Financial advisors are required to clear many hurdles when it comes to regulatory compliance. Those who choose to ignore the rules can find themselves at the wrong end of justice. In the financial services industry it’s definitely not about “rules are there to be broken”. This was clearly borne out by the considerable number of […]
The findings of a hearing by the FSCA Tribunal in the Van Zyl case heard on 25 June 2019 should result in serious introspection by the office of the FAIS Ombud. Whilst not directly addressing some of the grounds for appeal aired by counsel for the appellant, the findings appear to indicate that, in certain […]
Last week, President Cyril Ramaphosa signed the controversial National Credit Amendment Bill into law. In short, the legislation will provide debt relief for consumers who earn R7 500 per month or less and have unsecured debt amounting to R50 000 by suspending the debt in part or in full. The Bill has specifically been criticised by the […]
Section 13A of the Pension Funds Act (PFA) requires that employers pay contributions for a particular month within seven days after month-end. It also stipulates that they provide member schedules in respect of contribution payments to the fund and that compound interest is paid on late contributions. This was one of the legal aspects that […]
On Thursday, Health Minister Zweli Mkhize released the much-awaited National Health Insurance (NHI) bill in Pretoria. He said that it is expected to be fully functional in South Africa by 2026. The Health Department said the bill promised to create a healthier population with benefits to foreign nationals, inmates and refugees. In his speech he […]
Background of the Tribunal The Financial Sector Regulation Act 9 of 2017 establishes the independent Financial Services Tribunal in terms of section 219 thereof. The Tribunal replaced the FSB Appeal Board and came into effect on 1 April 2018. Upon application by aggrieved persons, the Tribunal reconsiders decisions of decision-makers as defined in terms of section 218 of […]
The FSCA has just released the FSRA Exemption Notice 1 of 2019 (LTIA). According to the notice an insurer that offers assistance policies, funeral policies or micro-insurance policies is exempted, in terms of section 281(1) of the Financial Sector Regulation Act, from the requirements of Rule 19 of the Policyholder Protection Rules and Regulation 3.9A […]
“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 […]
“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 […]
Since representatives were given the right to appeal to the Financial Services Tribunal against debarment decisions, many such actions have been set aside by the Tribunal. In most of these cases the prescribed debarment process was not followed. On 6 June 2019, the FSCA published Guidance Notice 1 of 2019 to further clarify the role of […]
