Treasury Response to Comments
A document containing National Treasury’s responses to comments on the Financial Services Laws General Amendment Bill was published recently. The 110 page document makes for heavy reading if you are not a legal […]
Industry News
Regulation of Tax Practitioners
We found the following on the SARS website: Analysis shows that the compliance of tax practitioners is low. For example, tax practitioners owe more than R260 million to SARS in their own personal […]
Grant Thornton Capital announces strategic partnership with Lephatsi Financial Services
Lephatsi Financial Services acquires 35% stake bringing substantial skills and additional BEE credentials to the business 10 December 2012 New shareholders will further contribute to Grant Thornton Capital (GTC) being a substantial contender […]
Regulatory Changes Envisaged in 2013
The Financial Services Laws General Amendment Bill will see substantial changes and updates in respect of 11 different laws affecting the financial services industry. According to Business Day, the national treasury will attempt […]
Regulation of Tax Advisors
This legislation will also affect all financial advisors who provide tax services to their clients. With the promulgation of the Tax Administration Amendment Act at the end of last year, all tax practitioners […]
Important Changes to Fit & Proper Requirements
The publication of Board Notice 202 of 2012 brings about very important changes to the definitions of “Annual Expenditure”, “Liquid Assets” and “Management Accounts”, amongst others. This may impact significantly on your financial […]
Council for Medical Schemes Accreditation
A draft policy document on accreditation for brokers and broker organisations was published for comment by the Council. Please click here to download a copy. Affected parties have until 13 January 2013 to […]
Festive Greetings!
The highs and lows of 2012 will differ from person to person. The one thing we will all agree on, is that it was not a boring year. One aspect that stands out […]
FSB Circular 12 of 2012
This circular provides information on the level 1 regulatory examinations. The following aspects are addressed: The extension of the re-write deadline for the RE3 (Key Individual: Category II and IIA) and RE4 (Key […]
FSB Acts Against RE Dodgers
The title of this article reminds me of a Dickens character. From immediate reactions we received, it appears that not all those who missed the June deadline are artful dodgers. Some simply expected […]
Illegal Inducements Update
The FSB contacted us, following last week’s article entitled What’s Sauce for the Goose to get more information about the correspondence between a broker and their own consultant. We used the opportunity to […]
Inseta Network
A constant refrain in comments from readers is the number of service providers who, in their opinion, jumped on the band wagon to make money out of advisors. Here is an opportunity for […]
Prohibition of Inducements
The article we published last week certainly elicited wide reaction. What does the Act say? Section 44 on “Prohibition on inducements” reads: No person shall provide, or offer to provide, directly or indirectly, […]
Valid and Reliable Risk Tolerance Questionnaires
The introduction of the FAIS Act changed the rules of the game as far as programmes used to determine client needs, are concerned. Perhaps it is more accurate to say that it should […]
Cash Management System Accounts
These accounts, according to the circular, are predominantly provided by Investec and Nedbank. The CMS Account is similar to a trust account maintained by professionals for the purpose of holding money on behalf […]
Sauce for the Goose…
The issue of inducements to effect insurance, which we discussed in Monday’s newsletter, is fast becoming a very hot topic, and it does not only relate to short-term products. One of our regular […]
Who enforces Penalties?
The content of an article in Moneyweb entitled Rogue broker ignores FAIS Ombud was covered in this newsletter in June. Frank McCarter and his wife are one of many investors who received bad […]
