Review of Intermediary Services Definition on the Cards
The postponement of the Insurance Laws Amendment Bill, 2013 also impacted on a proposed change by the FSB to the FAIS Act. The objective of the proposed changes was to close regulatory gaps […]
Compliance and Legislation
Draft Regulations on Hedge Funds
The National Treasury (“Treasury”) and Financial Services Board issued the following media release last week: In 2012, South Africa, as a committed member of the G20, embarked on a process to enhance and […]
New Financial Intelligence Centre Directives
The FIC issued two new directives applicable to all accountable and reporting institutions: Directive 1 stipulates that “All institutions registered with the FIC are required to update their registration details only via the […]
Lest We Forget
When you walk on the right side of the law, it is often difficult to understand why so many obligations are placed on you to comply, when those, for whom the legislation is […]
Are We Experiencing Regulatory Overkill?
The head of Britain’s recently formed Financial Conduct Authority (FCA) was accused of backtracking on a promise to introduce “proportionate” red-tape on insurance brokers by the British Insurance Brokers Association (Biba), according to […]
Update on Retirement Reforms
The 2014 Budget announcement contained more detailed information on where we currently are on the road to extensive reforms of the retirement industry. A media release by National Treasury on 14 March 2014 […]
Moonstone’s Compliance Solution
There are a wide variety of compliance service providers in the financial services industry, which makes it difficult to compare apples with apples. We list below the services offered by Moonstone, and a […]
Compliance Monitoring
This topic is covered in FAIS Newsletter 16, published on 13 December 2013. It is of particular importance to FSPs who tend to think that complying with the FAIS Act and the General […]
Verification of Qualifications
Prospective employers need to verify information supplied by applicants. There are various sources where such information can be obtained. FAIS related credits and queries Please visit the INSETA website on www.inseta.org.za. Click on […]
Managing and Mitigating Risk in your Business
The FAIS Supervision Department of the FSB follows a risk-based approach in supervising financial services providers (FSPs). Licenced entities are categorised in five sectors, ranging from high impact to small FSPs, with the […]
Leads Provision and the FAIS Act
The definition of an intermediary service was the subject of a number of discussions and reviews, including an article published by the FSB to provide clarity on what actually constitutes such a service. […]
Electronic updating of Representative Registers
FSBA financial services provider (FSP) must in terms of Condition 3 of its licence, inform the Registrar of Financial Services Providers (Registrar) within 15 days after any change to its register of representatives. […]
Treating Customers Fairly in 2014 and Beyond
We predicted earlier that 2014 would be a bit of a water-treading year in so far as new regulations and changes relating to financial advice and intermediary services are concerned. This was based […]
On the Regulatory Front
Moonstone is a co-sponsor of this seminar which is a must-attend event for all key individuals, representatives and compliance officers. Anton Swanepoel and other leading industry experts will discuss the year ahead from […]
FSP Fined for Promoting Unregistered Foreign CIS
The Registrar of Collective Investment Schemes (“the Registrar”) referred a suspected contravention of Section 65(3) of the Collective Investment Schemes Act, No 45 of 2002 (CISCA) to the enforcement Committee. It was alleged […]
Retirement funding gets a boost
The Taxation Laws Amendment Act No. 31 of 2013, published in Government Gazette No. 37158 on 12 December 2013, contains very important changes to the tax treatment of contributions to retirement funding. Hettie […]
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 […]
