In terms of the Exemption, a supervisee who does not meet the required experience and regulatory examination requirements on approval, may render compliance services under supervision whilst obtaining the required experience and regulatory […]
This subject normally elicits more responses from readers than most others. Alan Holton of Compliance Monitoring Systems, and a Moonstone Compliance associate, takes an in-depth look at this very contentious issue from a […]
The Financial Intelligence Centre (FIC) is preparing to launch its new registration and reporting system on Monday, 25 April 2016. To date, it has migrated the registration data of all institutions currently registered with the […]
The importance of conveying material terms to a client was stressed in numerous previous articles. Without the help of a reliable crystal ball it is often a challenge for an adviser to determine […]
A FSP appealed, in terms of sec 39 of the FAIS Act, against a decision by the FSB, dated 15 December 2014, to withdraw its authorisation as a FSP. The decision was based on the […]
On 23 February 2016, the Appeal Board received a request for postponement of a hearing scheduled for the following day. The appellant and his attorney submitted medical certificates confirming that they had both undergone surgery […]
A penalty of R2 million was imposed on Abangcwabi Myendeki Funeral Parlour CC for contravening sections 7(1) and 8(3) of the Long-term Insurance Act, No. 52 of 1998 (the Act). “The recommended penalty was […]
There is more to conveying changes in material terms to clients than simply dropping them a note to that effect. The Khoza determination by the FAIS Ombud provides guidelines in this regard. The […]
The recent Cornelissen determination by the FAIS Ombud provided insight into a number of very interesting aspects not previously covered in her determinations. The eventual finding is also something new for us. Overcharging […]
The following updates were provided at the recent FSB FAIS Conference. Fourteen RDR proposals were proposed to be implemented before implementation of the Financial Sector Regulation Act (FSRA), which was tabled in Parliament […]
A respondent’s appeal against a FAIS Ombud determination was recently dismissed by the Appeal Board. The Appeal Board decision states that, in the original determination, the Ombud found that the appellant, “… in […]
Masimdumise Gabriel Bhengu (the complainant) referred a declined claim by Outsurance Insurance Company Limited (the respondent) to the FAIS Ombud. The complaint stems from the complainant’s view that Outsurance failed to ensure that […]
In 2014, the four major banks were fined a collective R125 million for failing to implement adequate anti-money laundering controls. The Financial Intelligence Centre does not only focus on them, though. FAIS Newsletter […]
FAIS Newsletter 19 contains an article on this subject: During November 2015, the Registrar imposed a fine of R150 000 against a FSP for failure to observe section 2 of the Code. The FSP kept […]
An interesting case was published in the December Short-term Ombud’s Briefcase. Mr. J submitted a claim against his insurer for contents stolen from his home during a burglary. The insurer rejected the claim […]
An apparently hastily scribbled note from National Treasury titled, Proposal on Postponing the Annuitisation Requirement for Provident Funds for Two Years, confirmed industry concerns that the Taxation Laws Amendment Act, which was promulgated […]
Failure to conduct a proper due diligence procedure is often used by the FAIS Ombud to find against financial advisers. Advisers involved in property syndications and Ponzi schemes, in particular, often felt the […]
