Unsuccessful Appeal Against Debarment
Cases heard by the Appeal Board of the FSB often provide more stringent legal certainty to matters in the financial services industry, particularly in so far as decisions by the FSB itself and […]
Compliance and Legislation
F & P Guidelines for appointment of representatives
The new Fit and Proper regulations provide a wide range of prescriptions which FSPs should consider when appointing new representatives. It also has a potential bearing on current appointees who may be unrehabilitated […]
CPD Important considerations before you proceed
In a nutshell In terms of Section 32 of Board Notice 194 of 2017 (Determination of Fit and Proper Requirements for Financial Services Providers, 2017), every sole proprietor, key individual and representative must […]
Transitional provisions under New Fit and Proper Determination
Whilst the 2017 Determination of Fit and Proper requirements rings in a new era of onerous obligations, it also provides a substantial amount of relief for the “oud-stryders” in terms of a number […]
Changes to Regulatory Exam Questions
The long anticipated amended “Determination of Fit and Proper Requirements for Financial Services Providers, 2017” was finally printed in December last year. The amended determination comes into effect on 1 April 2018. The competence requirements […]
New Fit and Proper Regulations and the Regulatory Exams
The long anticipated amended “Determination of Fit and Proper Requirements for Financial Services Providers, 2017” was finally printed in December last year. The following requirements are applicable in terms of the regulatory examinations: […]
Update on legislative changes in 2018
The Insurance Conduct Workshops held in Pretoria and Cape Town in December 2017 were very informative and provided a good update of the current and future regulatory landscape. Those unable to attend are advised […]
Conduct of Business Regulatory and Supervisory Developments
The FSB Insurance Division’s recent Seminar focused on planned conduct of business regulatory and supervisory developments in the insurance sector. Many of these developments are driven by three overarching objectives, including redesigning the […]
Insurance Bill passed in Parliament
Insurance Bill B1B, as amended by the Standing Committee on Finance was passed in the National Assembly on 28 November 2107. It will now be referred to the National Council of Provinces for consideration. The […]
Outcomes of Thematic Review on Claims
The term ‘risk based and proportionate’ is one of the important cornerstones of how market conduct will be assessed and regulated in future. The following possible sources of conduct risk were identified: Culture […]
FSB RDR Update November 2017
At the end of last year’s Insurance update from the FSB, Jonathan Dixon said: “We had better fasten our safety belts – this is going to be rough year”, or words to that […]
FAIS Ombud on Short-term Insurance Trends
The 2016-2017 Annual report notes the following trends in complaints received from the public. The number of complaints that relate to short-term insurance policies far exceed those from any other product category of […]
Proposed Amendments to General Code of Conduct: Sections 8 & 9
The Registrar has published proposed amendments to the General Code of Conduct for Authorised Financial Services Providers and Representatives, 2003 and proposed amendments to the Specific Code of Conduct for Authorised Financial Services […]
Healthcare Broker fee increase
Regulation 28(2), published in terms of the Medical Schemes Act, now effectively reads as follows: “Subject to sub-regulation (3), the maximum amount payable to a broker by a medical scheme in respect of […]
Draft Determination on Equivalence of Reward
Perceived disparities between remuneration for tied agents and independent advisers have been a bone of contention for ages. The Registrar also expressed concerns about the possibility of using remuneration, other than commission, to […]
Information for Nova debenture holders
Moneyweb’s editor, Ryk van Niekerk, published an article of interest to those who invested in Sharemax, and hold debentures in Nova. There is currently a proposal for a Section 155 Scheme of Arrangement, which […]
Complaints Management Proposals
The proposals for amendments to the General Code of Conduct (GCoC), published in November 2017, expand substantially on the Regulator’s expectations in terms of how complaints are handled. Exactly three years ago we published […]
