In Circular 48, the CMS signals tougher enforcement against exempted insurers, warning that non-compliant branding and failure to notify regulators will attract decisive action.
The long anticipated amended “Determination of Fit and Proper Requirements for Financial Services Providers, 2017” was finally printed in December last year. The following requirements are applicable in terms of the regulatory examinations: […]
The Financial Services Board subcontracted the beleaguered KPMG to do an impact assessment on the proposed amendments related to the Fit and Proper requirements, as published in the Draft fit and proper requirements […]
A newly published document by the Registrar attempts to address some of the practical problems experienced in the past. “16. The frequency of representative complaints reported to the Registrar’s office, and the intensity […]
The long anticipated amended “Determination of Fit and Proper Requirements for Financial Services Providers, 2017” was finally printed in December last year. Do not be fooled by the fact that the determination, sans […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
“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”. […]
