FAIS Newsletter 16, published in December 2013, contains the following information: Sections 5.4 of the Administrative Code of Conduct and 5.2, 5.3 of the Discretionary Code of Conduct deal with the approval of […]
Where you find the laws most numerous, there you will find also the greatest injustice, said the ancient Greek philosopher, Arcesilaus. If we were to publish a list of all legislation pertaining to […]
Board Notice 92 of 2014 comes into effect on 1 May 2015. It contains new disclosure requirements for advertising and marketing material in respect of collective investment schemes. It also places specific obligations on advisers […]
Mr. W. (insured) submitted a complaint against his insurer, Dial Direct Insurance, in respect of a vehicle hijacking incident. The insurer rejected the claim on the basis that Mr. W. did not provide […]
As a result of the rapidly changing nature of the financial services landscape in South Africa, the FSB is implementing a new system to ensure that it is able to effectively monitor the […]
The Financial Sector Regulation Bill (FSRB) is a huge document comprising 17 chapters, 242 sections and is 136 pages long. There are, in addition, 4 schedules and 70 pages of proposed amendments or […]
Section 2 of the General Code of Conduct requires that ‘a provider must at all times render financial services honestly, fairly, with due skill, care and diligence, and in the interests of the […]
Scarcely a week after announcing its intent to investigate the impact of sign-on bonuses on churning, the Regulator called for a special compliance report to be completed by FSPs registered as Long-term insurers. […]
We are experiencing a noticeable increase in enquiries from the industry for assistance with licence applications. The documentation and supplementary information required by the FSB in order to assess such applications have become […]
Up front bonuses, offered by insurance companies to entice financial advisers to leave their current insurer and join another, were prohibited by the Financial Services Board in December 2014. In a media release on […]
We recently came across a very useful summary of what one can expect when POPI becomes a reality. The latest newsletter from attorneys, Van der Spuy & Partners of Thom Street, Paarl and […]
Despite warnings and guidelines from the Regulator, it appears that personal vendettas are in some instances a stronger driver than legal obligations. I received the following enquiry from a reader on 7 March: […]
The National Treasury and Financial Services Board issued a media release on 5 March 2015 to inform the industry of the signed Declaration Notice from the Minister of Finance and the final Determination from the […]
The Registrar released a draft circular titled, The Commencement of Participation, Termination and Re-Commencement of Participation of Participating Employers in Umbrella Funds, on 27 February 2015. The introduction states that the Registrar wishes to provide […]
The court case, in which 13 credit providers and the law firm that facilitated the EAOs are involved, is drawing wide interest in the media. It sets out to determine, amongst other issues, […]
The Botha Determination by the FAIS Ombud certainly touched on a sensitive area, never covered before in the same detail as in this case. The Ombud found that the clients suffered loss as […]
The latest FAIS Ombud determination should be regarded as compulsory reading for intermediaries in the investment business. The investments occurred around the time of the world economy meltdown. The determination discusses the needs […]
