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.

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Direct Insurer found wanting by Ombud

Masimdumise Gabriel Bhengu (the complainant) referred a declined claim by Outsurance Insurance Company Limited (the respondent) to the FAIS Ombud. The complaint stems from the complainant’s view that Outsurance failed to ensure that […]

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Healthcare Commission under the Spotlight

According to an article in Netwerk24, the panel who is currently conducting research on private healthcare posed a number of questions regarding the impact of commission on rising costs, including how commission works, […]

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Surveys show bleak picture

It should come as no surprise that executives of South African companies are less optimistic today, compared to a year ago. A recent survey by Mercantec reveals the CEOs in the financial services […]

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FIC and Motor Vehicle Dealers

The Financial Intelligence Centre (FIC) has revised Public Compliance Communication 07 (PCC07) to explain the duties of motor vehicle dealers when reporting cash transactions of more than R24 999.99 to the FIC. The Centre […]

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Genesis Appeal Denied

LegalBrief Today commented as follows on the outcome of the Scheme’s application for leave to appeal against an SCAS finding. In what a Business Day report says is a decision that has far-reaching […]

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FIC announces new registration system

The Financial Intelligence Centre (FIC) is preparing to launch a new registration and reporting system called goAML at the end of April 2016. New Registrations The last day for an accountable and reporting institution […]

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FICA Inspection Feedback

In 2014, the four major banks were fined a collective R125 million for failing to implement adequate anti-money laundering controls. The Financial Intelligence Centre does not only focus on them, though. FAIS Newsletter […]

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Protea selectors face nice dilemma

Imran Tahir’s timely return to form is great news for the Proteas. With spin bowling such an important element in the bowling attack, it is doubly reassuring, given the problems poor old Aaron […]

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FPI Approved Qualifications from MBSE

The Financial Planning Institute provides its members with a list of approved training providers. Moonstone Business School of Excellence (MBSE) is one such provider who complies with the FPI’s requirements in terms of […]

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South Africa – Budget 2016… some thoughts

Finance Minister Pravin Gordhan pulled several rabbits out his Budget hat on Wednesday, February 24, when he delivered the first Budget Speech of his current, second term. However, the rabbit one marked ratings […]

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Discount for Burglar Alarm

An interesting case was published in the December Short-term Ombud’s Briefcase. Mr. J submitted a claim against his insurer for contents stolen from his home during a burglary. The insurer rejected the claim […]

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Unjustified Fees

The charging of “broker” or “policy” fees (section 8(5) fees) in the Short-term industry appears to be a common occurrence. The Regulator frowns upon unjustified fees, and it will be addressed under RDR. […]

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