Carelessness can be Costly
The latest determination by the FAIS Ombud provides clear evidence that the moving of an insurance book is not merely a routine admin matter which can be left in the hands of others. […]
Industry News
Are Agencies Over-Rated?
Barbara Kiviat*, a former Time staff writer, noted in an article last year on the global financial crisis that the jury is still out on what exactly happened, and who is to blame, […]
Registrar authorises portfolios to ‘side pocket’ ABIL debt
The Registrar of Collective Investment Schemes (CIS) will allow CIS managers to create new funds, known as “side pockets”, to host African Bank Investment Limited (ABIL)’s debt instruments. The move seeks to assist […]
National Credit Act Training
A recent article posted on Bizcommunity provided a summary of the amendments to the National Credit Act which was published on 19 May 2014. The amendments aim to provide added protection for consumers, […]
New Battle Lines Drawn in Demarcation Debate
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 […]
Real Restitution
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 […]
Gap Cover – the Real Facts
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 […]
Debarments Contested in Court
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 […]
Is Justice Fully Served?
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 […]
Proposed capping on Consumer Credit Insurance Premiums
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. […]
Healthcare Product Proposals
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 […]
The FSB and Unlicensed Entities
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. […]
Healthcare Draft Regulations a “Death Spiral”
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 […]
Resignation of Fidentia Curator
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 […]
FSP Due Diligence Responsibilities
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 […]
Reinstatement of Debarred Key Individuals
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 […]
Wonga Bungle
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 […]
