Know your product’s exclusionary clauses
Your client advises that she has just bought a new car and wishes to insure it. Her current vehicle is to be sold, but she would like to keep it covered on her […]
COFI Bill approved for submission to Parliament
Omnibus AML/CFT Bill also gets the nod for tabling.
Hospital Insurance and GAP Cover
The concern that the Medical Schemes Council (MSC) has with certain types of health insurance, stems from the underlying principles of specifically “Hospital” insurance. A recent article by Dr Bobby Ramasia, Principal Officer […]
The Future of Compliance
The basis of mutual trust, which is a cardinal principle of insurance and assurance, also applied to the relationship between financial services product providers and the regulatory authorities up to the end of […]
Update on Registration of Hedge Funds
In February 2015, the Minister of Finance declared hedge funds as collective investment schemes with effect from 1 April 2015. All South African hedge fund operators were required to apply for registration in accordance with […]
Due Diligence Revisited
The Appeal Board recently ruled on a determination by the FAIS Ombud on a complaint regarding an investment in the ill-fated Bluezone property syndication. Last week we commented on the observation by the […]
FAIS Newsletter 21
Enquiries indicate that many FSPs do not share important information like this with all their staff. Below is a summary and a link to the full document. Electronic submission of Handover Compliance Reports […]
Second Appeal also unsuccessful
The Ombud made a determination on 30 March 2012, holding the appellants liable for the repayment of the amount invested. An appeal was upheld by the Appeal Board on 26 February 2014. In terms of the order, […]
Die vis vrot van sy kop af
Die spreekwoord sê dinge kan nie doller as kopaf raak nie, maar as ek so na SA politiek en sport kyk, smaak dit my ons gaan die idioom herskryf. Dit wat nou by […]
Deadlines Revisited
A reader recently wrote: My query relates to the article headed “Qualification deadline at hand – 30 June 2016 is a very important date”. I understand that representatives appointed after 2010 has 6 years in […]
Sole Proprietor Practicalities
In response to Alan Holton’s article on business continuity and succession planning, Tony Calitz, a sole proprietor in Durban, raised a number of very important considerations. Most clients will NOT simply grant permission […]
The future looks bleak!
The terrifying prospect of facing the All Blacks due to what we have seen in the last couple of months from Alistair and his charges, have lots of Bok fans planning alternative activities […]
Council of Medical Schemes – New fees announced
In a recent communication from the Council of Medical Schemes: Amendments to Regulation 31 and 32 published in terms of the Medical Schemes Act 1998 (Act No. 131 of 1998) ), the following […]
TCF in Dispute Resolution
An interesting case from the latest Short-term Ombud briefcase reflects that fairness and equity should be applied in settling a dispute. Background Ms. A suffered a burglary at her property, which was let […]
Embracing Technology in Your Business
A fluctuating economy, a competitive financial services landscape and abundant new legislation are just three of the countless challenges South African financial advisers contend with today. But while these challenges will undoubtedly contribute […]
KYC – Knowing your client or killing your client?
Nearly all financial institutions understand the “know your client” (KYC) requirements. It is an important step developed globally to prevent identity theft, financial fraud, money laundering and terrorist financing. Knowing customers is an […]
Compliance Officer Requirements amended
The Registrar of Financial Services Providers has published the following documents on the official web site of the Financial Services Board: The Amendment of the Notice on Qualifications, Experience and Criteria for Approval […]
TCF in Dispute Resolution
An interesting case from the latest Short-term Ombud briefcase reflects that fairness and equity should be applied in settling a dispute. Background Ms. A suffered a burglary at her property, which was let […]
