Gap Filling for Tied Agents
In case you thought this may be a rather painful dissertation on what a dentist does, think again. In the Retail Distribution Review, the Regulator aims to provide for situations where tied agents, […]
Compliance and Legislation
FAIS Ombud to Challenge Appeal Board Rulings
According to an article published in Personal Finance on Saturday, the FAIS Ombud intends appealing against certain findings by the FSB Appeal Board. “Late last year, the Appeal Board of the financial services […]
Fee Adjustments
Bad news and good news – Both the FSB and the Council for Medical Schemes have published fee increases. FSB Fees The previous notice was published on 24 March 2015, and signed by the then […]
Investment Failure was not Reasonably Foreseeable
The FSB’s Appeal Board came to an interesting decision in the last case published in 2016. This was an appeal against two previous decisions against a FSP by the FAIS Ombud in a […]
Short term Remuneration Update
The RDR status review, published in December 2016, contained the following information concerning short term remuneration, and specifically regarding additional fees currently charged under section 8(5) of the Short Term Insurance Act. (f) Proposal […]
Special Voluntary Disclosure Programme
The Minister of Finance announced a Special Voluntary Disclosure Programme (SVDP) during the 2016 Budget Speech. This SVDP will be implemented in terms of Regulation 24 of the Excon Regulations and Part B of Chapter 16 […]
Appeal Board rules on Ombud RVAF finding
In one of the most important findings by the Appeal Board of the FSB, an appeal against a finding by the FAIS Ombud was upheld. The Ombud’s findings Some of the relevant findings […]
Proposed “conduct of business” regulatory reforms
The 7th Insurance Regulatory Seminar is one event not to miss if you are involved in the financial services industry. This year’s seminar was certainly packed with important information. There can be no […]
Debarment Update
The Cliffe Dekker Hofmeyr publication Finance and Banking Alert – 17 October 2016 carries an article titled, Debarment of Delinquent FAIS Representatives. It provides a brief outline of what to do when a […]
The Importance of Cash Threshold Reporting
Moonstone Compliance recently sent a reminder to all its compliance officers on what appears to be stricter monitoring and resultant fines by the Financial Intelligence Centre on Cash Threshold Reporting (CTR) requirements. The […]
Are Reps really liable for FSP Misconduct?
Two recent articles elicited a number of interesting questions from readers. Alan Holton’s thought provoking article, “Representatives also at risk” investigated what could happen if an employer FSP is no longer registered at […]
Amended Draft Proposals for Fit and Proper Requirements published
The Registrar of Financial Services Providers intends to repeal the current regulations and determining new fit and proper requirements for financial services providers, key individuals and representatives. The proposed amendments, previously published on […]
POPI becomes a Reality
The proposed amendments to the Financial Intelligence Centre Act (FICA), which is still awaiting signature by the President, takes on significant meaning in view of the court action instituted by the Minister of […]
POPI and your FSP
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 […]
Application for Liquidation of Saxum Insurance
On 12 October 2016, the Registrar for Short-term Insurance launched an urgent application in the Johannesburg High Court to place SaXum Insurance Limited (SaXum) under final liquidation. The application is scheduled to be […]
Debarment after suspension
A recent Appeal Board decision contained a number of interesting comments regarding the withdrawal of a licence and debarment of a FSP. Background The appellant’s licence was withdrawn as a result of non-payment […]
FIC Guidelines
The Financial Intelligence Centre published PCC36 which provides clarity on the obligations of accountable institutions and other persons assisting clients in making use of the 2016 Special Voluntary Disclosure Programme (2016 SVDP) which […]
