The invitation to respond to the proposed demarcation regulations on healthcare products elicited 461 responses, according to Business Day. The proposals may be unconstitutional, and is likely to be challenged in court. If […]
In the space of the last eight weeks we saw seven determinations against one FSP, and it is likely that there is more to come. The total in fines meted out by the […]
The negative implications contained in the demarcation proposals on health cover products was clearly outlined in an article by Adri van Zyl in Die Burger on 6 August 2014 titled Versekeraars is op hol. The […]
The headache around the lack of proper procedure by FSPs when debarring representatives appears to be continuing, despite clear guidelines from the Regulator. In the FSB’s first quarterly bulletin of 2014, the problem […]
A reader recently enquired about laying a complaint with the office of the FAIS Ombud. The enquiry stemmed from an investment that one of his clients made in the calamitous RVAF scheme, which […]
Last week we commented on a request for public response to a “Technical Report on the Consumer Credit Insurance Market in South Africa”. One of the proposals concerns regulating the pricing of CCI. […]
Business Day recently published the views of some prominent players in the healthcare industry in response to the draft demarcation proposals published by the national treasury recently. “…some proponents of regulation — such […]
A reader recently queried whether the FSB is entitled to request documentation from a non-licensed entity: I have a small business where we book appointments for Financial Consultants to meet with new prospects. […]
Business Day recently quoted Professor Alex van den Heever, chairperson of Social Security at Wits University as saying that the National Treasury’s latest proposals are “…poorly drafted and threaten to send the medical […]
A press release by the FSB, following a media briefing on Thursday, discusses the events surrounding the unexpected resignation of Mr Dines Chandra Manilal Gihwala as a curator of the financial services business […]
On Monday, we briefly outlined the background to the first complaint against an advisor who invested client funds in Herman Pretorius’s Relative Value Arbitrage Fund. In his response to the complaint, the advisor […]
I was recently approached by an ex key individual who was debarred by the FSB in response to information supplied by the bank who previously employed him. The reason for the debarment was […]
The FSB will take on added responsibilities once “Twin Peaks” is enacted, including regulating the banking industry. It is therefore interesting to note what happened in the UK since 1 April 2013, when the Financial […]
The practice of incentivising independent financial advisors (IFAs) to shift their investment and risk books is possibly the single biggest driver of churning, and is likely to be addressed as part of the […]
Certain FSPs received a request from the FSB for additional information regarding their financial statements which, for most FSPs, are due by the end of this month. Category I FSPs who are registered […]
A recent article in Moneyweb states that the validity of more than 85% of trusts on which legal audits have been conducted, can be questioned. Prof Willie van der Westhuizen, head of trust […]
The Short-term Ombudsman’s 2013 annual report contains an interesting perspective on regulation of the various Ombud schemes. The Financial Sector Regulation Bill originally proposed a so-called single Ombudsman’s structure. This envisaged that all […]
