Churning out Commission
In a number of determinations over the past few years, the FAIS Ombud ruled against FSPs who did not follow the laid down procedures, prescribed in the FAIS Act, when replacing existing business. […]
Industry News
Breaking: SCA upholds Old Mutual’s Living Hands appeal
Old Mutual Unit Trust Managers off the hook for R1.7 billion claim arising from Fidentia scandal.
Read moreFSB Overview of Remuneration and Intermediary Services
Last week we discussed what we believe to be an ”over-focus” on commission in better safeguarding investors in the financial services industry. This week we look at feedback from the FSB on input […]
Training Related News
Approved Qualifications: Robyn Shapiro from Investec wanted to know if the list of approved qualifications was updated since the publication of Board Notice 135 on 15 August last year. It appears that this […]
The Risk of Giving Financial Advice
In view of the heated response to Monday’s article on the focus on commission, I was a little concerned about placing yet another contentious issue on the table. Some of our readers are […]
Retirement Reform Proposals in a Nutshell
If you have not yet come across the words “P-day” and “T-day”, rest assured that you will soon. The draft proposals circulated and discussed by the national treasury (NT) last year, were published […]
Why Single out Commission?
In my view, there appears to be an over-elaborate emphasis on the impact of commission in the provision of financial advice. We recently saw extensive rules and regulations published to bring law and […]
Retirement Reform Proposals
The Minister of Finance announced proposals in the 2013 Budget Speech to reform the retirement industry, with a focus on governance, preservation, annuitisation and harmonisation of retirement funds. These proposals follow a series […]
Ghost CPD Points
Please do not be fooled by offers of services, the result of which will lead to you attaining “Continuous Professional Development” points. You are not yet required, in terms of the FAIS Act, […]
Cautious optimism is the name of the game in 2013
After a surprisingly good year in 2012, investors should be careful of being overly optimistic or greedy in 2013. John Kinsley, MD of Prudential Unit Trusts, cautions against over optimism and projecting the […]
FSP Numbers
The latest figures showing suspensions and cancellations of FSP licences, as well as the reinstatement of authorisations, was published yesterday. The overall tally was a gain for the industry, with 159 suspensions being […]
Submission of Financial Statements
Those FSPs whose financial year ends on 28 February, received a reminder from the FSB about the deadline for the compulsory submission of their financial statements.. The Regulator’s website contains guidelines on how […]
Politics – the art of the possible by Charles de Kock
We publish an article by Charles de Kock, a senior Portfolio manager at Coronation. He looks at global outlooks, then brings it closer to home, sharing Coronation’s view on the year ahead: The […]
Twin Peaks Time Lines
The following section appears in the implementation document published on 1 February 2013. Moving towards a twin peaks model of financial regulation will result in the South African Reserve Bank’s organisational design changing […]
Sharemax Beslissing en die Doel van FAIS
Die Toets vir Geskiktheid (The Suitability Test) Die vereiste dat adviseurs ‘n omsigtigheidstudie (due diligence) moet uitvoer ten opsigte van produkte wat hulle aanbeveel, word verder as volg toegelig in die Ombud se […]
Implementing the Twin Peaks Model
The original policy document, A safer financial sector to serve South Africa better, published in February 2011, announced a wide-ranging set of reforms to improve the institutional structures to support financial regulation. The […]
FSB calls for Feedback
The FSB would like to encourage all its stakeholders and interested parties to participate in the consultation process initiated by the publication of A safer financial sector to serve South Africa better in […]
