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 […]
Deepfake profits and ‘overwhelming’ illegality: Banxso liquidated
The High Court finds Banxso knowingly benefited from deepfake adverts, misled clients about its licence and returns, and is ‘hopelessly insolvent’.
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 […]
To POPI or not to POPI
Why complying with the Protection of Personal Information should be a priority By now you have probably been targeted by a newsletter or blog from a law firm telling you to become POPI […]
Credit Life Insurance Regulations
On 11 August 2017, the National Credit Regulator (NCR) released a media statement on the final credit life insurance regulations published under Government Gazette Notice No 103 which became effective on 10 August 2017. In […]
Pick the right Ombud
This case reminds me of a Dennis the Menace cartoon where he walks up to his dad and says: “Pick a card – any card.” Dad picks a card and Dennis says: “No, […]
Have Ye no Shame?
The audacity of criminals appear to increase in leaps and bounds, as witnessed by a case study published in the Short-term Ombud’s latest annual report. The complainant approached the office of the Ombudsman […]
Causal event charges and TCF
If the Pension Fund Adjudicator had her way, causal event charges would be levied very differently, if at all. In a case reported on in FANews on 3 August 2017, the product provider, in response […]
Employer Duties under POPIA – Part 1
By Claire Gaul / Joani van Vuuren of Webber Wentzel Much has been written about the statutory obligations that are to be imposed on financial service providers in respect of their clients in […]
NCR Alert for Vehicle Financiers and Dealers
On 2 August 2017, the National Credit Regulator (NCR) issued a media statement to announce its intention to conduct a compliance monitoring exercise on vehicle licence and registration fees payable by consumers under […]
FSB Levy Reminder
By now you should have received a letter from the FSB advising details of the annual FSB and FAIS Ombud levies payable by the end of October. If you did not, it could […]
Moonstone Regulatory Update Workshops 2017
In the financial services industry in South Africa, the only certainty is change. A number of regulatory changes with significant impact on the industry are in the pipeline. Moonstone Compliance is pleased to […]
Binder Remuneration Update
We reported last week on the publication of proposed amendments to the Regulations made under the Long-term Insurance Act, 1998 (“LTIA”) and the Short-term Insurance Act, 1998 (“STIA”) for public comment. This included […]
New Credit Life Insurance Regulations from 10 August
Registered credit providers should note that the long-anticipated credit life insurance regulations will come into effect on 10 August 2017 (“Commencement Date”). On 9 February 2017, the Minister of Trade and Industry, Dr Rob Davies, published the […]
Getting More from Data
The use of data, and protection of confidential client information, will play an extremely important role in the future of financial advisers in South Africa. Whilst it makes good sense to invest in […]
Proposed Regulatory Amendments Update
In December 2016, National Treasury (NT) with the support of the Financial Services Board (FSB) published, for public comment, proposed amendments to the Regulations made under the Long-term Insurance Act, 1998 (“LTIA”) and […]
