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 […]
Compliance and Legislation
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 […]
Clarity on a refuted claim
Brevity can sometimes also be the soul of a twit. In a recent article on a complaint dismissed by the FAIS Ombud, we wrote: This case concerned a claim that was declined as […]
Amended 2016 Compliance Reports
Please note that the Cat II, IIA and III reports (Published during May 2016) have been amended. “Note that FAIS Notice 51 of 2016 has been repealed and replaced with FAIS Notice 84 of 2016 and FAIS Notice 52 of 2016 has been repealed and replaced with […]
To debar, or not to debar?
To rephrase the Bard, this should not really be the question – there is a better option. Representatives appointed in the second half of 2013, and the first half of 2014, and who […]
Registrar issues warning
FAIS Circular 20 contains a reminder to FSPs regarding what changes in the FSP need to be conveyed to the Registrar within 15 days. Section 8(10)(a)(ii) of the FAIS Act states: “Where a […]
Financial Statements
Please remember that, if your financial year ended on 29 February, you are required to submit your annual return to the FSB before the end of June. Every year, hundreds of FSPs neglect to […]
FAIS Ombud Complaints Dismissals
Three recent determinations by the FAIS Ombud varied from what one has become accustomed to over the years. Cornelissen The Cornelissen case, which hinged around a dispute regarding the calculation of costs, concluded […]
DOFA Do’s and Do Nots
Vetting the date of first appointment of applicants and appointees is an important part of compliance. FAIS Newsletter 20, published on 19 May 2016, contains a number of pointers to make life easier […]
Provident Fund Annuitisation Legislation
National Treasury has confirmed that the 2016 Revenue Laws Amendment Act, promulgated on 20 May 2016, qualifies provident fund members for a tax deduction on their own contributions ‘without being required to annuitise […]
Bulk transfers by FSPs and Insurers
This is the title of an article in the FSB’s FAIS Newsletter 20, which also addresses the shortcomings mentioned at the conclusion of the article above. In instances where the transfer of clients resulted […]
FAIS Ombud Dismisses Complaint
No need to check the calendar – it’s not 1 April. On 25 October 2012, the complainant entered into a contract of insurance for comprehensive cover in respect of a vehicle. The insurer was […]
Employer Liability for Employee Advice
The Wallace determination by the Ombud, discussed in last week’s Moonstone Monitor, contained reference to the FNB/Newlove case which was referred to the FSB Appeal Board, which ruled in favour of the Ombud’s […]
