World 20Twenty comes alive
Even one who is as sceptical as I am about the fairness of this format of cricket cannot help getting excited about what has happened so far. In the opening game, the hosts […]
FSCA licenses most crypto provider applicants – as enforcement tightens
The rising number of investigations and inspections underline a shift from registration to active supervision.
Observations from the Du Toit determination
Complaints after practice is sold What happens when a practice is sold, and a complaint arises from a time before the transaction? From the recent Du Toit determination by the FAIS Ombud, it […]
Failure to follow up proves costly
The latest FAIS Ombud determination provides clarity on a few perspectives of great importance to FSPs and is discussed separately in this newsletter. The parties are Jacques Du Toit, the complainant, Barrington Insurance […]
Appeal Board finds against ex-Compliance Practitioner
A respondent’s appeal against a FAIS Ombud determination was recently dismissed by the Appeal Board. The Appeal Board decision states that, in the original determination, the Ombud found that the appellant, “… in […]
Direct Insurer found wanting by Ombud
Masimdumise Gabriel Bhengu (the complainant) referred a declined claim by Outsurance Insurance Company Limited (the respondent) to the FAIS Ombud. The complaint stems from the complainant’s view that Outsurance failed to ensure that […]
T20 World Cup awaits and Super 18 thoughts
And off they go Somehow, losing the T20 series against Australia was not such a gut-wrenching experience as defeat against our favourite foe normally is. In a way, it was more like trials […]
Healthcare Commission under the Spotlight
According to an article in Netwerk24, the panel who is currently conducting research on private healthcare posed a number of questions regarding the impact of commission on rising costs, including how commission works, […]
Surveys show bleak picture
It should come as no surprise that executives of South African companies are less optimistic today, compared to a year ago. A recent survey by Mercantec reveals the CEOs in the financial services […]
FIC and Motor Vehicle Dealers
The Financial Intelligence Centre (FIC) has revised Public Compliance Communication 07 (PCC07) to explain the duties of motor vehicle dealers when reporting cash transactions of more than R24 999.99 to the FIC. The Centre […]
Genesis Appeal Denied
LegalBrief Today commented as follows on the outcome of the Scheme’s application for leave to appeal against an SCAS finding. In what a Business Day report says is a decision that has far-reaching […]
FIC announces new registration system
The Financial Intelligence Centre (FIC) is preparing to launch a new registration and reporting system called goAML at the end of April 2016. New Registrations The last day for an accountable and reporting institution […]
FICA Inspection Feedback
In 2014, the four major banks were fined a collective R125 million for failing to implement adequate anti-money laundering controls. The Financial Intelligence Centre does not only focus on them, though. FAIS Newsletter […]
Protea selectors face nice dilemma
Imran Tahir’s timely return to form is great news for the Proteas. With spin bowling such an important element in the bowling attack, it is doubly reassuring, given the problems poor old Aaron […]
South Africa Investment Panorama Survey
Join the debate and receive a free guide ‘How to use Social Media to enhance our reputation and win new business’ We are excited to again be part of a project to support […]
FPI Approved Qualifications from MBSE
The Financial Planning Institute provides its members with a list of approved training providers. Moonstone Business School of Excellence (MBSE) is one such provider who complies with the FPI’s requirements in terms of […]
Compliance is no longer about “Ticking the Box”
FAIS Newsletter 19 contains an article on this subject: During November 2015, the Registrar imposed a fine of R150 000 against a FSP for failure to observe section 2 of the Code. The FSP kept […]
South Africa – Budget 2016… some thoughts
Finance Minister Pravin Gordhan pulled several rabbits out his Budget hat on Wednesday, February 24, when he delivered the first Budget Speech of his current, second term. However, the rabbit one marked ratings […]
