RDR Update 19 May 2015
At the recent Discovery Financial Planning Summit, the FSB gave feedback on some of the responses it received to the discussion document on the Retail Distribution Review. It also provided possible timelines for […]
BHI Trust fallout widens as FSCA bans intermediary for 20 years
The FSCA’s latest action highlights the regulatory risks for individuals who may have been linked to the BHI Trust scheme.
Sanlam BENCHMARK Survey
by Patrick Cairns The latest Sanlam BENCHMARK Survey, which takes stock of the behaviour of members of South African pension funds, is full of scary statistics. What is perhaps even scarier is that […]
Diezani cartel's last cash-out in Nigeria
Four days before a change of government, oil marketers negotiated an $800m payout from the federal government. In the afternoon of Monday, May 25, the Independent Petroleum Marketers Association of Nigeria agreed to […]
Postponement Rules
Have you ever been in a situation where a client gave you a hard time because you followed the rules laid down by a product provider? We had something similar happen this week. […]
Enforcement Committee Action
The Enforcement Committee of the Financial Services Board recently took action in response to a referral of Nestlife Assurance Corporation Limited for contravening section 7(3) of the Financial Advisory and Intermediary Services Act, […]
Unregulated Schemes
In a media release, issued on 27 May 2015, Caroline da Silva, the Deputy Executive Officer for FAIS at the FSB warns the public against conducting business with schemes before verifying whether it […]
Education and Values
Professionalisation is a core thrust of all the changes envisaged in the financial services industry – from the introduction of FAIS to all current and future objectives. What role will obtaining credits, a […]
Super 15 Review
Gavin Rich makes an interesting observation in an article on Supersport this morning. The Crusaders, Rebels, Lions and Bulls all still have an outside chance of making the playoffs, but have to win […]
Short-term Ombud Annual Report
This publication reveals some interesting statistics: The total number of complaints received amounted to 10 253, an increase of 9.5% over the previous year. Complaints unresolved after six months totalled only 54 at […]
Proposed Qualification for Trustees
Subsection (3) of Section 7C of the Pension Funds Act prescribes that, within a period of six months after a person becoming a board member, he or she must have, or acquire, certain […]
Client Acquisition Costs
There appears to be a perception in some circles that a financial adviser sits in his plush office, while clients queue up outside, waiting for their turn to make use of his invaluable […]
Egypt’s Moursi sentenced to death
Former president Mohammed Moursi, cleric Yusuf Al-Qaradawi, and 104 other people have been sentenced to death. Among the others condemned on Saturday, May 16, were Mohamed Badie, the Supreme Guide of the Muslim […]
Discussion paper on Reinsurance
The FSB recently published a document on the proposed future regulatory framework for reinsurance in South Africa. This document – Outlines the results of the reinsurance regulatory review carried out by the Financial […]
Material Terms Revisited
The need to ensure that material conditions in a contract are brought to the attention of a client is clearly illustrated in a case study published by the Short-term Ombud. This applies equally […]
Springbok History
My colleague, Deon du Toit, recently sent me a link to a site called Springbok Rugby Hall of Fame. I found it incredibly interesting. For example: if you and your mates differ on […]
Levy Calculators
My colleague, Paull Lawrence, updated his levy calculators to help you determine what you can expect to pay. There are two tools – the one is for sole proprietors only, and another for […]
