Levies on financial institutions – published by the FSCA
The FSCA has published the 2018 levy notice. Category I or IV FSP (a) A base amount of R3 373; and (2017: R3 182) (b) KI/Rep x R538 (2017: R508) Category I or IV […]
Compliance and Legislation
The latest FSCA FAIS notices
The FSCA as release the following FAIS Notices: FAIS notice 32 of 2018 – Compliance report for Category I with a CO ● Reporting date: Still 31 May 2018 ● Submission deadline: 15 […]
FICA Update June 2018
If there was ever any doubt about just how serious the world is about money laundering and related crimes, this was dispelled by the recent example of Australia’s Commonwealth Bank agreeing to a […]
New Draft Conduct of Business Report
The Financial Sector Conduct Authority (Authority) intends to replace the current compliance reports with the proposed Conduct of Business Report (COBR) that was published for public comment on the official web site of […]
Regulatory Focus on FICA
The Financial Sector Conduct Authority (FSCA) has just published a general communication to Accountable Institutions (AIs) on its supervisory approach to implementation of the Amendments to the Financial Intelligence Centre Act, 2001 (FICA). […]
Supervision Department Feedback and Focus
At the March 2018 FSB FAIS Conference, Ms Felicity Mabaso reported back on the Supervision Department’s activities in 2017 and 2018, and provided insights into its plans for 2018/2019. FSB Theme Visits: 2017/2018 […]
High Court sets aside Validation of Gross Income methods
On 16 March 2018, the High Court in Cape Town provided its favourable ruling on the matter brought by the retailers, Truworths Limited, Foschini Group Limited and Mr Price Group Limited (the “Applicants”) […]
Long-term Insurance Class of business Training
In terms of Board Notice 194 of 2017, class of business (CoB) training forms a compulsory part of the competence requirements for FSPs, Key Individuals and Representatives. Moonstone Business School of Excellence (MBSE) […]
Class of business – More about Short-term Insurance – Personal lines
In terms of Board Notice 194 of 2017, class of business (COB) training forms a compulsory part of the competence requirements for FSPs, Key Individuals and Representatives. The product categories that an FSP […]
Add Class of Business to your 2018 training calendar
Why is Class of Business an important 2018 training option for everyone and not only for learners who need to comply with the fit and proper requirements for financial services providers? Also add […]
Proposed Amendments to Policyholder Protection Rules
The FSB published proposed amendments to the Policyholder Protection Rules (“PPRs”) made under the Long-term Insurance Act, 1998 and the Short-term Insurance, 1998, respectively, for public comment. The proposed amendments form part of […]
Record Keeping Relief?
Some product providers have created facilities for advisers to upload documents on-line. This is then stored in a secure environment by the provider. John, a Moonstone Protector client recently raised an interesting compliance […]
Are you running unnecessary risk?
Far too many FSP licences are suspended purely as a result of someone being, quite frankly, slapgat. Updating your contact details is not a favour you do the FSB – it is a […]
Proposals on loyalty benefits or bonuses
Cashback incentives are very often the topic of enquiries from readers who feel that they are at a disadvantage to mostly direct marketing companies who offer partial premium refunds to secure business. The […]
Transitional arrangements for Reps under supervision
Board Notice 194 (Determination of Fit and Proper Requirements) stipulates that a “…FSP and representative must, prior to the rendering of any financial service in respect of a particular financial product, complete the […]
CPD and Reps Working Under Supervision
K writes: I read your article on the effective date of 1 June 2018 for Continuous Professional Development, and your comment that it leaves little time to plan for compliance. Please clarify whether representatives under […]
Further Panel Beating to Debt Relief Bill likely
Following our article published on 7 December 2017, dealing with the Draft National Credit Amendment Bill, 2018 (the Bill), the Portfolio Committee on Trade and Industry held their public hearings on 30, 31 January and 2 February 2018, where […]
