Legal precedent set as Odendaal’s assets forfeited in Steinhoff fraud battle

The SARB has forfeited to the state cash totalling R42m from Berdine Odendaal’s bank accounts, as well as her R18m property in Paarl’s Val de Vie estate.

Emolument Attachment Orders in the Dock

The court case, in which 13 credit providers and the law firm that facilitated the EAOs are involved, is drawing wide interest in the media. It sets out to determine, amongst other issues, […]

Risk Profiling and Asset Allocation

The Botha Determination by the FAIS Ombud certainly touched on a sensitive area, never covered before in the same detail as in this case. The Ombud found that the clients suffered loss as […]

Ombud View on Risk Analysis and Asset allocation

The latest FAIS Ombud determination should be regarded as compulsory reading for intermediaries in the investment business. The investments occurred around the time of the world economy meltdown. The determination discusses the needs […]

Cutting Edge Regulatory Workshops

Cutting Edge Regulatory Workshops Anton Swanepoel’s popular, informative and practical Regulatory Workshops will be run again in March this year. There will be two presentations – one focussing on short-term intermediaries, and one […]

Three-in-One Role of Ombuds

Take 1 I recently received an e-mail from a client regarding a complaint laid against him with the Short-term Ombud. Fortunately, due to me ticking all the boxes, crossing all the T’s and […]

They still live among us

We would all like to believe that, since the introduction of the FAIS Act in 2004, things have changed for the better, and that clients are less exposed to advice which has only […]

Lead Generator Fined R250 000

The Registrar of Financial Services Providers (the Registrar) referred a case against Talksure Trading (Pty) Limited (the Respondent) to the Enforcement Committee of the Financial Services Board. The referral relates to a contravention […]

Consolidation of Legislation

The Draft Market Conduct Framework, published in December last year, identified the diversity of legislation regulating different sectors of the industry as one cause for the Regulator’s inability to supervise effectively across the […]

Reinstatement of Debarred Representatives

We receive enquiries on a daily basis from (often disgruntled) representatives who wish to re-enter the industry by applying to have their debarment lifted. Unfortunately, as a representative, you cannot apply to have […]

Update from Cambist

Hanna Barry reports in Moneyweb Today that Cambist published a newsletter to investors in which they refer to an upcoming court case which may prove to be good news for investors who made […]

More Effective Regulation Envisaged

National Treasury publishes a revised draft of the Financial Sector Regulation (FSR) Bill for public comment. The revised Bill takes into account comments received on the first draft, published in December 2013, as well […]

Demarcation Regulations Update

On 19 December 2014, National Treasury and the Department of Health announced a postponement in the publication of the final Demarcation Regulations (“the Regulations”) till the second quarter of 2015. The final regulations […]

Causal Event Charges and TCF

More clarity on what constitutes causal event charges emerged from a recent Pension Fund Adjudicator determination after the complainant submitted that the deductions were “…exorbitant and do not comply with the principles of […]

2014 Compliance Report Workshop

FSPs not obliged to appoint a compliance officer need to submit their 2014 Compliance Reports by the end of February 2015. We invite all those affected to pre-book their seats at this popular annual […]

2014 Compliance Report Workshop

Appeal Court Judgment on J Arthur Brown

The successful appeal by the State against the judgment by the High Court against J Arthur Brown certainly makes for interesting reading. The judgment found that the Western Cape High Court erred in […]