Managing an FSB Compliant Practice
The FSB presentation on Tuesday, 3 September, is possibly the most comprehensive, up to date guide available on managing a practice, and the DVD belongs in the library of everyone who is serious […]
Compliance and Legislation
Edwafin Chickens Come Home to Roost
Two FAIS Ombud rulings were published on Friday, both concerning investments made via an FSP in Edwafin, a venture capital company in KZN which offered 18% guarantees on debentures. Edwafin started advertising aggressively […]
Telematic Broadcasts Keeping you Updated
These communication sessions offer the industry an opportunity to communicate directly with the Regulator on practical matters. When I looked at the registration page this morning, there were still a number of empty […]
Thank your Lucky Stars you’ve got Protection*
Older readers may well remember the Joel Mervis column in the Sunday Times which usually started with: “There I was, sitting drinking Slivovitz, waiting for a war to break out.” I was reminded […]
New Definition of CPD
In the introduction to this proposed amendment, the Regulator states: The FSB, through the General Financial Services Laws Amendment Bill, 2012, proposed the insertion of a definition for “continuous professional development” in the […]
FSB Proposes Amendments to 3 Board Notices
In a notice published last week, the FSB requests input from the industry on proposed amendments to three Board Notices: The 2008 Determination of Fit and Proper Requirements The 2008 Determination of Qualifications […]
Beat the Deadline
August is quite an important month in terms of FSB requirements. FSPs who are obliged to appoint a compliance officer must submit their compliance reports by 15 August. Category II FSPs must ensure […]
The Great Switcheroo
I toyed with several titles when contemplating writing this article, but finally settled on this one, from a Roald Dahl short story. A typical Dahl tale contains unexpected developments in the story line, […]
Enforcement Committee: Ogre or Opportunity?
We briefly touched on this topic in a previous article FSB Enforcement Committee. In this article we expand on the actual workings of the Enforcement Committee, and provide information that will stand you […]
FSB Enforcement Committee
Other than what the name suggests, this is not the kind of entity that will pitch up in the middle of the night with a baseball bat to test your reflexes by beating […]
The Debarment Process
Monday’s article, Debarment under the Loop, was based on a High Court judgment which led to the reinstatement of a representative who was debarred. Our article evoked a flurry of enquiries from the […]
Binder Workshop Registration
Our extremely popular workshops on binder regulations and outsourcing agreements are now open for Registration. Since the last workshop, a lot more clarity was provided by the Regulator on its interpretation of these […]
Debarment under the Loop
A recent finding in a high court case in Port Elizabeth, serves as a timely reminder to Key Individuals and Compliance Officers to be very circumspect when debarring a representative. A representative, who […]
Binder and Outsourcing Agreements – the Next Chapter
Following a further consultative process, the FSB issued Information Letter 3 of 2013 on the 1st of July. This document is of major importance to all binder holders, as well as holders of […]
Draft Directive on Causal Event Charges
A document from the Registrar of Long-term Insurance was published in June and calls for comments by 31 July 2013. The request for input on the Directive follows in the wake of determinations […]
Enforcement Committee Fines
We received two media releases from the FSB this week. In the first, The Lawyers Voice (Pty) Limited (“Lawyers Voice”) marketed and sold three different insurance policies which were not underwritten by a […]
Compliance Considerations
Today, farming is possibly the only industry with a sharper rise in input costs than that of the independent financial advisor. For quite a while now, this important sector of the financial services […]
