Appeal Board Reduces Debarment Period
A recent case before the FSB Appeal Board saw the period of debarment halved which is an interesting deviation from previous views held by the Board on its powers to interfere in decisions […]
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.
Municipal Councillors Pension Fund under Curatorship
The FSB published the following media release on 20 December: On 19 December 2017, the Pretoria High Court granted an application brought by the Registrar of Pension Funds in terms of section 5(1) of […]
Update on legislative changes in 2018
The Insurance Conduct Workshops held in Pretoria and Cape Town in December 2017 were very informative and provided a good update of the current and future regulatory landscape. Those unable to attend are advised […]
Final Insurance Conduct Regulations and Policyholder Protection Rules
We have become used to the publication of important regulatory changes on and after 15 December each year, but 2017 set a new “record” which will be hard to beat. We will be sharing […]
Festive season greetings
This year, which is speeding to an end, has arguably been the busiest in my 40 years in the industry. The latest batch of legislative changes envisaged for the next six months is […]
FICA Update
FAIS Newsletter 25 from the FSB is dedicated to the Financial Intelligence Centre Act and, more specifically, to substantial changes which came into effect in June and October. The amendments are designed to […]
Proposed closure of Pension Funds
The Registrar of Pension Funds published Notice 4 of 2017 which gave notice of its intention to cancel a substantial number of funds in response to applications from fund administrators. Any person aggrieved by […]
Compliance is an ongoing requirement
The importance of having systems in place to ensure compliance was illustrated this week in a notice from the FSB Enforcement Committee. Rule 5.1(a)(i) of the PPR Rules require that a registered entity […]
Debt Relief Bill Published
On 24 November 2017, the Portfolio Committee on Trade and Industry published its Draft National Credit Amendment Bill, 2018 (the Bill) in the Government Gazette. The Bill is generally referred to as the Debt Relief […]
Conduct of Business Regulatory and Supervisory Developments
The FSB Insurance Division’s recent Seminar focused on planned conduct of business regulatory and supervisory developments in the insurance sector. Many of these developments are driven by three overarching objectives, including redesigning the […]
Draft PMB Code of Conduct for discussion
The Prescribed Minimum Benefits (PMB) Code of Conduct (CoC) published in 2010 has been reviewed, and following the incorporation of inputs received from all the task team groups; the first draft of the […]
Fixed-income annuities provide financial certainty post-retirement
As longevity statistics increase, the case for guaranteed or fixed income annuities has become stronger. In the last year, the World Economic Forum has published a white paper estimating the global gap in […]
Virtual Currency Alert from Treasury
“The National Treasury, the South African Reserve Bank, the Financial Services Board, the South African Revenue Service and the Financial Intelligence Centre, published a document titled “User Alert – Monitoring of virtual currencies”. […]
Insurance Bill passed in Parliament
Insurance Bill B1B, as amended by the Standing Committee on Finance was passed in the National Assembly on 28 November 2107. It will now be referred to the National Council of Provinces for consideration. The […]
Outcomes of Thematic Review on Claims
The term ‘risk based and proportionate’ is one of the important cornerstones of how market conduct will be assessed and regulated in future. The following possible sources of conduct risk were identified: Culture […]
FAIS Cat I and II licences
We are aware that there is fair amount of concern in the industry about where the regulator is heading in this regard. The following are some of the points for discussion at the […]
FSB RDR Update November 2017
At the end of last year’s Insurance update from the FSB, Jonathan Dixon said: “We had better fasten our safety belts – this is going to be rough year”, or words to that […]
