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Final Date to register!

The final date for registration to write in this calendar year is this coming Thursday, 29 November, to write on 13 December. Your first exam opportunity in 2013 is on 14 January. Please register as soon as possible. The following links provide all the information required to plan your activities, and regsiter for the exams. […]

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Enforcement Committee Penalties

In the last two weeks we saw a spate of media releases on Administrative Penalties meted out by the Enforcement Committee of the Financial Services Board. It is difficult to determine the basis on which penalties are determined, as is clear from the following recent examples: A broker was fined R150 000 for the following […]

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Inseta Vouchers Now Available

As reported recently, the Insurance sector SETA are making 1 000 vouchers available to candidates who want to acquire a recognised “full qualification”. This offer is open to all small enterprises, employing up to 49 employees. It applies to those already studying towards such a qualification, as well as those who want to start doing […]

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FNB Instructed to Cough Up

Four years ago, former FNB financial adviser, Clynton Cotton, pleaded guilty to stealing R12 million from his clients. One of them, Carmen Goodman, finally won her court battle with the bank. FNB was ordered to repay R2.5m that she invested through the bank’s advisor. An article in The Mercury states that: The bank compensated many […]

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FSB Exempt from Liability?

Under the proposed Financial Services Laws General Amendment Bill, the Financial Services board will be protected from legal liability for their bona fide actions, even if these are negligent. According to a report in Business Day, Treasury deputy director-general for tax and financial sector policy, Ismail Momoniat, conceded in a briefing to Parliament’s standing committee […]

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Termination of Agreement Or Business

I received an enquiry from a reader last week who decided to leave the industry after 30 years. He asked for advice on what he needs to do, as another advisor offered to take over his client base. The FSB’s Newsletter 12, published last week, contained the following guidelines from Section 20 of the General […]

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Are ye Irish?

A customer asks… “In what aisle could I find the Irish sausage?” The clerk asks…”Are you Irish?” The guy, clearly offended says… “Yes I am, but let me ask you something. “If I had asked for Italian sausage, would you ask me if I was Italian? Or if I had asked for German Bratwurst, would […]

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Double Trouble

A reader recently sent me an e-mail that read: What distinguishes a good Scotch from an ordinary dram? One double makes you think you’re single. This quite accurately sums up what happened on Saturday when the Springboks thrashed Scotland in the first half, and then, in turn, got badly mauled in the second half. Breyton […]

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Dwindling Sole Prop Numbers and Rent a KI

Last week, we commented on the fact that there are only 2 492 sole proprietors in the industry, based on the latest FSB statistics. One reader, speaking from personal experience, wrote as follows: It is very possible that there has been a reduction in sole props, AND THERE WILL BE MORE. They have not disappeared, […]

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Neighbours

There is a huge house in our street. The extended family is run by a grumpy old woman with a pack of irritable dogs allowed to run without leads. Her car isn’t taxed or insured and doesn’t even have a number plate, but the police still do nothing. To the best of my knowledge, she […]

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