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Study Material Update

The amended requirements contained in the 2017 Determination of Fit and Proper Requirements will impact on the content of the study material for the REs. Persons who registered to write the regulatory examination ON or AFTER Tuesday, 3 April 2018 are obliged to write the new version of the regulatory examination, which will contain the updated questions. […]

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Audenberg Appeal against FAIS Ombud

The FSB Appeal Board recently published its decision at a hearing held on 27 February 2018. The appeal was dismissed, but not before the Board expressed some very concerning comments on the office of the Ombud’s handling of the case. What is its mandate? Under the heading “Risk management”, the latest FAIS Ombud annual report notes: “The […]

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FAIS Ombud

Many Property Syndication complaints not yet finalised

The old saying that the wheels of justice grind slowly is certainly true when it comes to property syndication complaints addressed to the FAIS Ombud. With the demise of Sharemax in 2010, disgruntled investors who believed that their advisers were wrong had three years to lay a complaint from the day they became aware or […]

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SA drivers love their cars

A national client survey by Santam revealed interesting and surprising attitudes of drivers towards their vehicles, including emotional attachment and feelings of despondency if dispossessed of their much-loved cars. 64% “very or extremely attached’” to their vehicle 4 in 10 have named their ‘wheels’ 37% “unable to function” without their car However, 45% do not […]

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Proposed Amendments to Policyholder Protection Rules

The FSB published proposed amendments to the Policyholder Protection Rules (“PPRs”) made under the Long-term Insurance Act, 1998 and the Short-term Insurance, 1998, respectively, for public comment. The proposed amendments form part of Tranche 2. The proposed amendments to the PPRs are necessary to align the PPRs with the Insurance Act, 2017 (Act No.18 of […]

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New Debt Counselling Fees

The National Credit Regulator recently published a circular and guideline in respect of the new fees that debt counsellors may charge consumers during the debt review process. The new fees are effective from 1 April 2018 and do not apply retrospectively. The NCR also advised that compliance with the fee structure will be monitored. Please click here […]

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Record Keeping Relief?

Some product providers have created facilities for advisers to upload documents on-line. This is then stored in a secure environment by the provider. John, a Moonstone Protector client recently raised an interesting compliance question in this regard. I have started uploading document directly to XYZ. In the past I used to send the documents via […]

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Prudential Authority a reality on 1 April 2018

A media release by the South African Reserve Bank on 1 March 2018 confirmed that the Prudential Authority (PA), one of the two pillars of the new architecture for the regulation of the financial sector, will take effect on 1 April 2018. The PA will be a juristic person operating within the administration of the South African Reserve Bank […]

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Operational Ability under the new F & P

Back in the good old days, you needed an ashtray, a phone and a filing cabinet to be regarded as operationally okay. Some even went to such extremes as having a fax machine installed. This was regarded as being a little over the top, particularly those with the paper that faded to nothing in a […]

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To tweet or not to tweet

The world of social media can be overwhelming for some. How do you keep up with the latest trends and social media platforms? Do you have to have a presence on all? What is better – Facebook or Twitter? One of the main differences is that Facebook allows likes and friends while Twitter’s call to […]

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