FSB Renamed
The Financial Sector Regulation Bill, published on 11 December 2013, indicates a new name for the Financial Services Board. The twin peaks regulatory framework will provide a comprehensive framework for regulating the financial […]
Industry News
Huge Fines after Commission Overpayments
Sanlam Developing Markets Limited and Channel Life Limited were fined R2 million and R1 million respectively for inadvertently contravening the regulations regarding maximum commissions payable. During the period 1 November 2008 to 21 […]
Binder Regulations Update
One of the presentations at the FSB’s Regulatory seminar provided the latest information on binder regulations. After publishing three information letters, the Regulator requested information from insurers to determine the state of compliance […]
Keshwar versus FNB Determination
The most recent Ombud determination concerns a complaint against First National Bank by a businessman, Craig Keshwar, who placed funds for investment with a bank manager, De Ghee, employed by FNB. The misappropriated […]
FSB Fees Increase
A notice, published in the Government Gazette on 20 November 2013, formalised the increased fees payable to the FSB in respect of certain functions. Before we compare the new fees to the old, […]
Information Letter on Benefit Amount Increase for Assistance Policies
Further to the recent increase in the maximum amount announced by the Minister of Finance, an information letter was published to provide guidance on the correct interpretation of the information. The change stems […]
Retail Distribution Review Update
Background Up to the end of the previous century, regulation of financial services was by and large left in the hands of the industry itself. The advent of consumerism and money laundering, amongst […]
Positive Industry News
In a previous article we reflected on the need for more publicity regarding the positive contribution of the financial services sector. The following information, published by ASISA, should be reassuring to both the […]
Increase in Benefit Amount for Assistance Policies
An increase was announced with regards to the maximum value of the policy benefits to be provided in terms of an assistance policy (Financial product subcategory 1.1). As from 11 November 2013, the […]
International and Local Financial Regulatory Reforms
South Africa is very much part of the global financial world, and also one of more than 200 members of the International Association of Insurance Supervisors (IAIS). The mission of the International Association […]
FIC Request for Information Update
In a directive published last week, the Financial Intelligence Centre (the FIC) requested all institutions registered with it to update their details on the FIC’s electronic platform. In order to verify that your […]
FSB Media Release on Sharemax
“The Financial Services Board (FSB) commented on a circular dated 6 August 2013, issued by Frontier Asset Management to debenture holders and shareholders who have acquired their rights in terms of Schemes of […]
FAIS Ombud Determinations to get worse?
Blue The FSB telematics broadcast on 28 August 2013 was intended for independent financial advisors and covered a wide range of topics, including one simply titled: FAIS Ombud Determinations. The introduction states that […]
Outsurance Article Response
The following posting, by a member of the public, was recently placed on our website in response to an article we published a few months ago: What a pity I didn’t see this […]
Enforcement Committee Sanctions
We recently approached the FSB for clarity on how, and by whom, the quantum of an Enforcement Committee penalty is determined, and what options respondents, who elect not to enter into a settlement […]
Positive News from PFA
The Pension Fund Adjudicator published her annual report last week. It contains some very positive indicators, as well as concerns for the industry, and the public. In the message from the Minister of […]
New FSB Website
Problems that were experienced in accessing information on the Regulator’s website appear to have been addressed in the new version. The old one was essentially user-friendly to Internet Explorer users only. The website […]
