Sharemax Directors Appeal Successful
The FSB Appeal Board handed down a decision on 10 April 2015 in a case where a number of parties appealed against a decision by the FAIS Ombud to hold them equally liable for losses […]
Industry News
Should I appeal?
Statistics contained in the FAIS Ombud’s annual report show that settlements of complaints outnumber determinations by a count of nine to one. Does this mean that only one in ten FSPs are of […]
FSB Discusses Twin Peaks Reforms
Industry stakeholders recently attended a two-day workshop on the implementation of the Twin Peaks model of financial regulation, which will see the FSB become a dedicated market conduct regulator with an enhanced mandate […]
Sharemax Directors Appeal Ombud Determination
On 31 March 2015, Julius Cobbett reported on an appeal case currently being heard by the FSB Appeal Board in Pretoria. The directors of Sharemax are appealing against a FAIS Ombud determination in […]
FSB Acts Swiftly on Allegations
The following FSB media release clarifies its stance regarding speculation in the press about a South African involvement in an alleged Ponzi scheme said to be run from Mauritius: Following media articles regarding […]
Plans to Consolidate Ombud Schemes
The Financial Services Regulation (FSR) Bill includes a review of the various ombud schemes currently active in the industry. The information below was extracted from the discussion document titled “An Integrated Ombud System”. […]
Latest on NHI White Paper
The information below was printed in Legalbrief Today last week. The National Health Insurance (NHI) White Paper and a draft financing paper are expected to begin the process of being scrutinised by Cabinet […]
Landmark SA Investment Panorama study
Major investment institutions and leading asset managers have welcomed the recent launch of the South African Investment Panorama survey. The study, which is a project spearheaded by international strategic research company Insight Discovery, […]
Industry Expert’s Views
The February 2015 IISA newsletter contains details of an interview conducted with Dr Brian Benfield who recently retired from the University of the Witwatersrand as visiting professor, Insurance and Risk Management after teaching […]
Well Bless My Soul
On Thursday, Moneyweb published an article titled: Process to repay 170,000 Defencex investors underway. This is an update on a story they have been covering for some time now. The introduction reads: Investors […]
Robotic Advice versus Personal Financial Service
Technology has certainly levelled the playing fields as far as South Africa and the rest of the world is concerned. Gone are the days when we simply piggy-backed on what happened elsewhere in […]
Will Tax Free Savings Achieve its Goal?
The announcement of this incentive, intended to promote savings, received a fair amount of media coverage. It will be interesting to see whether this continues, and what impact it will have on the […]
Product supplier responsibility for advisers
Fais Circular 6 of 2013 announced the postponement of the Level 2 Regulatory Examination until further notice to allow the FSB to amend the qualifying criteria and investigate alternative delivery models in consultation with […]
Low Cost Medical Schemes Proposed
The Council for Medical Schemes (CMS) issued Circular 9 of 2015 on 13 February. The document invites comments on the proposed introduction of a Low Cost benefit Option (LCBO) Framework. The purpose of the framework is to […]
New FAIS Email Inboxes
FAIS Information Circular 11/2015 contains 7 new specific email addresses for queries to the FSB’s FAIS Department. It also contains a complete list of all FAIS email inboxes that the external stakeholders should […]
Is Conflict of Interest a Double-edged Sword?
Conflict of Interest (COI) was addressed in detail in Board Notice 58 of 2010. Broadly speaking, it aimed to address the provision of incentives like overseas trips and other “extras” with the potential […]
Tax Free Savings Approved
The final Notice and Regulations that allow for the introduction of Tax Free Savings and Investment Accounts (“TFSAs”) with effect from 1 March 2015 were approved by the Minister of Finance, according to a media […]
