New CO Fit & Proper Proposals
We reported on the 18th of April of two new draft Board Notices which aim to clarify the regulatory exam requirements for compliance officers and COs under supervision. A compliance officer must successfully […]
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.
Proposed amendments to the Exemption i.r.o. COs under Supervision
In terms of the Exemption, a supervisee who does not meet the required experience and regulatory examination requirements on approval, may render compliance services under supervision whilst obtaining the required experience and regulatory […]
When is a debarment not a debarment? Part 1
This subject normally elicits more responses from readers than most others. Alan Holton of Compliance Monitoring Systems, and a Moonstone Compliance associate, takes an in-depth look at this very contentious issue from a […]
What will Toetie do?
The majority of reports on Allister “Toetie” Coetzee’s appointment as Springbok coach, focused more on transformation challenges than on preparing a team in limited time for a test series against a side that […]
Latest on POPI
The Protection of Personal Information Act features fairly regularly in the news, and training offers are abundant, but not yet really necessary, in our view, as the Act only takes effect one year […]
Can I change my tenant’s locks?
“I’ve been leasing a small townhouse to a young tenant. Unfortunately, the tenant is terrible at paying his rent and offers excuse after excuse. I’m fed up with the situation and just want […]
FIC Update
The Financial Intelligence Centre (FIC) is preparing to launch its new registration and reporting system on Monday, 25 April 2016. To date, it has migrated the registration data of all institutions currently registered with the […]
Cautionary note to CIS Managers
Board Notice 92 of 2014 was promulgated in August 2014. It prescribed disclosure requirements, and came into effect on 1 May 2015. The Registrar adopted a phase-in approach in order to allow Managers time to gain […]
Objective Product Recommendation and Advice
The FSB is still grappling to find an equitable solution to the ideal adviser categorisation model. It seems to have moved away from the original thinking which provided for three categories. In particular, […]
FSB warnings to the public
The Financial Services Board cautioned the public against dealing with two unauthorised entities using fake FSB certificates. Millenniums Financial Services CC is not authorised in terms of the Financial Advisory and Intermediary Services […]
FIC Registration Requirements
It appears that there is still uncertainty about who is required to register with the Financial Intelligence Centre. PCC05A, which came into effect on 30 March 2016, provides additional clarity on the position of financial […]
Ministry of Finance on Offshore Accounts
A special voluntary disclosure programme (VDP) was proposed in the 2016 Budget to make it easier for non-compliant individuals and firms to disclose assets held and income earned offshore. As was noted in […]
Excess Recovery and the Client
The importance of conveying material terms to a client was stressed in numerous previous articles. Without the help of a reliable crystal ball it is often a challenge for an adviser to determine […]
Is Alistair Coetzee the right man?
There is no doubt in my mind that there is no better person for the job than Alistair. His track record is impeccable, and he has all the attributes required for one of […]
Regulating social media use by employees
“Recently one of my employees posted a number of defamatory comments via her various social media platforms regarding some of her colleagues. I have already addressed the matter with her individually, but would […]
Utilisation of Medical Services
The Council for Medical Schemes (CMS) carried out an analysis on the utilisation data of health services during the calendar years 2013 and 2014, based on the data provided by medical schemes through […]
Lapsing of a FSB Licence
A FSP appealed, in terms of sec 39 of the FAIS Act, against a decision by the FSB, dated 15 December 2014, to withdraw its authorisation as a FSP. The decision was based on the […]
