Living or Guaranteed Annuity?
Patrick Cairns of Moneyweb recently published an article on this question which is particularly relevant in the current climate of expected interest rate increases. Q: I retired last year and invested my capital […]
RAF faces claims surge if form falls
SCOPA says the RAF 1 form may have kept claims out of the system, leaving the Fund exposed to a wave of unrecognised liabilities if it is set aside.
Causal event charges investigated
An article in Personal Finance titled, Whistle-blower helping FSB with research into penalties announces the contracting of an expert by the FSB to assist in monitoring adherence to prescriptions contained in Directive 153 which […]
Professional Indemnity Update
At a recent Moonstone Compliance Conference, one of our compliance officers, Bronwen Allan, did a presentation titled “PI Cover and the rise of claims”. Her view is that a compliance officer who better […]
Restraint of trade conditions and debarments
DM writes as follows: I read through your interesting article concerning restraint of trade conditions. This is a subject I believe should be addressed in much more detail. I am in a situation […]
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 […]
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 […]
