The Nine Classes of Business
We received a substantial number of enquiries about this topic in response to articles published last week. It is not only important to those who are required to do Class of Business (CoB) […]
FSCA slaps Banxso and directors with record R2bn fine
The Authority says the penalties reflect the financial benefit gained from unlawful conduct and the harm to clients – handing 30-year debarments to several Banxso executives.
Proposals on loyalty benefits or bonuses
Cashback incentives are very often the topic of enquiries from readers who feel that they are at a disadvantage to mostly direct marketing companies who offer partial premium refunds to secure business. The […]
Financial Sector Regulation from Budget Speech
The scramble to be first with news of the budget reminds me of the old bull and his aspiring successor who stood on a hill observing the herd of cows grazing below. Youngster: […]
Email signatures under the looking glass
How does a standard electronic signature differ from the Advanced Electronic version? According to Neil Summers, Head of Sales at Moonstone, it is important to understand the legality of e-signing, especially with all […]
Transitional arrangements for Reps under supervision
Board Notice 194 (Determination of Fit and Proper Requirements) stipulates that a “…FSP and representative must, prior to the rendering of any financial service in respect of a particular financial product, complete the […]
The Essentials of CPD
If we had to draw up a hit parade of enquiries received from readers, debarments would be top of the pops, closely followed by CPD – continuous professional development. This is not surprising […]
Expand your reach via Facebook
Whether you like it or not, social media and technology have changed the way that we do business. It has changed the way that we interact, not only with our friends, but also […]
FSB Regulatory Exam Update
The amended requirements contained in the 2017 Determination of Fit and Proper Requirements will have a substantial impact on the content of the study material for the REs. The FSB’s FAIS Information Circular […]
Fit and Proper Competence Register
Those who love record keeping will be elated by the new requirements contained in Board Notice 194 of 2017. “A FSP must establish, maintain and update on a regular basis a competence register in […]
Training requirements under the new Fit and Proper Determination
The Latest Determination of Fit and Proper requirements refers to three types of training under the competence requirements. A look at the definitions will help readers distinguish more clearly what impacts on them, […]
CPD and Reps Working Under Supervision
K writes: I read your article on the effective date of 1 June 2018 for Continuous Professional Development, and your comment that it leaves little time to plan for compliance. Please clarify whether representatives under […]
Further Panel Beating to Debt Relief Bill likely
Following our article published on 7 December 2017, dealing with the Draft National Credit Amendment Bill, 2018 (the Bill), the Portfolio Committee on Trade and Industry held their public hearings on 30, 31 January and 2 February 2018, where […]
Your One-Stop Fit and Proper Solution
The long awaited announcement of the new Determination of Fit and Proper requirements has certainly put the cat amongst the pigeons. A lot of businesses need to re-schedule their planning in view of […]
Are you Digitally Linked In?
It’s the start of 2018 and you have done your annual planning. Does this include the implementation of a digital channel as part of your marketing and client interaction? Here are a few […]
Check your Mate
In a recent matter between the Registrar of Long-term insurance and AVBOB (the respondent) it was agreed that AVBOB will pay a penalty of R100 000 for contravening the Policy Holder Protection Rules (Long-term […]
Unsuccessful Appeal Against Debarment
Cases heard by the Appeal Board of the FSB often provide more stringent legal certainty to matters in the financial services industry, particularly in so far as decisions by the FSB itself and […]
F & P Guidelines for appointment of representatives
The new Fit and Proper regulations provide a wide range of prescriptions which FSPs should consider when appointing new representatives. It also has a potential bearing on current appointees who may be unrehabilitated […]
