Debarment overturned by Board of Appeal
The Board was recently tasked with reviewing a decision by the Registrar to debar Ms LA Teixeira for 5 years and to withdraw the authorisation of her business. The grounds for the Registrar’s […]
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’.
Defencex Investor Update
A reader enquired as follows last week: Have you heard anything about the Defencex claim’s second phase? The input area for this claim is inactive. In response, I contacted Hanna Ziady at Moneyweb […]
To debar, or not to debar?
To rephrase the Bard, this should not really be the question – there is a better option. Representatives appointed in the second half of 2013, and the first half of 2014, and who […]
FAIS Ombud – Harten Determination
This complaint was originally dismissed by the FAIS Ombud on the basis that there was no reasonable prospect of success. The client reverted to the Board of Appeal who ruled that the Ombud’s […]
Malfunctioning Sports Stars
Finally the penny dropped – the senior Proteas are so exhausted by the time they get around to playing for their country that they cannot perform. Or, should I say, someone finally had […]
FAIS Credits and Qualifications
The competency requirements under FAIS are often misunderstood, leading to many people stressing unnecessarily. Prior to 2010, transitional arrangements were in place which allowed for “FAIS Credits” to be obtained which would exempt […]
Client’s right to approach Appeal Board
A recent ruling by the FAIS Ombud sheds light on the right of a client to approach the FSB Appeal Board if dissatisfied with a decision by the Ombud. In the Harten determination, […]
Registrar issues warning
FAIS Circular 20 contains a reminder to FSPs regarding what changes in the FSP need to be conveyed to the Registrar within 15 days. Section 8(10)(a)(ii) of the FAIS Act states: “Where a […]
Qualification deadline at hand
People appointed before 2010 had various options regarding prescribed qualifications, including obtaining a certain minimum number of credits, depending on what categories they were licensed for. My alert colleague, Paull Lawrence, sent us […]
Keeping Customers Satisfied
This has always been an important component of business, even before Simon & Garfunkel turned the phrase into a hit song. A recent article on customer views of short-term insurers, led me to […]
Boks provide rollercoaster ride
My Saturday was one filled with rugby – The All Black v Wales game was a fantastic affair and up to the 53rd minute a Wales win looked possible. But as only the […]
Fraudulent medical aid claims
A recent article on the Health24 website had me reaching for heart pills I do not have. Discovery Health CEO, Dr Jonathan Broomberg, revealed that his company recovered R400 million on behalf of its […]
Importance of full disclosure at application stage
A recent Appeal Board case underlines the importance of full and frank disclosure during the licence application process. In the original determination, the FSP and its two members, Ms S and Ms C […]
FPI 2016 Award winners announced
The Financial Planning Institute (FPI) of Southern Africa hosted its annual Awards Ceremony Gala Dinner on Monday night, where it recognised leaders in the financial planning profession for their outstanding level of professionalism […]
Credit Provider Registration
The article below was written by Janine Will, Senior Associate in the Commercial Department of Garlicke & Bousfield Inc, and published in Commercial Law News. The current legal requirement that only those credit […]
Qualification deadline at hand
People appointed before 2010 had various options regarding prescribed qualifications, including obtaining a certain minimum number of credits, depending on what categories they were licensed for. My alert colleague, Paull Lawrence, sent us […]
Recoveries from Retirement Provision Funds
Strict process for companies wishing to recover stolen money from employee pension fund pay outs, cautions GTC. Employers cannot automatically claim money from an employee’s pension or provident fund when employees defraud them, […]
