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.

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 […]

Proceed with Caution

Indications are that we will, in the next week or two, see updates on a number of proposed legislative changes, including the Policyholder Protection Rules. In the publication of the Phase 1 proposals in […]

Compliance Deadlines

All too often one sees a list of FSPs whose licences were suspended for failure to submit their compliance reports in time. Category I FSPs with a compliance officer are reminded to submit […]

POPI and the FSP – Part II

On Monday we discussed the rationale behind the Protection of Personal Information Act 4 of 2013 (“POPI” or “the Act”), some important definitions and the role of the information officer. This article deals […]

Compliance Becomes a Boardroom Issue

This is the title of an article by Tyler Nunnally and Paul Resnik of Finametrica which was published in the June newsletter of the National Society of Professional Compliance. “Financial services firms face […]

POPI and your FSP Part I

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 […]

Cost Estimates of Twin Peaks

A huge amount of documentation was published last week by the National Treasury, providing an update on its views on feedback on the Financial Sector Regulation Bill. One document reported the findings of […]

2017 Budget for Regulatory Exams

A number of our corporate clients are in the process of planning for 2017, and have made enquiries as regards the regulatory exams. Cost Increases In the nearly six years we have only […]

Remorse as Mitigation in debarment cases

While, in the past, saying sorry and meaning it, assisted appellants, there are limits to what having regret can achieve. Bhupesh Nathoo versus Registrar In January 2016 we reported on an appeal by […]

The proof of the pudding…

A recent finding by the FSB Appeal Board drew attention to the need for honesty and integrity in all circumstances. The Registrar debarred the appellant on 14 September 2015. Timeline On 8 June 2015 the […]