High Court orders insurer to reconsider unfair debarment carried out in 2016

The applicant only became aware in May last year that the decision to debar her constituted administrative action.

Amendment Notice on Recognised Qualifications

Board Notice 51 of 2017 is a 31 page addition to the current list of recognised qualifications for FSPs and compliance officers. We note that all the qualifications are now marked as “G” […]

Yay or Nay to Demarcation Regulations?

The demarcation between health insurance and medical schemes has a long history, going back as far as 2000 after the enactment of the Medical Schemes Act no. 131 of 1998. The basis of the […]

Latest news from FIC

The Financial Intelligence Centre (FIC) has issued a Revised Public Compliance Communication 05B (PCC) which provides clarity to accountable and reporting institutions on their obligations of registration with the FIC. This revised PCC […]

Robo Advice in a nutshell

In South Africa, automation of financial advice is still relatively scarce, but very likely to surge in the next few years. In the USA, it already plays an important role in the investment […]

Call for Caution on Regulatory Interventions

On 27th of March we published an extract from the ASISA Dispatches to give readers a perspective on the multitude of legislative changes currently underway in the financial services environment. On Tuesday, the Financial […]

Legislative Avalanche Warning

If you have just returned from a visit to Mars, you may want to take cognisance of some of the legislative changes that are currently taking place. It is a daunting task just […]

Fees Due and Financial Soundness Calculation

Ken’s question Thank you for the article regarding financial soundness. Are fees/commissions due, but not yet received, construed as an asset? As you know, most institutions pay during the month following the receipt […]

Breathing space for Medical Insurers

Demarcation Regulations, published on 23 December 2016, determined that certain insurance policies that have elements of a business of a medical scheme shall be ‘health policies’, and ‘accident and health policies’ respectively. The ‘health policies’, […]

Compassion not an alternative to Compliance

The latest ruling by the Appeal Board reaffirms the fact that there really is no alternative, harsh as it may sound. The appellant appealed against the withdrawal of his licence by the Registrar. […]

Financial Soundness – at all times

At a recent meeting between senior officials of the FAIS Division of the FSB and a committee of industry members, Ms Lorraine van Deventer expressed the concern that many FSPs still do not fully […]

RDR in Perspective

I was fortunate to attend a recent presentation on this topic by Billy Seyffert, COO of Moonstone Compliance. Many see the Retail Distribution Review as the beginning of the end. In a way, […]

Conduct of Business Report

I was fortunate to be able to attend the last Compliance Report workshop for one-person businesses conducted by my colleague, Paull Lawrence. This document is scheduled to be replaced by a “Conduct of […]

Fica Bill challenged in ConCourt?

Friday’s edition of Legalbrief Today contained an excerpt from an article in the Mercury on continued resistance to the Financial Intelligence Centre Amendment (Fica) Bill becoming law. Those against it threatened to take […]

Reinstatement after Debarment

My husband was debarred almost 5 years ago, the reason for debarment was justified and fair. That said I do believe that he has paid enough for his mistakes. Recently an FSP approached […]

Short-Term Insurance Premium Collection – Now and in Future

From enquiries we receive, there appears to be some confusion regarding the collection of short-term insurance premiums. This is understandable, given the various amendments to the STIA, the implementation of the Financial Sector […]

Gap Filling for Tied Agents

In case you thought this may be a rather painful dissertation on what a dentist does, think again. In the Retail Distribution Review, the Regulator aims to provide for situations where tied agents, […]