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Archive | Compliance and Legislation

FSCAAA

Premium collection by intermediaries – Compliance deadline extended

The FSCA has just released their response to comments received on the published draft Exemptions from the STIA and LTIA Regulations. In addition, the FSCA also published the following two exemption notices which relate thereto: 1. FSCA INS Notice 4 of 2020 FSCA Insurance Notice 4 exempts independent intermediaries from Regulation 4.2(3) insofar as it relates […]

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paperss

Customer due diligence – FIC clarifies who is responsible for what, and when

The Financial Intelligence Centre (FIC) has just published Public Compliance Communication No 43 (PCC43). The objective of the communication is to provide accountable institutions (AI) with the FIC’s view on compliance with their customer due diligence obligation in terms of Part 1, Chapter 3 of the FIC Act, where the accountable institution requests assistance from another accountable institution […]

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regulations

Debarment – When can a FSP debar an ex-employee?

As a result of the right to appeal against a debarment decision, there was a substantial increase in debarment cases referred to the Tribunal since April 2018. In most of these cases the process was challenged. Some of these cases were remitted back to the FSP for reconsideration and to follow the prescribed debarment steps. But […]

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papers2

Consequential loss – OSTI case study highlights importance of policy wording

“Consequential loss” has always been a grey area in the short-term insurance industry. The South African Insurance Association (SAIA) defines “consequential loss” as “a loss not directly caused by the insured event, but an indirect result of the event. “ An example is when a person’s geyser bursts and their ceiling and carpets are damaged. […]

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lawsss

Debt-collecting law firms hit by NCA ruling

Towards the end of 2019, a ruling by the Western Cape High Court made headlines in various media. The ruling found in favour of the Stellenbosch University Law Clinic, Summit Financial Partners and 10 of their clients in relation to garnishee deductions, and has been hailed a victory for the poor. Moneyweb reported that judgment […]

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