Industry News
Long-term Ombud Performance Review
Judge Leona Theron, a judge of the Supreme Court of Appeal and Chairperson of the Long-term Ombudsman Council, made mention in the 2015 annual report of an independent review of the office of […]
Long-term Ombud Annual Report 2015
The office of the Ombudsman for Long-term Insurance (OLTI) needs to be commended for the quality and simplicity of its 2015 annual report. Below are some interesting extracts from the report. General overview […]
Regulatory Examination Certificate Fraud
FAIS Newsletter 20 contains a warning for those who think that falsifying a RE certificate is the easy route into the industry or complying with fit and proper requirements: The FSB encountered numerous […]
FSB Public Warnings
The Regulator recently issued three warnings to the public via media releases: Eastern Cape Tracing Agents “A certain Mr Matshaya is operating as a tracing agent in the Mdantsane area in the Eastern […]
FSP and Representative Responsibilities
It is evident that the existence of a service contract and/or mandate is not sufficient to safeguard an employer in instances where a representative acts outside of its stipulations and parameters. Despite this, […]
SCA Finds in favour of Moneyweb
Moneyweb reports: “The media and any person has an unqualified right to access the shareholder registers of any company in South Africa; such a right is essential for effective journalism. The motive for […]
Unlicensed Entity fined R50 000
KB Cash Loans from Kuruman recently featured in a settlement agreement with the Registrar of Financial Services for a contravention of the FAIS Act. For about a year, from November 2010, it advised its […]
Amendments to Social Grant Deductions
The Minister of Social Development, Ms Bathabile Dlamini (pictured above), issued a media release on Friday, 6 May, to explain the background to amendments to the Social Assistance Act, 2004, published on the same […]
Community Schemes Ombud Envisaged
Legalbrief reported on 4 May that an ombudsman for sectional title and community schemes will be ‘formally established’ during the current financial year – giving practical effect to the 2011 Act. Noting the ‘unexpected […]
FSB Responds to Hunter Claims
An article in Personal Finance titled Tshidi hits back over pension fund allegations, states: Financial Services Board (FSB) chief executive Dube Tshidi says the financial services industry regulator will apply to the Pretoria […]
New Financial Intelligence Centre Notices
The FIC published two new notices on 25 April: Notice 1: “The FIC is in the process of validating the applications of those registrants who have applied for access and to whom the […]
Tax Law Changes and Provident Funds
Provident fund members stand to gain a significant income boost from tax law changes – GTC Wealth Management The changes to legislation regarding provident fund cash lump sums at retirement hit the headlines […]
New Proposals affecting Compliance Officers
Two new draft Board Notices were published by the FSB last week. The first aims to provide clarity on what will be required of current Compliance Officers in terms of regulatory exams, while […]
Latest on POPI
The Protection of Personal Information Act features fairly regularly in the news, and training offers are abundant, but not yet really necessary, in our view, as the Act only takes effect one year […]
Cautionary note to CIS Managers
Board Notice 92 of 2014 was promulgated in August 2014. It prescribed disclosure requirements, and came into effect on 1 May 2015. The Registrar adopted a phase-in approach in order to allow Managers time to gain […]
FSB warnings to the public
The Financial Services Board cautioned the public against dealing with two unauthorised entities using fake FSB certificates. Millenniums Financial Services CC is not authorised in terms of the Financial Advisory and Intermediary Services […]
