National Treasury has published draft regulations that will make the provision of a benchmark a financial service that will regulated and supervised by the FSCA. “The integrity of benchmarks is critical for the […]
Insurance intermediaries should think twice before asking their clients to sign a power of attorney (POA), because doing so precludes them from entering into a binder agreement or invalidates an existing agreement. In […]
Misconduct in terms of an employer’s code of conduct and governance framework are not necessarily grounds for debarring a representative, the Financial Sector Tribunal ruled this month. In the matter that came before […]
Misconduct in terms of an employer’s code of conduct and governance framework are not necessarily grounds for debarring a representative, the Financial Sector Tribunal ruled this month. In the matter that came before […]
The FSCA publicly announced its enforcement order against Viceroy on 8 September, but it told journalists that it had informed Viceroy of its decision the previous week, which meant the clock had already […]
Financial Service Providers (FSPs) play a crucial gate keeping role through which entry to financial markets can be accessed. Unfortunately, criminals are aware of this access point, and seek to exploit vulnerabilities of […]
A Tribunal decision published on 1 September provides further guidance to the debarment theme we have been focussing on recently. Importantly, it clarifies the need for a debarment hearing where due process had […]
Short-term insurance recently became one of the talking points of the July lootings after thousands of SMEs were affected by the riots, suffering loss and damage to assets. In the hopes of keeping […]
A recent application for reconsideration of a debarment by the Financial Sector Tribunal evoked a number of interesting questions, including ones on responsibility and accountability for transgressions. Background Ms M was charged with […]
How will insurers treat motor vehicle claims where the insured person’s driver’s licence has expired after 31 August 2021? The South African Insurance Association (SAIA) says that drivers can take comfort in the […]
Please bear in mind that the levies for FSPs are calculated based on the KIs/Reps approved/appointed on 31 August. A in the calculation is indicated as being: It is therefore imperative that all […]
The Financial Sector Conduct Authority (FSCA) has expressed its concern about high premium increases that are being implemented by insurers on funeral policies throughout the industry. While it is aware of the impact […]
The Regulator’s Communication 16 of 2021 (FAIS) provides clarity to stakeholders, FSPs, key individuals and compliance officers regarding the submission of compliance reports, handover reports and irregularity reports for 2021. Compliance Reports and […]
The Regulator’s Communication 16 of 2021 (FAIS) provides clarity to stakeholders, FSPs, key individuals and compliance officers regarding the submission of compliance reports, handover reports and irregularity reports for 2021. Compliance Reports and […]
The pandemic has highlighted the financial vulnerability of people living in South Africa. Amidst a lagging vaccination programme and a resurgent third wave of infections, it is clear that the catchphrase ‘it won’t […]
A recent FAIS Notice has provided much-needed hope for would-be appointees as representatives who has yet to resolve previous insolvency issues FSCA FAIS Notice 89 of 2021 contains details of the outcome of […]
A recent FAIS Notice has provided much-needed hope for would-be appointees as representatives who has yet to resolve previous insolvency issues FSCA FAIS Notice 89 of 2021 contains details of the outcome of […]
Notifications
