Does size matter?
In Case 1 discussed above, the Ombud also made the following statement: “The investigation further revealed that the respondent, in advising the complainant, had compared various financial products on the basis of a […]
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’.
Lessons from FAIS Ombud Annual Report
The FAIS Ombud indicates the following concern in her 2015/2016 annual report: “One of the areas that the FAIS Ombud still has to contend with is the misconception… that the FAIS Act does […]
The difference is day and night!
Is there incentive from the Proteas point of view to lay it all out on the field in the 3rd test? – A quick look at the motivational factor for Faf and his […]
Justice delayed?
We noted with great concern that there were delays of up to five years in resolving some complaints from the time the Office of the Ombud undertook to investigate the complaint. This was […]
Post Retirement Planning
The Ombud’s annual report highlights specific problems related to advice when clients retire. South Africans continue to procrastinate when it comes to saving for retirement. Many still rely solely on the benefits provided […]
Trends from Ombud Annual Report
The operational report from the FAIS Ombud in the 2015/2016 annual report, released on 18 November 2016, contains details of specific trends picked up in the period under review. Forex Investments A growing trend in […]
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 […]
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 […]
