The latest FAIS Ombud determination provides clarity on a few perspectives of great importance to FSPs and is discussed separately in this newsletter. The parties are Jacques Du Toit, the complainant, Barrington Insurance […]
The Financial Intelligence Centre (FIC) has revised Public Compliance Communication 07 (PCC07) to explain the duties of motor vehicle dealers when reporting cash transactions of more than R24 999.99 to the FIC. The Centre […]
LegalBrief Today commented as follows on the outcome of the Scheme’s application for leave to appeal against an SCAS finding. In what a Business Day report says is a decision that has far-reaching […]
The Financial Intelligence Centre (FIC) is preparing to launch a new registration and reporting system called goAML at the end of April 2016. New Registrations The last day for an accountable and reporting institution […]
The Financial Planning Institute provides its members with a list of approved training providers. Moonstone Business School of Excellence (MBSE) is one such provider who complies with the FPI’s requirements in terms of […]
The charging of “broker” or “policy” fees (section 8(5) fees) in the Short-term industry appears to be a common occurrence. The Regulator frowns upon unjustified fees, and it will be addressed under RDR. […]
Those who remember the good old days of Chappies bubblegum might like to chew on these extracts from an interesting document published on the FSB website: There is no legal distinction between the […]
The financial services industry faces massive changes which need to be managed very carefully to avoid disruptions which it may never recover from. The South African Chamber of Commerce and Industry (SACCI) recently […]
Some sweeping changes will take effect from 1 March 2016. The Taxation Laws Amendment Act No. 25 of 2015 that was published in Government Gazette No. 39588 on 8 January 2016 confirms the changes to the tax […]
The Council for Medical Schemes announced a 9.6% increase in the maximum commission payable to registered healthcare brokers. This puts them on par with government employees who also receive increases way above the […]
Employers will have to ensure that they have all their ducks in a row once the Financial Sector Regulation Bill is passed. There are two aspects, in particular, where the new legislation will […]
Theme 4 of the recently published RDR General Status Update by the FSB expands on items discussed in the RDR Phase 1 Status Update document, published a few weeks earlier. Key stakeholder feedback and […]
The Promotion of Access to Information Act came into being in the year of our Lord 2000. When it was eventually discovered that virtually every person in South Africa, including the informal street […]
Whilst Ombud determinations receive fairly wide coverage, the same does not apply to cases where a settlement is reached between the complainant and the respondent. We extracted the cases discussed in the FAIS […]
The Promotion of Access to Information Act 2000 requires all public and private bodies to compile manuals that must contain information which is to be made available in certain circumstances. A copy of […]
The Minister of Finance intends introducing the Insurance Bill, 2015 in the National Assembly shortly. The Bill seeks to promote the maintenance of a fair, safe and stable insurance market by establishing a […]
The Enforcement Committee of the Financial Services Board levied a penalty of R100 000 against a short-term insurer, following a referral by the Registrar of Short-term Insurance stemming from a contravention of section 44 […]
