Please note that the Cat II, IIA and III reports (Published during May 2016) have been amended. “Note that FAIS Notice 51 of 2016 has been repealed and replaced with FAIS Notice 84 of 2016 and FAIS Notice 52 of 2016 has been repealed and replaced with […]
To rephrase the Bard, this should not really be the question – there is a better option. Representatives appointed in the second half of 2013, and the first half of 2014, and who […]
FAIS Circular 20 contains a reminder to FSPs regarding what changes in the FSP need to be conveyed to the Registrar within 15 days. Section 8(10)(a)(ii) of the FAIS Act states: “Where a […]
Please remember that, if your financial year ended on 29 February, you are required to submit your annual return to the FSB before the end of June. Every year, hundreds of FSPs neglect to […]
Three recent determinations by the FAIS Ombud varied from what one has become accustomed to over the years. Cornelissen The Cornelissen case, which hinged around a dispute regarding the calculation of costs, concluded […]
Vetting the date of first appointment of applicants and appointees is an important part of compliance. FAIS Newsletter 20, published on 19 May 2016, contains a number of pointers to make life easier […]
National Treasury has confirmed that the 2016 Revenue Laws Amendment Act, promulgated on 20 May 2016, qualifies provident fund members for a tax deduction on their own contributions ‘without being required to annuitise […]
This is the title of an article in the FSB’s FAIS Newsletter 20, which also addresses the shortcomings mentioned at the conclusion of the article above. In instances where the transfer of clients resulted […]
No need to check the calendar – it’s not 1 April. On 25 October 2012, the complainant entered into a contract of insurance for comprehensive cover in respect of a vehicle. The insurer was […]
The Wallace determination by the Ombud, discussed in last week’s Moonstone Monitor, contained reference to the FNB/Newlove case which was referred to the FSB Appeal Board, which ruled in favour of the Ombud’s […]
Does the proposed Financial Sector Regulation Bill really “…violate the Constitution, the doctrine of the separation of powers and the rule of law…”? Mr Martin van Staden is a law student at the […]
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 […]
