Financial Tribunal outcome
– The right to state your case is not negotiable Audi alteram partem (or audiatur et altera pars) is a Latin phrase meaning “listen to the other side”, or “let the other side […]
Uncategorized
Rise in data breaches
– Affects banking safety On Monday it was World Data Privacy Day – a day which aimed to highlight that millions of people worldwide are unaware of how their personal information is being […]
Tribunal Debarment decisions – Why the increase?
Over the last few months we have seen an increase in debarment cases placed before the Financial Services Tribunal for reconsideration. Why? Has there been an increase in debarments? Has many of these […]
Can the Tribunal’s order override a FSCA decision – A recent Tribunal case sheds some light
A recent Financial Services Tribunal decision showcases the Tribunal’s powers in terms of section 234 of the FSRA. “Section 234(1)(a) of the FSRA 4 circumscribes the powers of the Tribunal with respect to […]
Did Reserve Bank cause Sharemax implosion?
– Interesting high court judgment This rather sensational headline greeted readers of the Star newspaper on December 14, 2018. But does this reflect the real findings of the KZN High Court? A careful reading of […]
Needs analysis not a tick box exercise
The importance of an in-depth client financial needs analysis is once more highlighted in a FAIS Ombud investigation, ruling and settlement. A financial needs analysis should not just be a tick box exercise; […]
ASISA statistics on fraudulent claims
ASISA statistics on fraudulent claims – Spike in dishonest death claims Although there was a decline in the number of irregular claims the value of the fraudulent and dishonest claims was almost the […]
The crown of peace
A closer look at the background to non-disclosures The “Momentum debacle”, as it became known in the media, has certainly drawn a lot of public and media comment and interest. Many a commentator […]
Non-disclosure drama
Non-disclosure drama – Tips on the broker’s role to ensure a better outcome at claim stage In the midst of a raging social media war, journalists writing about the pros and cons of […]
Fairness in Debarment Procedures
In a recent (5 October 2018) matter heard before the Financial Services Tribunal, the applicant, Ms X, applied for a reconsideration of a decision taken by the respondent, Y (the FSP). The FSP […]
FAIS Ombud Annual report
How did the FAIS Ombud fare against its goals in the 2017/2018 financial year? Nhlanhla Nene, previous Minister of Finance, states in the Foreword of the FAIS Ombud Annual reports that “the overhaul […]
Financial Soundness of Representatives
The new Determination of Fit and Proper Requirements for Financial Services Providers, 2017 (Board Notice 194 of 2017) sets out a number of new requirements relating to the financial soundness requirement of representatives. […]
Good standing
Board Notice 194 of 2017 which contains the latest Fit and Proper requirements introduced a new concept called “Good standing”. This does not refer to your ability to consume copious amounts of alcohol […]
Local CIS industry grows investor assets to R2.3 trillion
The Association for Savings and Investment South Africa (ASISA) recently released the Collective Investment Schemes (CIS) industry statistics for the quarter and year ended June 2018. The statistics show that the strong net inflows […]
And the winner is…
In the midst of the world cup soccer hype, Neymar memes and speculation on which team will be crowned as the winners of World Cup 2018, the role of soccer coaches sometimes fades […]
Voluntary retrenchment plan
Voluntary retrenchment plan for public sector workers – Test for Default Pension Fund Regulations Legalbrief Today recently commented as follows on a Business Day article: Thousands of public sector workers over the age […]
Moonstone Monitor approved for CPD hours
The new Fit and Proper Determination requires that certain individuals are required to obtain a specified number of Continuous Professional Development (CPD) hours between 1 June 2018 and 31 May 2019. In response to an application to […]
