Services Under Supervision
The introduction of the FAIS Act brought with it a new set of regulatory requirements, including those pertaining to industry incumbents being fit and proper. As these conditions were refined, it became evident […]
Compliance and Legislation
Retirement Funding and Tax Deductions
The Taxation Laws Amendment Act No. 31 of 2013 was published in Government Gazette No. 37158 on 12 December 2013. A reader sent me a copy of Momentum’s Legal Update No. 3 of […]
Short-term Ombud Ruling Appeal Mechanism
Insurers and consumers are now entitled to appeal against final rulings by the ST Ombud. This applies to complaints received on or after 1 December 2013. Any party affected by any formal ruling […]
And you thought Compliance was expensive?
The latest determination by the FAIS Ombud provides clear proof that non-compliance with one’s obligations under the FAIS Act and the General Code of Conduct can be a very costly affair. The information […]
Exhaustive Law Amendments Published
The Financial Services Laws General Amendment Act, Act No. 45 of 2013, was published on 16 January after extensive consultation with various role players and affected parties. The preamble to the publication states […]
Irregularity Reporting
A recent press release by the FSB named nine funeral services providers who appear to be acting outside of the law. Is it only the Regulator’s duty to expose such transgressors, or do […]
Important Qualification Requirements
The regulatory examinations took precedence for most people in the industry, and may have averted the focus from the qualification requirement, particularly in the case of representatives working under supervision. Industry demands for […]
Training News
A number of important documents were placed on the FSB website on Friday. Two of these are of particular importance to those involved in training, as well as those who are subject to […]
Penalties for late submissions
The FSB’s FAIS Newsletter 16 was published on 13 December 2013. The second article states that a decision was taken to implement punitive measures available to the Regulator when FSPs fail to submit […]
Implementing the Twin Peaks model of Financial Regulation
The Financial Sector Regulation Bill, referred to in the article above, provides important information on the way forward as far as regulating the financial world is concerned. The shift from the current status […]
Taking Stock
Reaction to the recent introduction of the E-Toll system in Gauteng reminded me of a similar sense of indignation a few years ago when the regulatory examinations were announced. Many people in the […]
FSB Compliance Department Annual Report
The FAIS Compliance Department’s goal is tasked with ensuring that all FSPs are held to a high degree of compliance with the FAIS Act. The Department is also committed to instil the goals […]
FAIS Supervision Annual Report
The FAIS Supervision Department of the FSB supervises financial services providers (FSPs) in terms of a risk-based approach. In response to the changing face of the regulatory landscape, international trends and outcomes of […]
Compliance Officer Presentation
The FSB’s presentation for compliance officers provided a lot of practical insight and advice. Whether you are an external or internal CO, there is a lot of food for thought and consideration on […]
Financial Intelligence Centre Directive 01/2013
A recent request from the FIC contained a request for all accountable and reporting institutions to ensure that their records at the Centre are up to date and accurate. The actual directive spelling […]
Compliance Consolidation
The introduction of the FAIS Act brought a number of additional layers of cost which providers of financial services had to absorb. The majority of the tentacles of this octopus have compliance written […]
TCF Guide for small FSPs and IFAs
Treating Customers Fairly will impact on the whole industry. To date, most of the communication was aimed at corporates and industry bodies, with little information flowing through to smaller FSPs and independent financial […]
