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 […]
Compliance and Legislation
Annual NCR registration fees due 31 July
All National Credit Regulator (“NCR”) registrants, including credit providers, credit bureaux, debt counsellors, payment distribution agents and alternative distribution agents are obliged to pay their annual registration renewal fees by 31 July 2017. The payment […]
Key Individual cannot delegate accountability
In a recent Appeal Board case, the FSP appealed against the FSB’s decision to debar her for five years. One of the grounds she raised was that her secretary failed to inform her […]
Appeal Board upholds FSB debarment decision
A FSP was suspended on 27 March 2015 for failure to submit a compliance report and not successfully completing the RE1 for key individuals. According to a recent Appeal Board decision, the FSP […]
FSB Appeal Board again rules against FAIS Ombud
In May 2016 we published an article titled Ombud holds insurer liable for Sharemax loss. Briefly: A Momentum representative (Marais) introduced the client to a broker (Storm) who had a Sharemax contract. The […]
NHI White Paper Published
Reports since the publication of this long awaited document certainly contained conflicting reports on what we can expect. Pam Saxby for Legalbrief Policy Watch notes that that references in the media to proposals […]
Notes on the Insurance Bill
The Insurance Bill in its probable final form has now been published. The Bill deals essentially in prudential matters as these apply to insurers. However, there are a number of amendments to existing […]
Insurance Bill Update
The National Treasury presented its response to public comments received on the Insurance Bill, 2016, to Parliament’s Standing Committee on Finance in May. A copy of the Bill, as well as the presentation […]
Minister signs FIC Amendments
On 15 June 2017, the Minister of Finance announced the coming into operation of a number of provisions of the Financial Intelligence Centre Amendment Act, 2017 (the FIC Amendment Act). There are two important dates […]
Compulsory Compliance Officer Information Update
The FAIS Registration department at the FSB sent letters to compliance officers and compliance practices in January requesting that all relevant details be updated. The response, according to the department, was extremely poor, […]
Hindsight and Objectivity
The recent Molate determination, in which Discovery Life was held liable for losses incurred after the death of a life assured, again raises the issue of objectivity with the benefit of hindsight. Background […]
Extension of submission of Financial Statements
On Monday we reminded subscribers of the 30 June deadline for the submission of financial statements where their financial year ended on 28 February. Subsequently, we received a number of enquiries about applying for an […]
RDR feedback from the UK
On Tuesday, David Ferguson, founder and chief executive of Nucleus Financial Group in the UK, speaking at the Sanlam i3 Summit, said RDR and all the associated legislation introduced in the UK in […]
Compliance Officer RE Obligations
We requested clarity from the FSB on the interpretation of the various publications on this matter. Two of my colleagues at Moonstone Compliance then very kindly drew up the table below which certainly […]
Appeal Board and powers of the Registrar to debar
The decision in the Hlumbane case by the Appeal Board of the FSB provides very interesting information about the Board’s powers in terms of decisions made by the Registrar of Financial Services Providers, […]
What keeps the LT Ombudsman awake at night? Part 2
From the Long-term Ombud’s 2016 annual report: The Assessors and Adjudicators in the Long-term Ombud’s office were canvassed about the issues that currently fall into this category. Last week we discussed “Bad Bargains” […]
The Appeal Board of the FSB
Twenty four determinations were issued by the FAIS Ombud in the 2015/2016 financial year, half of which concerned short-term insurance products. Settlements, where respondents “pleaded guilty” amounted to a staggering 1 150. So far, […]
