This document from the FSB provides: Guidance on activities that constitute binder functions, Guidance on activities that are incidental to binder functions. Remuneration payable as a binder fee. Some important points: Inclusion of […]
The Minister of Finance approved the following appointments, as recommended by the FSB: Ms Caroline da Silva as Deputy Executive Officer for Financial Advisory and Intermediaries Services, replacing Mr Gerry Anderson, Deputy Executive […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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