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debarment

A debarment should not be about settling scores

A recent determination by the Financial Sector Tribunal contains this very interesting paragraph: A debarment may not be used to satisfy a provider’s contractual or other grievances against a representative, unrelated to fitness or competency requirements. A debarment must be effected for the purpose it was intended. It is important that providers understand that they […]

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5G

5G is becoming a reality

No, we are not propagating the jab scare theory that Bill Gates and the Illuminati are using technology to brainwash unsuspecting mortals into becoming Stepford wives. Wunderman Thompson Intelligence, a global practice for insight, trends and innovation shares some insight in an article titled Is the 5G revolution finally here? on how far we have […]

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NHI

Teething problems for NHI in South Africa

An article in Businesstech quotes the Free Market Foundation as saying that South Africa will need to make serious tax changes to be able to afford its proposed National Health Insurance (NHI). Funding challenges While a large portion of the funding will come from South Africans who currently contribute to private medical aids, an additional […]

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riots

Rights of employers and employees in times of riots

The law firm Cliffe, Dekker Hofmeyer published a very relevant brochure titled A “workplace” on fire: What to do with your employees. This document discusses the rights and obligations of both parties in situations like the tragic violence besetting the country and is available for download by clicking on the link above and sharing with […]

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looting-insurance

Insurance cover for losses resulting from civil unrest

With extreme looting hogging the headlines, many people are asking whether losses are covered by their short-term insurance. This will, yet again, be something that we will have to educate the masses on before the prophets of gloom start blame-storming sessions like we reported on last week in the article Are insurers the only bad […]

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FAIS ombud rebuked by Tribunal

FAIS Ombud rebuked by Tribunal

In the FJ Kotze case heard on 5 July 2021, the Financial Sector Tribunal made several scathing findings against the Office of the FAIS Ombud, something that the newly appointed Ombud Council would do well to investigate. Concerns raised here were already discussed in an article in 2019, indicating then already that the findings were […]

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Ombud Council Board Appointed

Ombud Council Board Appointed

The latest FSCA newsletter provides details of this very important oversight body, established in terms of the Financial Sector Regulation Act. This Act requires financial institutions to be a member of an industry ombud scheme. It also empowers the Ombud Council to allocate a case to the best-suited ombud where no voluntary ombud is available. […]

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Debarment set aside on interesting grounds

Debarment set aside on interesting grounds

The number of successful appeals for reconsideration of debarments makes one wonder how many travesties of justice took place before the Financial Sector Tribunal saw the light. Previously, there was no recourse but the legal route, which was often too expensive for most mere mortals wishing to take on big institutions with deep pockets. In […]

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Huge-fines-warning-industry

Huge fines a serious warning to the industry

An FSCA press release on 8 July contains details of hefty administrative sanctions imposed  on Momentum Wealth (Pty) Ltd and Momentum Collective Investments RF (Pty) Ltd for failing to comply with FICA requirements. What is important to note is the closing sentence: “With these sanctions the FSCA wants to send a strong message to all […]

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