Debarred representatives – When can a rep be reappointed?
On 1 April 2018, the debarment process under the FAIS Act was amended by FSR Act 9 of 2017. Besides stipulating that an FSP must, before debarring a person, take specific steps, the […]
Compliance and Legislation
Blame Storming – Latest FAIS Ombud Determination clarifies accountability for wrong advice
In 2017 the FAIS Ombud made a recommendation that a respondent pays R400 000 to a complainant. This outcome was the result of the breach of the General Code of Conduct, specifically in violation […]
Credit card fraud – OBS provides insight into complaints
We recently reported on the Ombudsman for Banking Services’ (OBS) review of the first quarter of 2019 which reported on an alarming increase in credit card fraud. Read: Credit card fraud – Elderly […]
Deductions from pension fund proceeds – Tribunal clarifies the “what and when”
When can an employer claim against an employee’s retirement fund? How is the deduction determined, and is it legal? Can a pay-out be delayed as a result of money owed to the employer? […]
The POPI Act Glossary – 15 important terms to understand your obligations better
Media update’s Aisling McCarthy recently took readers through a list of 15 terms that you’ll need to know in order to fully understand the POPI Act. The Protection of Personal Information Act or […]
The POPI Act Glossary – 15 important terms to understand your obligations better
Media update’s Aisling McCarthy recently took readers through a list of 15 terms that you’ll need to know in order to fully understand the POPI Act. The Protection of Personal Information Act or […]
Credit Provider fees deemed illegal – VWFS ordered to refund clients
The National Consumer Tribunal found that the “on the road fee”, admin fee and handling fee charged by Volkswagen Financial Services South Africa (Pty) Ltd (VWFS) on credit agreements are unlawful. Although this […]
Financial Services Tribunal rules updated – Guidelines to apply for reconsideration
The Financial Services Tribunal, which replaced the FSB Appeal Board from 1 April 2018, provides a person who is “aggrieved” by a “decision” of a “decision-maker” to apply to the Tribunal for a reconsideration of […]
Tribunal decisions – Detailed information critical for proper outcome
Since April 2018, the FSR Act includes the Pension Funds Adjudicator (PFA) as a “decision-maker” and is therefore in a position to entertain appeals against determinations handed down by the PFA. In one […]
Withdrawal of debarment by FSP – Tribunal consent poses questions
“Unless debarment procedures are fair, reasonable and lawful, decisions taken to debar persons can be, and will be, overturned on technical grounds following an application to the Tribunal to reconsider any such decision”, […]
Proposed new FICA regulations – Changes to international and cash transactions
Changes to international and cash transactions National Treasury recently invited public comments on draft regulations on international financial transactions in terms of section 31, and amendment of regulations on cash transaction reporting and […]
Manage your Fit and Proper Obligations
Having to interpret and navigate through the endless collection of Board Notices, Circulars and Guidance Notes which regulates the requirements associated with either being approved as a Key Individual, appointed as a Representative, […]
Manage your Fit and Proper Obligations
Having to interpret and navigate through the endless collection of Board Notices, Circulars and Guidance Notes which regulates the requirements associated with either being approved as a Key Individual, appointed as a Representative, […]
Category II and IIA FSPs – Deadline for Bi-Annual Compliance Report looming
Please remember that your Bi-Annual Compliance Report for the compliance period ended 31 December 2018 is due by 28 February 2019. If you have not yet filed your report, you only have 11 days to do so. […]
Continuous Professional Development – Are your hours adding up?
“I am authorised for Long-term Insurance sub-category B1, B2 and C as well as a Participative Interest in Collective Investment Schemes. What are the minimum CPD hours I have to obtain?” This question, […]
Moonstone’s Compliance Officer Occupational Certificate
– Equip yourself with expert skills and practical experience Have you ever considered becoming a compliance officer? Now it is possible. Compliance Officers generally provide compliance services to the management of a company, […]
Misrepresentation on proposal form
– Impact on insurer’s risk assessment Detail in recording risks is critical at the inception of any insurance proposal as this may impact on a number of areas, including future claims under such […]
