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What Exemptions are Allowed?

Exemptions have become an integral part of our regulated environment. A recent response by the FSB to such a request provides very useful insight into the process. There are only two grounds on which an exemption can be considered. Firstly, where a specific legislative requirement cannot be met. For example, you have run into a […]

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Never Fear when Amla is Near

It is good to know that something good can also come from a school like Durban High School. I am talking of course of Hashim Amla, and cannot wait for the response from the DHS old boys, especially the one or two hooligans I know.Enjoy the read, and share you thoughts with us. Kind regards […]

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Wysheid uit die Wes-Kaap

‘n Amerikaanse toeris doen “whitewater rafting” op die Oranjerivier met Gatiep as sy toergids. Die Amerikaner vra vir Gatiep:“Do you know psychology, methodology, biology or geology? Gatiep antwoord: “Nei my Bru, never heard those big words.” Amerikaner:“You sure don’t know a lot my friend?” Skielik kry die boot ‘n lekkasie en begin sink. Gatiep:”Do you […]

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And Justice for All

In Monday’s Moonstone Investment Indicators we discussed a recent determination by the FAIS Ombud, with specific reference to the appeal by the respondent for the opportunity to lead evidence and cross question witnesses. We undertook to discuss the calculation of the fine imposed, and also reflect on other such determinations. The basis on which the […]

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Qualifications re-visited

Board Notice 135 of 2012 contains the latest information pertaining to approved qualifications. There are two bits of good news: It is printed in landscape format, so older readers like myself will not walk around with a stiff neck for days after trying to establish the status of their qualifications. Secondly, the FSB indicated in […]

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DOFA Demystified

Newcomers to our industry is often baffled by the seemingly endless array of abbreviations. DOFA is not a person who is not very bright, nor is it an airport in the Middle East. Your date of first appointment (DOFA) has become almost as important as your ID when it comes to establishing what obligations apply […]

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Post Mortems and Previews

Felicitations It is early days yet, but our athletes at the Paralympics are really doing us proud. In fact, for me it is a humbling experience to watch these wonderful people achieving great things despite the odds against them, while we, who often have so much more, show little appreciation for our blessings. Expectations, Roles […]

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Puns for the educated

1. King Ozymandias of Assyria was running low on cash after years of war with the Hittites. His last great possession was the Star of the Euphrates, the most valuable diamond in the ancient world. Desperate, he went to Croesus, the pawnbroker, to ask for a loan. Croesus said, “I’ll give you 100,000 dinars for […]

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Is the Ombud System Fair?

The jurisdiction of the FAIS Ombud has been questioned on a number of occasions, notably in the current High Court case between the Ombud and Deeb Risk, and yet again in a later determination involving Lifeforce Financial Services. The Ombud’s interpretation of the FAIS Act has become the “Dummies guide” to the industry of how […]

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FSB Communications

On 29 August, the FSB broadcast a workshop aimed specifically at independent financial advisors. The title of the presentation is: “What’s new, and what to be aware of”. The Agenda covered the following topics: • Structure of the FAIS Division • Exemption: Board Notice 193 of 2011(Exemption of FSPS from submitting audited financial statement requirements) • Financial statements […]

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