Costly FICA Transgression
The latest Enforcement Committee order, against a stockbroking firm, should act as a warning to all financial services providers to ensure that they comply with the requirements of the Financial Intelligence Centre Act […]
Industry News
Contradictory Interpretations
The latest issue of the Short-term “Ombudsman’s Briefcase” contains an interesting case which highlights again the difficulty of complying with varying interpretations by overseeing bodies. We recently commented on two FAIS Ombud determinations […]
Industry Opportunities and Challenges
Earlier this year, Insight Discovery, a Middle East based strategic research company, in conjunction with Moonstone Information Refinery, conducted the first South African Investment Panorama survey. The purpose of the exercise was to […]
Lessons from Overseas
It is good to know that most local authorities follow developments overseas very carefully while transforming the industry, and consult widely. Three recent reports from Australia are of importance to the local industry. […]
The psychology of investing in volatile times
Market volatility is something we are all accustomed to, but recent events have made investors more jittery than usual. China’s ‘Black Monday’ wiped hundreds of billions off the world’s financial markets last month […]
New Perspectives on RDR proposals
During the recent SAIFM conference, the FSB provided input on its views on feedback received from the industry to the 55 proposals contained in the discussion document. There was general support for the […]
A Pre-emptive Market Conduct Regulator
A presentation by the FSB at the second SAIFM Regulatory Conference covered some very interesting agenda points Mention is made of four shortcomings of the current regulatory approach: It is said to be […]
Fate Happens
Life is fickle and unpredictable. This statement is born out again by a recent Ombud determination concerning the switching of life cover from one assurer to another. The clients, both husband and wife, […]
Improving Internal Complaints Mechanisms
This article was first published in January 2015. In view of recent discussions about the importance of this function under the proposed new Market Conduct Framework, we republish it in abbreviated format to […]
Complaints Handling after 1 January 2016 – Part II
Following on from Monday’s article on changes to the definitions of “complainant” and “complaint”, Alan Holton provides some of the more practical insights you will need to consider when amending your Complaints Management […]
Complaints Handling after 1 January 2016 – Part I
It is anticipated that the Financial Sector Regulation Act of 2015 will become effective next year. Much emphasis will be placed on how you manage complaints. It will be an important barometer of […]
Market Conduct Regulation and Consumer Protection
The “Draft Market Conduct Framework” contains an example of a short-term claim to show how the new format, under Twin Peaks, will allow the Regulator to act in a more pre-emptive manner. The […]
Unintended Consequences
Twenty one years on, and our fledgling democracy is still in the process of adapting to the real, modern world. Quite often, legislation is enacted with the best of intentions, only to achieve […]
Sub-agent Accountability
Proposal I in the RDR draft document (see link below) provide for the inclusion of specifically identified forms of referrals and leads in the regulatory framework as a form of financial intermediation. It […]
Fitch Withdraws FSB Registration
Fitch Ratings announced on 4 September that it has decided to withdraw its Financial Services Board (FSB) credit rating agency registration of its South African subsidiary, Fitch Southern Africa (Pty) Ltd. “The decision […]
Writing endowments in your clients' best interests – Patrick Cairns
Last month’s article, on whether there is still a place for endowments, drew a range of responses. Given some of the strong opinions expressed, it is worth considering how IFAs can ensure that, […]
Consumer Education: A Joint Responsibility
Education is possibly the single biggest challenge facing South Africa. Current issues like poverty and unemployment can never be eradicated unless there is a major about-turn in the farce currently being dished out […]
