During September 2009 James Wallace, the complainant, consulted his Momentum representative, Ian Marais, about investing his mother’s money as well as some of his own. His seventy year old mother resided in the […]
Candidates are required to successfully complete the applicable level 1 Regulatory Exam by 30 June after expiry of 24 months from the date of first appointment as representative. In practical terms, this means that those […]
The Long-term Ombud’s Ombuzz Issue 33: April 2016 contains some very interesting case studies on the role of medical opinions when claims are repudiated. In many complaints our office has to deal with […]
The Enforcement Committee of the FSB recently published interesting details of two settlement cases. Magnum Opus It appears that Magnum Opus Investment Managers administered a collective investment scheme without being duly licenced, or […]
We receive enquiries on a daily basis from (often disgruntled) representatives who wish to re-enter the industry by applying to have their debarment lifted. Unfortunately, as a representative, you cannot apply to have […]
Alan Holton of Compliance Monitoring Systems, and a Moonstone Compliance associate, continues his in-depth look at this very contentious issue from a legal perspective. The FSB produced a GUIDELINE ON THE DEBARMENT PROCESS […]
This is the third and final article in a series by Alan Holton of Compliance Monitoring Systems, and a Moonstone Compliance associate, on this very contentious issue. What is a possible remedy? It […]
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 […]
