Debarment after suspension
A recent Appeal Board decision contained a number of interesting comments regarding the withdrawal of a licence and debarment of a FSP. Background The appellant’s licence was withdrawn as a result of non-payment […]
FSCA licenses most crypto provider applicants – as enforcement tightens
The rising number of investigations and inspections underline a shift from registration to active supervision.
Proposed Amendments to Tax Free Savings
The late publication of draft regulations for Tax Free Savings Accounts (TFSAs) on the National Treasury’s website means that there are only 10 days left for comment from the industry, according to Pam […]
Will the Boks surprise us like the Proteas did?
Last night’s victory over the team we most love to beat will be remembered for a long time. We did not really expect any great cricket in the series, but yesterday’s match was […]
Reinsurance Regulatory Review Position Paper
This document, published on 9 September proposes to: Set out the final reforms on how to best achieve the objectives of insurance supervision, i.e. to promote the maintenance of a fair, safe and […]
FIC Guidelines
The Financial Intelligence Centre published PCC36 which provides clarity on the obligations of accountable institutions and other persons assisting clients in making use of the 2016 Special Voluntary Disclosure Programme (2016 SVDP) which […]
Adviser liability for Investment Returns
A number of advisers have expressed concern that they may be held liable for unsatisfactory investment returns. This is understandable, given the wide interpretation that can be attached to the “due care and […]
Cheika se jakkalsdraaie
As jy nie sterk is nie, moet jy slim wees, sê ons in Afrikaans. In die Aussie weergawe hiervan moet jy “slim” met “slinks” vervang. Die Aussie breier se nuutjie, om sy plaasvervangerbank […]
Know your product’s exclusionary clauses
Your client advises that she has just bought a new car and wishes to insure it. Her current vehicle is to be sold, but she would like to keep it covered on her […]
Hospital Insurance and GAP Cover
The concern that the Medical Schemes Council (MSC) has with certain types of health insurance, stems from the underlying principles of specifically “Hospital” insurance. A recent article by Dr Bobby Ramasia, Principal Officer […]
The Future of Compliance
The basis of mutual trust, which is a cardinal principle of insurance and assurance, also applied to the relationship between financial services product providers and the regulatory authorities up to the end of […]
Update on Registration of Hedge Funds
In February 2015, the Minister of Finance declared hedge funds as collective investment schemes with effect from 1 April 2015. All South African hedge fund operators were required to apply for registration in accordance with […]
Due Diligence Revisited
The Appeal Board recently ruled on a determination by the FAIS Ombud on a complaint regarding an investment in the ill-fated Bluezone property syndication. Last week we commented on the observation by the […]
FAIS Newsletter 21
Enquiries indicate that many FSPs do not share important information like this with all their staff. Below is a summary and a link to the full document. Electronic submission of Handover Compliance Reports […]
Second Appeal also unsuccessful
The Ombud made a determination on 30 March 2012, holding the appellants liable for the repayment of the amount invested. An appeal was upheld by the Appeal Board on 26 February 2014. In terms of the order, […]
Die vis vrot van sy kop af
Die spreekwoord sê dinge kan nie doller as kopaf raak nie, maar as ek so na SA politiek en sport kyk, smaak dit my ons gaan die idioom herskryf. Dit wat nou by […]
Deadlines Revisited
A reader recently wrote: My query relates to the article headed “Qualification deadline at hand – 30 June 2016 is a very important date”. I understand that representatives appointed after 2010 has 6 years in […]
Sole Proprietor Practicalities
In response to Alan Holton’s article on business continuity and succession planning, Tony Calitz, a sole proprietor in Durban, raised a number of very important considerations. Most clients will NOT simply grant permission […]
