Your One-Stop Fit and Proper Solution
The long awaited announcement of the new Determination of Fit and Proper requirements has certainly put the cat amongst the pigeons. A lot of businesses need to re-schedule their planning in view of […]
Industry News
Check your Mate
In a recent matter between the Registrar of Long-term insurance and AVBOB (the respondent) it was agreed that AVBOB will pay a penalty of R100 000 for contravening the Policy Holder Protection Rules (Long-term […]
Appeal Board decision on Ombud Procedural Obligations
The respondent, Mrs Landman, is a 65 year old widow and pensioner who invested the proceeds of her late husband’s life savings/pension of R650 000 on 6 May 2006 in the Sharemax Zambezi Retail Park Holdings […]
New Binder Fee Regulations Bring Consistency
An article in Moneyweb titled New insurance rules offer more protection, less bias discusses the introduction of a binder remuneration cap of 9% in amendments to the long- and short-term insurance regulations which […]
5 Top customer engagement tactics to try in 2018
Neil Summers, Head of Sales at Moonstone, recently wrote an article for Bizconnect which is of great interest to those keen to explore new avenues to generate business by harnessing IT advances to […]
Changes to Regulatory Exam Questions
The amended Determination of Fit and Proper Requirements comes into effect on 1 April 2018. Regulatory Exam Study Material The amended requirements will have a substantial impact on the content of the study material for […]
New Fit and Proper Regulatory Exam Requirements
Board Notice 194 of 2017 contains the latest information on who should write which exams. The competence requirements relating to regulatory examinations determine that all FSPs, key individuals and representatives should write and […]
Key Individual Operational Ability
The Fit and Proper Requirements 2017 published recently, also provides stipulations on operational ability. Billy Seyffert, COO of Moonstone Compliance and Risk Management, pointed out an important consideration for Key Individuals: A FSP […]
New Fit and Proper Regulations and the Regulatory Exams
The long anticipated amended “Determination of Fit and Proper Requirements for Financial Services Providers, 2017” was finally printed in December last year. Do not be fooled by the fact that the determination, sans […]
Municipal Councillors Pension Fund under Curatorship
The FSB published the following media release on 20 December: On 19 December 2017, the Pretoria High Court granted an application brought by the Registrar of Pension Funds in terms of section 5(1) of […]
FICA Update
FAIS Newsletter 25 from the FSB is dedicated to the Financial Intelligence Centre Act and, more specifically, to substantial changes which came into effect in June and October. The amendments are designed to […]
Proposed closure of Pension Funds
The Registrar of Pension Funds published Notice 4 of 2017 which gave notice of its intention to cancel a substantial number of funds in response to applications from fund administrators. Any person aggrieved by […]
Debt Relief Bill Published
On 24 November 2017, the Portfolio Committee on Trade and Industry published its Draft National Credit Amendment Bill, 2018 (the Bill) in the Government Gazette. The Bill is generally referred to as the Debt Relief […]
Draft PMB Code of Conduct for discussion
The Prescribed Minimum Benefits (PMB) Code of Conduct (CoC) published in 2010 has been reviewed, and following the incorporation of inputs received from all the task team groups; the first draft of the […]
Virtual Currency Alert from Treasury
“The National Treasury, the South African Reserve Bank, the Financial Services Board, the South African Revenue Service and the Financial Intelligence Centre, published a document titled “User Alert – Monitoring of virtual currencies”. […]
FAIS Ombud Settlement Cases
Whilst determinations by the Ombud receive wide exposure in the media, settlements are only published in her annual report. This year, there were 1005 settlements and 68 determinations. The settlement amounts in case […]
Draft Policyholder Protection Rules submitted to Parliament
The FSB published the Long- and Short-term proposals last Wednesday. Included in the documentation is a comments matrix reflecting the Regulator’s responses to industry input. It is interesting to note the inclusion of […]
