IFA Investment Survey
A study, conducted amongst independent financial advisers by Insight Discovery, could not have come at a better time, given the current review of retail distribution in South Africa. One of the areas currently […]
Industry News
RDR Expectations from the FSB
RDR Implications This is the final article based on a presentation on the Retail Distribution Review by the FSB at the Discovery Financial Planning Summit on 19 May 2015. Implications for financial advisers We will […]
Debarment ends up in Appeal Court
The intricacies and confusion around the debarment process were yet again highlighted in a recent case in the Appeal Court. Background A representative of a major life office resigned on 31 May 2012 and took […]
RDR Feedback on Remuneration
At the Discovery Financial Planning Summit, held on 19 May 2015, Mr Jonathan Dixon of the FSB discussed feedback received from the industry on remuneration proposals in the Retail Distribution Review. Investment product remuneration While […]
RDR Feedback from the FSB
At the Discovery Financial Planning Summit, held on 19 May 2015, Mr Jonathan Dixon of the FSB shared his views on some of the feedback received from the industry on the Retail Distribution Review proposals. […]
Sanlam BENCHMARK Survey
by Patrick Cairns The latest Sanlam BENCHMARK Survey, which takes stock of the behaviour of members of South African pension funds, is full of scary statistics. What is perhaps even scarier is that […]
Client Acquisition Costs
There appears to be a perception in some circles that a financial adviser sits in his plush office, while clients queue up outside, waiting for their turn to make use of his invaluable […]
Material Terms Revisited
The need to ensure that material conditions in a contract are brought to the attention of a client is clearly illustrated in a case study published by the Short-term Ombud. This applies equally […]
Verification of Client Information
A recent decision by the FSB’s Appeal Board provides interesting insights into the determination of the period for which a person is debarred. A second aspect will be of interest to those who […]
The future of Level 2 REs
On 25 October 2013, the FSB announced exemptions to the level 2 regulatory exams, continuous professional development (CPD) as well as the “bespoke examinations” requirements. The FSB has commenced with the review process of […]
Compensation for Poor Advice
We recently commented in an article about the poor outcomes for clients where the Ombud ruled in favour of them, but where the respondent was unable to pay the costs awarded by the […]
Clarifying Terminology
A reader recently commented on media releases from various regulatory bodies, complaining that it contains fancy sounding, but confusing terminology for the normal adviser who is only really interested in how changes will […]
RVAF Update
Die Burger reported on Thursday, 16 April 2015, that investors who placed funds with the Relative Value Arbitrage Fund (RVAF) can expect to get some of their money back. This information was contained in the […]
Sharemax Directors Appeal Successful
The FSB Appeal Board handed down a decision on 10 April 2015 in a case where a number of parties appealed against a decision by the FAIS Ombud to hold them equally liable for losses […]
Should I appeal?
Statistics contained in the FAIS Ombud’s annual report show that settlements of complaints outnumber determinations by a count of nine to one. Does this mean that only one in ten FSPs are of […]
FSB Discusses Twin Peaks Reforms
Industry stakeholders recently attended a two-day workshop on the implementation of the Twin Peaks model of financial regulation, which will see the FSB become a dedicated market conduct regulator with an enhanced mandate […]
Sharemax Directors Appeal Ombud Determination
On 31 March 2015, Julius Cobbett reported on an appeal case currently being heard by the FSB Appeal Board in Pretoria. The directors of Sharemax are appealing against a FAIS Ombud determination in […]
