Old Mutual Rectifies Structures
In a media release on 21 May 2013, the Financial Services Board (FSB) announced that it had initiated regulatory action against Old Mutual for transgressions of Directive 159.A.i which applies to both the […]
Crypto transfers: new client information requirements coming for CASPs and intermediaries
The ‘travel rule’ means CASPs and FSPs cannot initiate a crypto asset transfer unless they can transmit prescribed information.
Read moreToo close for comfort
This just about sums up everything South Africans, and the world, faced this weekend. Merion makes mincemeat of the world’s best players Justin Rose, winning by two shots after finishing at one over […]
2013 Levies Announced
The levies in respect of those listed below show an increase of 8%, compared to last year. The same dates used in the past will apply – payment is due by the […]
Review of 3rd PartyCell Captive Arrangements
A discussion document, published on 11 June, provides clarity on how the FSB proposes to proceed with regulating 3rd party cell captive and “similar” arrangements. Some of the key proposals include that: Cell […]
Welcome to Politics, John
This was the remark made by my colleague, Bobby, when he read about Brian van Zyl publicly contradicting John Smit regarding the future of John Plumtree in Sharks rugby. John certainly is no […]
What goes up must come down
Unintended consequences often defeat the object of the exercise. It appears as if this is also happening in financial regulation, internationally. It is common knowledge that much of the regulation of financial services […]
Are your Proudly South African?
You are Proudly South African when: You call a traffic light a “robot”. You call an elevator a “lift” You call a car hood a “bonnet” You call a car trunk a “boot” […]
VeriFi Pro
Springpoint Finance (Pty) Ltd is launching a pioneering service aimed at ultimately bringing the client and the financial advisor together, through an extensive consumer awareness and educational campaign in the printed and electronic […]
BN 119 of 2013: Level 1 Exemptions
This Board Notice (BN 119 of 2013) provides for an exemption from the current Fit and Proper requirements to two categories of FSPs, and affirms the dates for those not included in this exemption. […]
BN 120 of 2013: Level 2 Exemptions
This Board Notice, (BN 120 of 213) published on 5 June, exempts all FSPs from having to write the level 2 REs until further notice. No rationale for this decision is contained in […]
Hier kom die Bokke
On the whole, most SA rugby fans will be pleased with the performance of the Springboks on Saturday. There are a few concerns, notably at the kick-offs, where they did not field the […]
Consumer Protection and the Regulators
Retirement Annuities are making the headlines, again, but for the wrong reasons. The most recent determination by the Pension Fund Adjudicator (PFA) made the headlines in Personal Finance, and was followed by a […]
Hospital Cash Plans Under Threat
The article below is, in the main, an extract from a media release by ASISA. The Association for Savings and Investment South Africa (ASISA) warned that, if the abuse of hospital cash plans […]
Short-term Remuneration Review
At the end of 2011, the FSB invited various industry bodies, representing both product providers and intermediaries, to respond to proposals on how remuneration could be “reformed” to ensure that it was fair […]
Changing Insurers
I read an article last week concerning Regent cancelling all its commercial and personal lines policies. Naturally, these clients will be forced to find alternative cover. Advisors assisting such clients must take care […]
Much Ado About Much
It was Jack Benny who said: “Give me golf clubs, fresh air and a beautiful partner, and you can keep the clubs and the fresh air.” It will take one seriously good looking […]
