The SARB has forfeited to the state cash totalling R42m from Berdine Odendaal’s bank accounts, as well as her R18m property in Paarl’s Val de Vie estate.
Read moreThe FSB published details of a settlement reached with a company trading as “MyLawyer” (the respondent) who acknowledged that it had contravened section 7(1)(a) of the Short-term Insurance Act (STIA). From November 2011, […]
The following article is reproduced from Talking Point, a publication issued by Walkers Attorneys in Cape Town, with their kind permission. Sangoma training and work ethic by Amien Hoosain Kiewits Kroon Country Estate […]
An article on the Norton Rose Fulbright website poses an interesting and challenging question to trustees in terms of their obligation as far as the distribution of death benefits is concerned. Prior to […]
A fairly humorous article on a serious topic recently appeared in the Natal Mercury. The following synopsis was published in Legalbrief Today: A fraudulent insurance claim for R4 500 for a water-damaged cellphone […]
Last year, we published an article titled Charges in Respect of Investment Policies. I referred the matter to the FSB for comment, particularly in view of the following opinions expressed by the Long-term […]
The Financial Sector Regulation Bill, published on 11 December 2013, indicates a new name for the Financial Services Board. The twin peaks regulatory framework will provide a comprehensive framework for regulating the financial […]
Sanlam Developing Markets Limited and Channel Life Limited were fined R2 million and R1 million respectively for inadvertently contravening the regulations regarding maximum commissions payable. During the period 1 November 2008 to 21 […]
One of the presentations at the FSB’s Regulatory seminar provided the latest information on binder regulations. After publishing three information letters, the Regulator requested information from insurers to determine the state of compliance […]
The most recent Ombud determination concerns a complaint against First National Bank by a businessman, Craig Keshwar, who placed funds for investment with a bank manager, De Ghee, employed by FNB. The misappropriated […]
A notice, published in the Government Gazette on 20 November 2013, formalised the increased fees payable to the FSB in respect of certain functions. Before we compare the new fees to the old, […]
Further to the recent increase in the maximum amount announced by the Minister of Finance, an information letter was published to provide guidance on the correct interpretation of the information. The change stems […]
Background Up to the end of the previous century, regulation of financial services was by and large left in the hands of the industry itself. The advent of consumerism and money laundering, amongst […]
In a previous article we reflected on the need for more publicity regarding the positive contribution of the financial services sector. The following information, published by ASISA, should be reassuring to both the […]
An increase was announced with regards to the maximum value of the policy benefits to be provided in terms of an assistance policy (Financial product subcategory 1.1). As from 11 November 2013, the […]
South Africa is very much part of the global financial world, and also one of more than 200 members of the International Association of Insurance Supervisors (IAIS). The mission of the International Association […]
In a directive published last week, the Financial Intelligence Centre (the FIC) requested all institutions registered with it to update their details on the FIC’s electronic platform. In order to verify that your […]
