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Was Ombud entitled to bend the rules?

This question will be answered on 30 November, when the J C Mostert / L Landman appeal against a determination by the FAIS Ombud Appeal is heard by the FSB Appeal Board. We believe that the essence of the appeal will be against the decision by the Ombud to rule on the complaint, despite the fact […]

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Professional Indemnity Insurance and exclusions

A recent decision of the High Court in Bloemfontein where an FSP was found to have been negligent in advising a client to invest in the Sharemax scheme, is a “must read” for all FSPs. Clear and explicit, the judgement sets out unequivocally just what the duties and responsibilities of a financial advisor comprise. There […]

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XPLAN announces integration with Suitebox

Financial software provider IRESS and digital meeting place provider SuiteBox have announced the integration of SuiteBox’s digital workspace solutions with IRESS’s adviser software, Xplan, as advisers seek more ways to communicate with clients. Some features the new partnership offers advisers include scheduling video meetings with clients using Xplan, using screen sharing documents and applications, recording […]

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Become a Retirement Fund Professional

Principal Executive Officers are the drivers of retirement funds in Southern Africa. Given the important role they play within the governance structure of a retirement fund, including the proper performance of the board of trustees, it is surprising that, up to now, very little was available in the form of a duly recognised NQF level […]

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New Fit & Proper and the REs

Market indications are that the final Fit and Proper Regulations are due for publication any day now. These regulations form an important part of the knowledge tested in the Regulatory exams. Changes to the legislation will result in changes to the study material and the questions in all the exams. Normally, those responsible for maintaining […]

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Mark MacSymon Financial Planner of the year

Mark MacSymon, a wealth manager at Private Client Holdings, was named the 2017 Financial Planner of the Year on Thursday. The award, presented by the Financial Planning Institute (FPI), is the highest accolade bestowed on financial planners in South Africa who are members of the FPI and hold the Certified Financial Planner accreditation. The two […]

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Credit Regulator Cracks down again

The National Credit Regulator (NCR), in a media release on 24 October 2017, also issued a compliance notice to Volkswagen Financial Services South Africa (Pty) Ltd (VW) for charging consumers an on-the-road fee, admin fee and handling fee under its credit agreements. This followed after BMW Financial Services (BMW) received a similar compliance notice on 5 October 2017. In […]

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Debarment Guidelines Withdrawn

The document titled “Guideline on the Determination of Reappointment of Debarred Representatives”, published on 13 July 2011, was withdrawn in a notice published on Friday, 20 October 2017. No reason for the withdrawal was given, nor was any indication provided as to whether it would be replaced by an amended guideline. The debarment process is arguably one of the […]

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FIC readiness test

FIC Amendment Act Readiness Test

The Financial Intelligence Centre recently sent a guidance note to all Accountable Institutions to assist them in assessing their readiness to comply with the amended legislation which came into effect on 13 June and 2 October respectively. If you are an accountable institution, and did not receive this document, we suggest you contact the FIC to make […]

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Wealth Management

Financial Inclusion

When the Financial Sector Regulation Bill was sent to parliament for final ratification, it was returned with a number of proposed amendments, most of which related to financial inclusion. This was also the subject of an address by the FSB at the 17th Batseta Annual Conference. Batseta is the Council of Retirement Funds in South […]

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