Costs order against FSCA for ‘irregular and unlawful’ debarment
The Authority should have conducted its own investigation and not relied solely on information provided by the insurer, the Tribunal says.
Read moreFinancial Intermediaries Association Awards
The 19th annual FIA Awards reflect the views of intermediaries in terms of how they were treated by product providers under the headings product quality, service quality, relationship quality and overall satisfaction. The […]
Public-private partnerships can contribute
How public-private partnerships in the savings industry can contribute to inclusive growth Against the backdrop of the NDP vision and consequent critical actions, the SA economy has enormous unmet infrastructure demands and a […]
Guidance for Hedge Funds
The Financial Services Board published guidelines on requirements for advertising, marketing and information disclosure applicable to Hedge Funds. Following the declaration of hedge funds as collective investment schemes, all hedge funds are required […]
The Appeal Board of the FSB
Twenty four determinations were issued by the FAIS Ombud in the 2015/2016 financial year, half of which concerned short-term insurance products. Settlements, where respondents “pleaded guilty” amounted to a staggering 1 150. So far, […]
What keeps the LT Ombudsman awake at night? Part 1
From the Long-term Ombud’s 2016 annual report: The Assessors and Adjudicators in the Long-term Ombud’s office were canvassed about the issues that currently fall into this category. The following are some of the […]
Next DOFA deadline looming
30 June 2017 is the so called DOFA date for candidates who are obliged to write and pass the Regulatory Examinations (REs) within the prescribed period. A candidate’s date of first appointment (DOFA) […]
NHI Update
A report in Business Day quotes Health Minister Aaron Motsoaledi as saying that he will present a revised version of the National Health Insurance (NHI) white paper to a cabinet subcommittee on Tuesday, […]
Chatbots and the Future of Insurance
If your insurance business or brokerage does not have a digital component to its overall strategy you are what we would call a sitting duck. The fact is, tomorrow’s insurance is here. It […]
Regulator to probe insider trading allegations
The FSB confirmed that it is investigating unusual trading in foreign exchange futures contracts after receiving a report from the Johannesburg Stock Exchange (JSE). The Regulator’s Department for Market Abuse (DMA) is currently […]
Fica Bill finally signed
It sometimes seems that the old colonial approach of “Divide and rule” was replaced in Africa by “Delay and rule”. Almost a year after the Bill was first passed in Parliament, the President […]
Future Product Training
The latest proposed amendments regarding intermediary proficiency stem from a review of the competency framework, and aims to build on the existing requirements by establishing an effective and proportionate regulatory framework to ensure […]
Qualification and RE DOFA Deadlines Clarified
This article, published in September last year, is even more relevant today. A reader recently wrote: My query relates to the article headed “Qualification deadline at hand – 30 June 2016 is a very important […]
A Fallacy called FAIS Credits
FAIS Newsletter 22 from the FSB, published in December 2016, contains a very important section to assist the industry in understanding the “Credit” requirements. The following paragraph is printed in bold and highlighted: There […]
Reporting Requirements for OTC Derivatives
The Registrar of Securities Services published a draft Trade Reporting Obligation Board Notice on Over-the-Counter (OTC) Derivatives for a second round of public consultation. “Establishing a harmonised reporting framework is an important aspect […]
Important FICA Reminder for Motor Dealers
Motor dealers are reminded that if they receive a cash payment from a customer of more than R24 999,99 – and here cash means coins, banknotes or travellers cheques – that this must be […]