Ombud Denies Client’s Exorbitant Claim
The latest (and hopefully last) determination by the FAIS Ombud in 2012 contains two interesting new developments. The first quirk is that both respondents were ordered to pay the obligatory case fee of […]
Compliance and Legislation
Legal precedent set as Odendaal’s assets forfeited in Steinhoff fraud battle
The SARB has forfeited to the state cash totalling R42m from Berdine Odendaal’s bank accounts, as well as her R18m property in Paarl’s Val de Vie estate.
Read moreFIC Compliance Contact Centre
The Financial Intelligence Centre (FIC) has established a Compliance Contact Centre to deal with queries related to compliance with the Financial Intelligence Centre Act, No. 38 of 2001, as amended (FIC Act). A […]
Compliance Officer Requirements
This article received quite a bit of attention from the market. We respond to two of the questions received from from readers. I just recently received the Moonstone Monitor for today and have […]
Irregularity Reporting
In FSB Newsletter 12, the regulator expresses concern that the duty of a compliance officer to report real, or suspected irregularities, does not always receive the attention it should. Section 17(1)(c) of the […]
Compliance Officers Required
Due to recent developments in the market, there is a substantial increase in demand for our compliance services. We recently published an article on the qualification criteria for COs, which interested parties can […]
Ombud Complaints Analysed
Ombud Complaints Analysed A reader recently pointed out an interesting statistic published in the FAIS Ombud’s annual report. Less than 20% of the complaints received in the last year, concerned investments. He says […]
Requirements for Compliance Officers
The changes to requirements for compliance officers (COs) caused quite a stir in the industry. We are not convinced that everybody understood how it affects them. Moonstone Compliance condensed the information below from […]
Binder Workshop in Durban
This is the only venue where we still have seats available. It will be presented at our RE venue in Musgrave Centre on the 13th floor, on 13 November. I wonder if this […]
Personal Services Providers
We published an explanation from SAIA in Thursday’s Moonstone Monitor on this topic. This elicited more responses from readers. SARS published Interpretation Note: No. 35 (Issue 3), on 31 March 2010. It contains […]
Compliance Consultation Service
When one suspects a serious ailment, or is diagnosed with one, it is common practice to obtain a second opinion. The same approach should apply in the financial services industry. It is extremely […]
FAIS Compliance Department
The functions of this department is to handle complaints and enquiries, and institute regulatory action where required. In a presentation at the FAIS Annual conference in July, it stipulated the following sources from […]
CPD Postponed
Board Notice 163 of 2012, published on 3 October 2012, effectively postpones continuous professional development “until further notice.” Readers are reminded to be wary of providers offering workshops claiming that attendance will attract […]
Binder Agreement Workshop
The first Moonstone Brass Tacks workshop, on binder agreements, will be hosted later this month. This no-nonsense, apply-what-you-learn workshop intends setting the new standard in terms of content, cost and applicability. Who will […]
The Cost of Compliance: Survey
This research, conducted in February this year, was prompted by growing concerns that the legislative framework as represented by the Financial Advisory and Intermediary Services Act of 2004 (FAIS) is placing a heavy […]
Irregular Payments
How much justification is there for certain payments, over and above commission? Are you within the law in terms of certain levies you charge your clients? Billy Seyffert, Head of Compliance and Legal […]
Periscope Up
Business forecasts normally appear towards the end of the year, together with reviews of the past year. The financial services industry, and particularly financial advisors, would be well advised to conduct this exercise […]
