First CIS Hedge Fund Approved
The FSB approved the first collective investment schemes in hedge funds after announcing its concern a few months ago that it had not received any applications from such schemes. The new schemes, one […]
Compliance and Legislation
Court in the Act
Older readers may well remember this as the title of a great song by English folk rock band, Lindisfarne, on their Dingly Dell album. One line in the song reads: So the next […]
Material Terms and Speculative Complaints
There appears to be different views between certain Ombuds on the obligations of various parties in disclosing material terms which are required to assist a client in making an informed decision. It also […]
Investment in Hedge Funds by Pension Funds
The Registrar published a draft notice setting out conditions for investments in hedge funds by Pension Funds. Despite the declaration of a hedge fund as a collective investment scheme, any investment by a […]
Compliance Officer Obligation
I was reading through an earlier Ombud determination when I came across the following: Third respondent goes on to state that the Second respondent met with the clients personally to re-allocate the clients’ […]
Replacements going forward
The original RDR Proposal on replacements provided that “…long-term insurers would be prohibited from paying any form of commission or fee to an intermediary in respect of the replacement of life risk policies. […]
Regulatory Instruments
The term “regulatory instrument” appears in the Financial Sector Regulation Act and includes, inter alia, a prudential standard, a conduct standard and a joint standard. These regulatory instruments form part of the Financial […]
RDR Phase 1 Status Update
The FSB published its Retail Distribution Review (RDR) discussion document, which contained a total of 55 specific regulatory proposals, in November 2014. A subset of 14 RDR proposals was identified for implementation in “Phase […]
Conflicts of interest and Contracts
The RDR feedback provided at the FSB Insurance seminar elaborated on conflicts of interest which may impact on an adviser’s objectivity. The following three were discussed: Binders and outsourcing – stricter conflict controls […]
Update on Phase 1 of the RDR Proposals
A comprehensive update on the Retail Distribution Review will be published in the next two weeks. A glimpse into what this will entail was presented at the FSB Insurance Regulatory Seminar in Cape […]
Beware of using third parties
It is fairly common practice in certain sections of the industry to make use of third parties to obtain new business. A recent order made by the Enforcement Committee serves to remind those […]
Compliance Considerations
Are you, as an experienced financial services provider, equally well equipped to manage the challenges confronting your business? The constant raft of regulatory changes necessitates a professional research and development function in even […]
Is an employee settlement agreement bulletproof?
This article is made available with the kind permission of Miller’s Incorporated. “My business recently had to pursue disciplinary action against an employee. This was a difficult decision and process but we eventually […]
Moonstone Protector Compliance Service
The dilemma facing financial services practices who are not obliged to appoint a compliance officer were highlighted recently by a rather frantic call from a one-person FSP after being informed by the FSB […]
Trusts and Divorce
This article is made available with the kind permission of Miller’s Incorporated. With estate planning becoming more sophisticated, more and more trusts are being established. Simultaneously, divorces are increasing by around 8.6% per […]
Kan Munisipaliteit jou kragtoevoer afsny?
Hierdie artikel word gepubliseer met die goedgunstige toestemming van Van der Spuy en Vennote. Die munisipaliteit het my in kennis gestel dat hulle my elektrisiteitvoorsiening gaan afsny omdat daar uitstaande betalings ten opsigte […]
More Unintended Consequences?
Laura du Preez wrote in Personal Finance on 12 September 2015: Providers of primary healthcare plans that may soon be disallowed say that low cost benefit medical scheme options will not cater for people using […]
