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 […]
Compliance and Legislation
Lead Generator Fined R250 000
The Registrar of Financial Services Providers (the Registrar) referred a case against Talksure Trading (Pty) Limited (the Respondent) to the Enforcement Committee of the Financial Services Board. The referral relates to a contravention […]
Consolidation of Legislation
The Draft Market Conduct Framework, published in December last year, identified the diversity of legislation regulating different sectors of the industry as one cause for the Regulator’s inability to supervise effectively across the […]
Reinstatement of Debarred Representatives
We receive enquiries on a daily basis from (often disgruntled) representatives who wish to re-enter the industry by applying to have their debarment lifted. Unfortunately, as a representative, you cannot apply to have […]
Update from Cambist
Hanna Barry reports in Moneyweb Today that Cambist published a newsletter to investors in which they refer to an upcoming court case which may prove to be good news for investors who made […]
More Effective Regulation Envisaged
National Treasury publishes a revised draft of the Financial Sector Regulation (FSR) Bill for public comment. The revised Bill takes into account comments received on the first draft, published in December 2013, as well […]
Demarcation Regulations Update
On 19 December 2014, National Treasury and the Department of Health announced a postponement in the publication of the final Demarcation Regulations (“the Regulations”) till the second quarter of 2015. The final regulations […]
Causal Event Charges and TCF
More clarity on what constitutes causal event charges emerged from a recent Pension Fund Adjudicator determination after the complainant submitted that the deductions were “…exorbitant and do not comply with the principles of […]
2014 Compliance Report Workshop
FSPs not obliged to appoint a compliance officer need to submit their 2014 Compliance Reports by the end of February 2015. We invite all those affected to pre-book their seats at this popular annual […]
2014 Compliance Report Workshop
FSPs not obliged to appoint a compliance officer need to submit their 2014 Compliance Reports by the end of February 2015. We invite all those affected to pre-book their seats at this popular annual […]
Appeal Court Judgment on J Arthur Brown
The successful appeal by the State against the judgment by the High Court against J Arthur Brown certainly makes for interesting reading. The judgment found that the Western Cape High Court erred in […]
Moonstone RDR Workshops
The Retail Distribution Review will have a huge impact on the way business is conducted in all sectors of the financial services industry. We expect two reactions to the proposals: those who dig […]
Direct Marketers and Aggregators
Steven W writes: It seems that direct marketers of insurance, and those who actually meet with the public, have dissimilar disclosure requirements, with the direct marketers having considerably less of an obligation than […]
Alleged Investigation of the FSB
In a media release issued on 30 October 2014, the Financial Services Board (FSB) shared its views on a media statement circulated by Kadesh Consulting, which alleges that there is an investigation underway into, amongst […]
FAIS Department 2014 Annual Report
The information below was extracted from a supplementary report to the FSB’s Integrated Annual Report which provides an overview of activities of all divisions in the FAIS department for the year which ended […]
Is it Time for a Compliance Review?
Diligent financial advisors conduct regular reviews of their clients’ portfolios to ensure that their aims and goals are on track. This is not only a regulatory requirement, but essential for new business purposes […]
Appeal Court Addresses Conditional Selling
A FSB media release on 9 October highlights far-reaching implications for finance and loan providers who coerce clients to make use of in-house brokerages. A recent judgement by the Supreme Court of Appeal […]
