Retirement Reform Update
The Minister of Finance met the CEOs of service providers in the retirement fund industry on Thursday, 20 June 2013 to discuss the 2012 and 2013 Budget Retirement Reform proposals. The primary objective […]
Industry News
Fee for Commission Survey
A recent survey by CoreData research tested the current state of readiness and awareness of advisors concerning the proposed replacement of commission with a fee structure. The data in this study was gathered […]
PI Cover Increase
We recently reported on an experience of a FSP who found that his PI cover premium had nearly doubled at renewal. We speculated that this may be the result of an expected rise […]
PI Increase Shock
At the telematic broadcast, a FSP shared his rude awakening when he received his annual review and premium increase from his PI cover provider. There was a substantial increase in the premium, far […]
Old Mutual Rectifies Structures
In a media release on 21 May 2013, the Financial Services Board (FSB) announced that it had initiated regulatory action against Old Mutual for transgressions of Directive 159.A.i which applies to both the […]
What goes up must come down
Unintended consequences often defeat the object of the exercise. It appears as if this is also happening in financial regulation, internationally. It is common knowledge that much of the regulation of financial services […]
Consumer Protection and the Regulators
Retirement Annuities are making the headlines, again, but for the wrong reasons. The most recent determination by the Pension Fund Adjudicator (PFA) made the headlines in Personal Finance, and was followed by a […]
Changing Insurers
I read an article last week concerning Regent cancelling all its commercial and personal lines policies. Naturally, these clients will be forced to find alternative cover. Advisors assisting such clients must take care […]
Am I my client’s keeper?
Most of the Ombud determinations we reported on, had a negative outcome for the advisor involved. It is nice to come across one where the Ombud found in favour of the broker. This […]
2013 Compliance Reports
The information below was copied from FAIS Circular 5. The Compliance Reports for 2013 were published on 29 May 2013 in the Government Gazette as the following Board Notices: 105 of 2013 Category […]
Amended guidelines on Rep registers and debarments
FAIS Information Circular 4 of 2013, dated 27 May 2013, provides guidance regarding: Changes to the rep register, which was last amended in December 2009 The introduction and implementation of an electronic platform […]
Hollard and Etana Merge
Judging from the media release on this transaction, it appears that there are many reasons why it is likely to be a huge success. Both entities are highly successful, and the merger will […]
2013 Annual FPI Convention and Expo
This year’s FPI conference boasts a host of industry authorities who will be tackling topical and current subject matter. The programme includes practical workshops and panel discussions by leading experts and opportunities to […]
Intermediary Service Definition Revisited
Common questions asked since FAIS was introduced include: “Does this constitute an intermediary service?” or “Must I be an FSP or representative?” The judgment on 16 May 2013 in the Supreme Court of […]
FSP Licence Update
In the latest announcement by the FSB on the status of FSP licences, we see for the first time that failure to write the regulatory exams feature in the reasons for suspensions and […]
Justice delayed…
The Fidentia saga first came to light in March 2007 when J Arthur Brown and Graham Maddock were arrested. In February 2008, Maddock entered into a plea bargain and was sentenced to seven […]
2013 Annual FPI Convention and Expo
The 2013 Annual FPI Convention is just around the corner. Cited as one of the most prestigious and comprehensive conferences in this field, and with 800 delegates already registered, the convention promises to […]
