Reporting to the FSC Council
The Financial Sector Charter Council recently approached a number of people in the industry requesting that they register and submit their 2016 B-BBEE report. One reader actually submitted the form, together with his […]
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.
Compulsory Compliance Officer Information Update
The FAIS Registration department at the FSB sent letters to compliance officers and compliance practices in January requesting that all relevant details be updated. The response, according to the department, was extremely poor, […]
Review Material Terms Regularly
We recently discussed two determinations made by the Ombud for Financial Services Providers in which she found that the respondents were lacking in their duty to provide clients with a reasonable explanation of […]
CMS comment on Constitutional Court Judgement
The Council for Medical Schemes (CMS) has noted the Constitutional Court judgement on the appeal matter brought by Genesis Medical Scheme against the Registrar of Medical Schemes and the CMS. The Constitutional Court’s […]
FIA Annual Award Winners
We would like to add our congratulations to the following providers who were voted tops in terms of product, relationship and service to the country’s financial advisors and insurance brokers. Short Term Insurer […]
Hindsight and Objectivity
The recent Molate determination, in which Discovery Life was held liable for losses incurred after the death of a life assured, again raises the issue of objectivity with the benefit of hindsight. Background […]
The Goldilocks Theory of Fintech
A recent article in Thinkadvisor, an American publication for financial advisors, discusses what I believe is a critical concern for us: When is enough too much, or too little? Below are some excerpts […]
Extension of submission of Financial Statements
On Monday we reminded subscribers of the 30 June deadline for the submission of financial statements where their financial year ended on 28 February. Subsequently, we received a number of enquiries about applying for an […]
Too many cooks
The phrase “Friends, Romans, Countrymen, lend me your ear” was not uttered by Vincent van Gogh after the painful self-inflicted loss of his hearing appendage. A recent FAIS Ombud determination reminded me of […]
Old Mutual Hacked
Last week was not a good one for the 172-year old Assurer. News of a rather embarrassing Ombud determination was followed by the news that unauthorised access was gained to some of its […]
AON Opts for Suitebox
Global professional services firm Aon collaborated with global software provider SuiteBox to roll out its digital workspace technology to its Australian adviser network, to streamline their advice process and provide improved client experience. […]
Three new Appeals against Ombud findings
The latest hearings schedule of the FSB Appeal board contains details of three appeals against decisions made by the FAIS Ombud in 2016 which are to be heard in June 2017. The Wallace determination […]
RDR feedback from the UK
On Tuesday, David Ferguson, founder and chief executive of Nucleus Financial Group in the UK, speaking at the Sanlam i3 Summit, said RDR and all the associated legislation introduced in the UK in […]
FAIS Reality Check from a Client Perspective
In April I reached that age where the company rules determine that the time has come for me to follow Paul Simon’s advice: “Slow down, you move too fast, you’ve got to make […]
Daimler Benz on the disrupted future
In a recent interview the MD of Daimler Benz (Mercedes Benz) said their competitors are no longer other car companies but Tesla (obvious), Google, Apple, Amazon ‘et al’. Software will disrupt most traditional […]
Minister on Financial Sector Transformation
In his speech on Tuesday in parliament on the National Treasury Budget Vote for 2017/18, Finance Minister Malusi Gigaba highlighted the following: The Joint Standing Committees on Finance and Trade and Industry have […]
Compliance Officer RE Obligations
We requested clarity from the FSB on the interpretation of the various publications on this matter. Two of my colleagues at Moonstone Compliance then very kindly drew up the table below which certainly […]
