Communicating with the Regulator
Callers to our offices sometimes express frustration trying to communicate with the FSB, and end up using us as a source of information. We obviously regard this as a major compliment, and try […]
Industry News
Let the Master Beware
Is a bank liable when an employee gives misleading investment advice? A recent finding by the FSB’s Appeal Board indicates that this could in fact be the case. Space does not allow us […]
Harsher Measures for Non-Compliance
While this heading may initially raise a collective sigh of exasperation, those who operate within the law should actually heave a sigh of relief. At the FSB’s annual Conference in Cape Town yesterday, […]
FSB Broadcast on CIS and ETFs
The first telematic broadcast by the FSB in its new season of communications with the industry was broadcast last week on 18 July 2012. John Eksteen of Analytics Consult discussed investment management from […]
SAICA Information Circular on Audit Requirements
We publish below an information circular published by the South African Institute of Chartered Accountants (SAICA) to assist readers in understanding how the new Companies Act affects their business in terms of audit […]
Clarity on Remuneration Practices
The Regulator published a guidance note last week on the payment of commission and fees in the financial services industry. It affects both short- and long-term insurers, and includes guidelines on practices which […]
If FAIS does not get you…
Many years ago, I was playing golf at Voortrekkerhoogte. At one stage, we walked past 1 Military Hospital, or 1 Mil, as it is better known. One of the players in our four […]
Professional Indemnity: Check the Fine Print
An article in Sunday’s Rapport (15/7/2012) discusses the upcoming High Court case where a broker is disputing the jurisdiction of the FAIS Ombud. What is of particular interest to our readers, is the […]
Save the Rhino
Creating awareness helps fight an atrocity which has taken on crisis proportions. Dr. William Fowlds, a wildlife veterinarian, tells the story of Geza, a white rhino, that was callously mutilated by poachers and […]
Shall the Twain ever meet?
This article concerns the difference between legislative requirements and practical reality. A recent conversation with a reader concerned the requirement that financial statements must be submitted within four months. Before, FSPs had six […]
Assistance with Licensing Requirements
In all endings, there is always a beginning. On 30 June, we submitted the last of our licence applications to the FSB as a “recognised licensing body”. This status was afforded to us […]
Training Re-Focus
The introduction of the level 1 regulatory examinations in November 2010 shifted the focus from product training to RE preparation. Up to the end of 2009, when FSPs and reps needed a minimum […]
Our own Second Transition?
The financial services industry cannot be seen in isolation to what happens in the rest of the country. President Zuma’s recent initiative regarding matters of state should also be applied to what happened […]
Assistance with Licensing Requirements
In all endings, there is always a beginning. On Friday, we submitted the last of our licence applications to the FSB as a “recognised licensing body”. This status was afforded to us in […]
Insurance – The socio-political silver bullet
I have been meaning to write on this topic for a while now but, having listened to a few socio-political economists/ analysts (the titles vary quite a bit) over the last three weeks, […]
Annual Financial Statements
The information below was published in FAIS Circular 5 of 2012. We extracted what we regard as the essence of the communication to assist readers in complying with this annual obligation. Section 19 […]
The end of the innocence
When the Eagles recently visited our shores, I was one of the first to book my seat for a trip down memory lane with songs I still know off by heart. The title […]
