Welcome news for companies in business rescue

SARS’s discretion to write off temporarily an amount of tax debt while a company is subject to business rescue will be reviewed.

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Late Lodging of Appeal Disallowed

The FSB Appeal Board issued an urgent notice recently regarding late lodging of appeals after a decision in the Cyclone Matibe Makola case against the Registrar. In this case, the appellant noted his appeal some […]

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RDR Update 19 May 2015

At the recent Discovery Financial Planning Summit, the FSB gave feedback on some of the responses it received to the discussion document on the Retail Distribution Review. It also provided possible timelines for […]

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Unregulated Schemes

In a media release, issued on 27 May 2015, Caroline da Silva, the Deputy Executive Officer for FAIS at the FSB warns the public against conducting business with schemes before verifying whether it […]

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Short-term Ombud Annual Report

This publication reveals some interesting statistics: The total number of complaints received amounted to 10 253, an increase of 9.5% over the previous year. Complaints unresolved after six months totalled only 54 at […]

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2015 Levies Published

Board Notice 101 of 2015 contains details of the levies payable by 31 October 2015: Levy on Category I and IV FSPs: Base amount of R3 391 Fee of R542 per KI/Rep Levy on Category II, […]

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Approved Specimen Mandate Amendments

FAIS Newsletter 16, published in December 2013, contains the following information: Sections 5.4 of the Administrative Code of Conduct and 5.2, 5.3 of the Discretionary Code of Conduct deal with the approval of […]

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Hidden Costs of Compliance

Where you find the laws most numerous, there you will find also the greatest injustice, said the ancient Greek philosopher, Arcesilaus. If we were to publish a list of all legislation pertaining to […]

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Claim Rejection Overturned

Mr. W. (insured) submitted a complaint against his insurer, Dial Direct Insurance, in respect of a vehicle hijacking incident. The insurer rejected the claim on the basis that Mr. W. did not provide […]

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Debarment Process under Review

The Financial Sector Regulation Bill (FSRB) is a huge document comprising 17 chapters, 242 sections and is 136 pages long. There are, in addition, 4 schedules and 70 pages of proposed amendments or […]

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Due Diligence and the Financial Adviser

Section 2 of the General Code of Conduct requires that ‘a provider must at all times render financial services honestly, fairly, with due skill, care and diligence, and in the interests of the […]

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FSB takes Action on Sign on Bonuses

Scarcely a week after announcing its intent to investigate the impact of sign-on bonuses on churning, the Regulator called for a special compliance report to be completed by FSPs registered as Long-term insurers. […]

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Licence Application Assistance

We are experiencing a noticeable increase in enquiries from the industry for assistance with licence applications. The documentation and supplementary information required by the FSB in order to assess such applications have become […]

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FSB Addresses Churning

Up front bonuses, offered by insurance companies to entice financial advisers to leave their current insurer and join another, were prohibited by the Financial Services Board in December 2014. In a media release on […]

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POPI Essentials

We recently came across a very useful summary of what one can expect when POPI becomes a reality. The latest newsletter from attorneys, Van der Spuy & Partners of Thom Street, Paarl and […]

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