The client’s right to know
Last week, we reported on the Phoshera judgment by the FSB Appeal Board where it concurred with the view of the FAIS Ombud that the rejection of a claim was warranted on the […]
Compliance and Legislation
Too many eggs in one basket?
“Catch-22 is any paradoxical, circular reasoning that catches its victim in its illogic and serves those who have made the law.” One of the options in the Merriam-Webster dictionary reads: “A situation presenting […]
FAIS Ombud Actions Queried
Two issues in the recent Phoshera appeal again saw the Appeal Board ask questions about the FAIS Ombud’s decisions. “This appeal is filled with procedural anomalies. First, there is the question of condonation […]
Exemption for Compliance Officers
FAIS Notice 119, published on 13 September 2017, contains details of changes to the minimum prescribed intervals of visits and reports by compliance officers as contained in Section 4(4) of the Notice on Compliance Officers. […]
Retirement Funds Default Regulations
The latest ASISA Dispatches comments as follows: The final regulations were issued by the Minister of Finance on 25 August 2017. The effective date is 1 September 2017 with 18 months being afforded for existing default arrangements to […]
Tax Ombud finds against SARS
In these times of rapidly diminishing action against wrongdoers, it is refreshing to read the Tax Ombud’s findings after an investigation into “…alleged delayed payment of refunds as a systemic and emerging issue.” […]
Proposed replacement of Policyholder Protection Rules
Board Notice 153 0f 2017, published on 1 September, contains the final proposals for comment by 2 October on the revised protection rules for short- and long-term insurance policies. The information is contained in 6 […]
POPI challenges for financial services industry
The Protection of Personal Information Act (POPI) applies to all industries, but some industries will be more affected than others. Financial services is one of them. Why? Firstly, FSPs collect very sensitive information. […]
FAIS Notice on PI Cover
The FSB’s FAIS Notice 110 of 2017, published on 17 August 2017, drew the following query from a reader: Pray old wise guru of all matters regulatory, for whom art this proclamation? I chose to […]
To POPI or not to POPI
Why complying with the Protection of Personal Information should be a priority By now you have probably been targeted by a newsletter or blog from a law firm telling you to become POPI […]
Credit Life Insurance Regulations
On 11 August 2017, the National Credit Regulator (NCR) released a media statement on the final credit life insurance regulations published under Government Gazette Notice No 103 which became effective on 10 August 2017. In […]
Employer Duties under POPIA – Part 1
By Claire Gaul / Joani van Vuuren of Webber Wentzel Much has been written about the statutory obligations that are to be imposed on financial service providers in respect of their clients in […]
NCR Alert for Vehicle Financiers and Dealers
On 2 August 2017, the National Credit Regulator (NCR) issued a media statement to announce its intention to conduct a compliance monitoring exercise on vehicle licence and registration fees payable by consumers under […]
Binder Remuneration Update
We reported last week on the publication of proposed amendments to the Regulations made under the Long-term Insurance Act, 1998 (“LTIA”) and the Short-term Insurance Act, 1998 (“STIA”) for public comment. This included […]
New Credit Life Insurance Regulations from 10 August
Registered credit providers should note that the long-anticipated credit life insurance regulations will come into effect on 10 August 2017 (“Commencement Date”). On 9 February 2017, the Minister of Trade and Industry, Dr Rob Davies, published the […]
Proposed Regulatory Amendments Update
In December 2016, National Treasury (NT) with the support of the Financial Services Board (FSB) published, for public comment, proposed amendments to the Regulations made under the Long-term Insurance Act, 1998 (“LTIA”) and […]
Debarment and TCF
The necessity for a process to ensure that those who fall foul of the fit and proper requirements are not allowed to practice was never in question. In particular, the bad apples need […]
