Tax Ombud finds against SARS
In these times of rapidly diminishing action against wrongdoers, it is refreshing to read the Tax Ombud’s findings after an investigation into “…alleged delayed payment of refunds as a systemic and emerging issue.” […]
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.
FIC Amendment Act Implementation Update
The Financial Intelligence Centre (FIC) Act has been amended with the first set of provisions coming into effect on 13 June 2017. These provisions do not have any effect on accountable institutions. The next set […]
Machine Platform Crowd
Harnessing Our Digital Future This is the title of a new book by Andrew McAfee and Erik Brynjolfsson, directors of the MIT Centre for Digital Business, which was recently reviewed in News24. Below […]
Addressing Assumptions about POPI
We are not Google, so why should we care about data privacy? Let’s not beat about the bush. Complying with data privacy laws can be expensive and POPI is no exception. So it […]
Proposed replacement of Policyholder Protection Rules
Board Notice 153 0f 2017, published on 1 September, contains the final proposals for comment by 2 October on the revised protection rules for short- and long-term insurance policies. The information is contained in 6 […]
Unintended Consequences of NHI
Research by economics consultancy Econex looked at the impact of removing tax credits to medical schemes and then reallocating them to funding National Health Insurance (NHI) as suggested by the 2017 White Paper. […]
Health Market Inquiry Update
Investigations into the health market by the Competition Commission appear to have hit a bit of a hitch. A media statement confirmed that the “Revised Administrative Timeline”, published on 1 December 2016 has been withdrawn […]
Understanding Consequential Loss
In a world that seems to constantly produce new forms of risk, it is wise for the public to rely on insurance intermediaries to benefit from their knowledge, experience and expertise, coupled with […]
The next evolution in financial advice
Fintech solution delivers the next evolution in financial advice to SA The SuiteBox client engagement and support tool delivers video meeting and digital signing capabilities to financial advisers Rapid advances in fintech provide […]
POPI Awareness Training
Moonstone Business School of Excellence (MBSE), in collaboration with Compliance Online, now offer a nine-module online training course for businesses that will be required to comply with the requirements of the Protection of […]
POPI training – Who needs it?
We’ve all been there: the stuffy room with the uncomfortable seats, the monotonous drone of the facilitator reciting legislation – he’s somewhere in the middle of a 144-slide PowerPoint presentation and you are […]
CIS Portfolio Performance Guidelines
CIS Information Circular 30, published on 12 July 2017, contains guidelines from the Registrar regarding the publishing and disclosure of CIS portfolio performance. The Registrar has noted that some managers of Collective Schemes Investments are […]
POPI challenges for financial services industry
The Protection of Personal Information Act (POPI) applies to all industries, but some industries will be more affected than others. Financial services is one of them. Why? Firstly, FSPs collect very sensitive information. […]
FAIS Notice on PI Cover
The FSB’s FAIS Notice 110 of 2017, published on 17 August 2017, drew the following query from a reader: Pray old wise guru of all matters regulatory, for whom art this proclamation? I chose to […]
Can Appeal Board overrule FSB decision?
The recent Willbrink Outsources CC decision by the FSB Appeal Board assessed a rather novel approach to overturn a FSB decision. The appeal was in respect of the Registrar’s decision to withdraw the […]
Unclaimed Retirement Benefit Search Engine
The Financial Services Board made this facility available on its website this week. I was obviously curious about whether the Kruger millions were not possibly hidden in a pension fund somewhere and promptly […]
Fairness in Justice
In a recent decision concerning a Sharemax investment, the FSB Appeal Board said that section 20(3) of the FAIS Act requires the FAIS Ombud to consider complaints in a procedurally fair, informal, economical […]
