ConCourt judgment in Capitec vs SARS clarifies important VAT principles

The decision addresses the recovery of VAT on payments made under loan cover provided free of charge.

Debarment Update

The Cliffe Dekker Hofmeyr publication Finance and Banking Alert – 17 October 2016 carries an article titled, Debarment of Delinquent FAIS Representatives. It provides a brief outline of what to do when a […]

The Importance of Cash Threshold Reporting

Moonstone Compliance recently sent a reminder to all its compliance officers on what appears to be stricter monitoring and resultant fines by the Financial Intelligence Centre on Cash Threshold Reporting (CTR) requirements. The […]

Are Reps really liable for FSP Misconduct?

Two recent articles elicited a number of interesting questions from readers. Alan Holton’s thought provoking article, “Representatives also at risk” investigated what could happen if an employer FSP is no longer registered at […]

Amended Draft Proposals for Fit and Proper Requirements published

The Registrar of Financial Services Providers intends to repeal the current regulations and determining new fit and proper requirements for financial services providers, key individuals and representatives. The proposed amendments, previously published on […]

POPI becomes a Reality

The proposed amendments to the Financial Intelligence Centre Act (FICA), which is still awaiting signature by the President, takes on significant meaning in view of the court action instituted by the Minister of […]

POPI and your FSP

Despite a lot of early fanfare, little mention was recently made of this important piece of legislation which is bound to impact on each FSP. This overview is, by its nature, very brief […]

Application for Liquidation of Saxum Insurance

On 12 October 2016, the Registrar for Short-term Insurance launched an urgent application in the Johannesburg High Court to place SaXum Insurance Limited (SaXum) under final liquidation. The application is scheduled to be […]

Debarment after suspension

A recent Appeal Board decision contained a number of interesting comments regarding the withdrawal of a licence and debarment of a FSP. Background The appellant’s licence was withdrawn as a result of non-payment […]

FIC Guidelines

The Financial Intelligence Centre published PCC36 which provides clarity on the obligations of accountable institutions and other persons assisting clients in making use of the 2016 Special Voluntary Disclosure Programme (2016 SVDP) which […]

Due Diligence Revisited

The Appeal Board recently ruled on a determination by the FAIS Ombud on a complaint regarding an investment in the ill-fated Bluezone property syndication. Last week we commented on the observation by the […]

FAIS Newsletter 21

Enquiries indicate that many FSPs do not share important information like this with all their staff. Below is a summary and a link to the full document. Electronic submission of Handover Compliance Reports […]

Second Appeal also unsuccessful

The Ombud made a determination on 30 March 2012, holding the appellants liable for the repayment of the amount invested. An appeal was upheld by the Appeal Board on 26 February 2014. In terms of the order, […]

TCF in Dispute Resolution

An interesting case from the latest Short-term Ombud briefcase reflects that fairness and equity should be applied in settling a dispute. Background Ms. A suffered a burglary at her property, which was let […]

TCF in Dispute Resolution

New User Guide for the FAIS Online Reporting System

It is of the utmost importance that FSPs download and save a copy of this important document. It provides step-by-step guidelines on how to interact with the Regulator on the following matters: Submission […]

Ombud Overturns Rejected Claim

The latest Ombudsman’s Briefcase contains a number of case studies. It is interesting to note that the insurers involved are named in all of these cases. Below is one such a case, and […]