Claim Rejection Overturned
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 […]
Compliance and Legislation
Morningstar to assist FSB in CIS Monitoring
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 […]
Debarment Process under Review
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 […]
Due Diligence and the Financial Adviser
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 […]
FSB takes Action on Sign on Bonuses
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. […]
Licence Application Assistance
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 […]
FSB Addresses Churning
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 […]
POPI Essentials
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 […]
Debarment Problems Persist
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: […]
Hedge Fund Regulation Published
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 […]
New Draft Pension Fund Circular
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 […]
Emolument Attachment Orders in the Dock
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, […]
Risk Profiling and Asset Allocation
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 […]
Ombud View on Risk Analysis and Asset allocation
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 […]
Cutting Edge Regulatory Workshops
Cutting Edge Regulatory Workshops Anton Swanepoel’s popular, informative and practical Regulatory Workshops will be run again in March this year. There will be two presentations – one focussing on short-term intermediaries, and one […]
Three-in-One Role of Ombuds
Take 1 I recently received an e-mail from a client regarding a complaint laid against him with the Short-term Ombud. Fortunately, due to me ticking all the boxes, crossing all the T’s and […]
They still live among us
We would all like to believe that, since the introduction of the FAIS Act in 2004, things have changed for the better, and that clients are less exposed to advice which has only […]
