Short-term Shortcuts
New Ombud’s Briefcase The OSTI Briefcase issue 3 of 2016 contains a number of interesting case studies, including: The rejection of a claim for accidental damage on the ground that the person riding […]
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.
Debarment Update
The Cliffe Dekker Hofmeyr publication Finance and Banking Alert – 17 October 2016 carries an article titled, Debarment of Delinquent FAIS Representatives. It provides a brief outline of what to do when a […]
Proteas on top down under
What an amazing game of test cricket Perth delivered! It once again proved why test cricket is the pinnacle! Turning points were Dale Steyn leaving the field injured, 100’s by Elgar and Duminy […]
The Importance of Cash Threshold Reporting
Moonstone Compliance recently sent a reminder to all its compliance officers on what appears to be stricter monitoring and resultant fines by the Financial Intelligence Centre on Cash Threshold Reporting (CTR) requirements. The […]
Income Earners underinsured for death and disability
The families of South Africa’s 14 million income earners face a combined insurance shortfall of R28.8 trillion should these breadwinners die or become disabled. This amounts to an insurance gap – the difference between […]
Crime and Punishment
A recent decision by the Enforcement Committee (EC) again raised questions about penalties meted out to transgressors. Pieter and Samantha de Wet, trading illegally as Petite Models CC, were each fined R75 000 for […]
Moonstone Partners with SuiteBox to open South African office
SuiteBox, the mobile office solution for professionals, launched in South Africa in partnership with Moonstone Information Refinery to provide sales, marketing and frontline services. In addition, Moonstone acquired a 10% equity shareholding in […]
Are Reps really liable for FSP Misconduct?
Two recent articles elicited a number of interesting questions from readers. Alan Holton’s thought provoking article, “Representatives also at risk” investigated what could happen if an employer FSP is no longer registered at […]
Proteas in Aus
As you know, we won the toss and elected to bat and so far the Perth wicket is not disappointing. The bounce and seem movement have the batters in a bit of a […]
Impact of Legislative Amendments on Regulatory Exams
Candidates are reminded that future changes to the laws and regulations governing financial services will affect the question database used for the Regulatory Exams. Once legislation is passed, changes and additions are made […]
Liquidation of Saxum Insurance
On Friday, 28 October 2016, the FSB published a five page document to inform policyholders of the liquidated insurer and how this will affect them. Whilst most of the questions and answers deal […]
Draft Demarcation Regulations tabled in Parliament
On Friday, 28 October 2016, draft Demarcation Regulations were published on which types of contracts are regulated under the LTIA and STIA as health policies and accident and health policies, and accordingly excluded […]
Of captains and Indabas
Protea Captaincy The inevitable withdrawal of our world class cricketer, AB de Villiers, due to injury following his sustained presence in all formats in the game, may be a blessing in disguise. We […]
The Future of Level 2 REs and CPD
Product knowledge requirements via the level 2 Regulatory Examinations and CPD requirements were originally introduced in Board Notice 106 of 2008. Subsequent to the effective date of these requirements, the Registrar granted general […]
Silly Season is upon us
The Wikipedia definition reads: In Australia, New Zealand, and South Africa, the silly season has come to refer to the Christmas/New Year festive period on account of the higher than usual number of […]
Representatives also at Risk
In a recent Ombud Determination (JJ & GH Carstens and Paarl Financial Advisors CC & JA Bartman) dated 12th October 2016, the Ombud made reference to the Appeal Board determination in the first (2013) appeal […]
Liquidation of SaXum Insurance
The Registrar of Short-term Insurance’s application to place SaXum Insurance Limited under final liquidation, was granted. The Court ordered that SaXum be placed under liquidation for final winding-up in the hands of the […]
