Costs order against FSCA for ‘irregular and unlawful’ debarment

The Authority should have conducted its own investigation and not relied solely on information provided by the insurer, the Tribunal says.

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PAIA Manual Deadline Looming

The Promotion of Access to Information Act 2000 requires all public and private bodies to compile manuals that must contain information which is to be made available in certain circumstances. A copy of […]

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Professionalising Financial Advice

The Minister of Finance intends introducing the Insurance Bill, 2015 in the National Assembly shortly. The Bill seeks to promote the maintenance of a fair, safe and stable insurance market by establishing a […]

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Enforcement Action against Short-term Insurer

The Enforcement Committee of the Financial Services Board levied a penalty of R100 000 against a short-term insurer, following a referral by the Registrar of Short-term Insurance stemming from a contravention of section 44 […]

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Closing Loopholes under Twin Peaks

Some seriously bad outcomes for consumers of financial products resulted from products being designed in a way to circumvent regulatory supervision or action. Co-operation and collaboration between various bodies will form a cornerstone […]

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Adviser Categorisation Alternatives

The RDR proposal to create three categories of advisers drew the most responses. A progress report was presented by Leanne Jackson at the 2015 Insurance Regulatory Seminar. RDR so far All stakeholder feedback […]

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Future Approach to Market Conduct Supervision

A presentation at the FSB Insurance Regulatory Seminar provided practical insight into what we can expect from market conduct supervision when the new regulatory body is in place. We are rapidly approaching the […]

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Taxation Laws Amendment Bill

The announcement of changes in the tax treatment of provident funds led to a flurry of resignations and withdrawals from members of such funds who feared that their ability to withdraw all their […]

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Hakuna Matata

The Italian word “Andante” features in one of ABBA’s classic songs. Dictionaries define it as “a moderately slow” movement, usually in music. Closer to home, there is also a Swahili term, Pole-pole, which […]

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Costly FICA Transgression

The latest Enforcement Committee order, against a stockbroking firm, should act as a warning to all financial services providers to ensure that they comply with the requirements of the Financial Intelligence Centre Act […]

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Contradictory Interpretations

The latest issue of the Short-term “Ombudsman’s Briefcase” contains an interesting case which highlights again the difficulty of complying with varying interpretations by overseeing bodies. We recently commented on two FAIS Ombud determinations […]

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Industry Opportunities and Challenges

Earlier this year, Insight Discovery, a Middle East based strategic research company, in conjunction with Moonstone Information Refinery, conducted the first South African Investment Panorama survey. The purpose of the exercise was to […]

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Lessons from Overseas

It is good to know that most local authorities follow developments overseas very carefully while transforming the industry, and consult widely. Three recent reports from Australia are of importance to the local industry. […]

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The psychology of investing in volatile times

Market volatility is something we are all accustomed to, but recent events have made investors more jittery than usual. China’s ‘Black Monday’ wiped hundreds of billions off the world’s financial markets last month […]

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New Perspectives on RDR proposals

During the recent SAIFM conference, the FSB provided input on its views on feedback received from the industry to the 55 proposals contained in the discussion document. There was general support for the […]

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A Pre-emptive Market Conduct Regulator

A presentation by the FSB at the second SAIFM Regulatory Conference covered some very interesting agenda points Mention is made of four shortcomings of the current regulatory approach: It is said to be […]

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Fate Happens

Life is fickle and unpredictable. This statement is born out again by a recent Ombud determination concerning the switching of life cover from one assurer to another. The clients, both husband and wife, […]

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