Medical schemes Discovery Health Long term lump sum Allan Gray Long term risk product Old Mutual Life Long term savings Allan […]

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Moonstone Investment Indicators also approved for CPD hours

The new Fit and Proper Determination requires that certain individuals are required to obtain a specified number of Continuous Professional Development (CPD) hours between 1 June 2018 and 31 May 2019. The FPI has now also recognised Moonstone Investment Indicators as a vehicle towards obtaining (CPD) hours; we received the following response from the professional body: It is a […]

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Voluntary retrenchment plan

Voluntary retrenchment plan for public sector workers – Test for Default Pension Fund Regulations Legalbrief Today recently commented as follows on a Business Day article: Thousands of public sector workers over the age of 60 will be offered voluntary retrenchment as part of an effort by the government to cut its salary bill. A Business […]

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RE Deadline 30 June 2018

The table below indicates who has to successfully complete the Regulatory Exams by 30 June 2018. Representatives’ DOFA RE 5 Deadline 30/06/2015 – 31/12/2015 30/06/2018 01/01/2016 – 29/06/2016 30/06/2018 30/06/2016 – 31/12/2016 30/06/2019 DOFA refers to your date of first appointment. For instance, if you were appointed on 1 September 2015, you actually have two years and nine months […]

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VAT rate on short-term insurance transactions

The South African Insurance Association has compiled a list of questions and answers to provide guidance in respect of the impact of the change in VAT rate on short-term insurance transactions. Note from SAIA- 16-May: When this document was prepared and released on 26 March 2018, the insurance industry had applied for a special transitional ruling under […]

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FICA Update June 2018

If there was ever any doubt about just how serious the world is about money laundering and related crimes, this was dispelled by the recent example of Australia’s Commonwealth Bank agreeing to a US$530 million fine over money-laundering breaches. “While not deliberate, we fully appreciate the seriousness of the mistakes we made,” said CBA chief […]

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