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 […]
Compliance and Legislation
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 […]
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 […]
