Blue Financial Services Loses Licence
A recent article in Business Day shed light on why the FSB suspended the licence of Blue Financial Services, a player in the micro-lending business. “The FSB has suspended the licence as a […]
Industry News
Causal Event Charges Back in the Spotlight
The latest determination by the Pension Fund Adjudicator (PFA) brought the levying of penalties on retirement annuities, when changes are effected, to the fore again. I was unable to obtain a copy of […]
"MyLawyer” Settles with Enforcement Committee
The FSB published details of a settlement reached with a company trading as “MyLawyer” (the respondent) who acknowledged that it had contravened section 7(1)(a) of the Short-term Insurance Act (STIA). From November 2011, […]
An Unusual Finding
The following article is reproduced from Talking Point, a publication issued by Walkers Attorneys in Cape Town, with their kind permission. Sangoma training and work ethic by Amien Hoosain Kiewits Kroon Country Estate […]
Are Pension Fund Trustees Equipped to handle Death Benefits?
An article on the Norton Rose Fulbright website poses an interesting and challenging question to trustees in terms of their obligation as far as the distribution of death benefits is concerned. Prior to […]
Fraudulent Insurance Claim Backfires Badly
A fairly humorous article on a serious topic recently appeared in the Natal Mercury. The following synopsis was published in Legalbrief Today: A fraudulent insurance claim for R4 500 for a water-damaged cellphone […]
FSB Reaction to Excessive Charges on Endowments
Last year, we published an article titled Charges in Respect of Investment Policies. I referred the matter to the FSB for comment, particularly in view of the following opinions expressed by the Long-term […]
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 […]
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 […]
