Is Restitution Fair to All?
A reader recently shared an interesting case with me concerning claw back of commission after a claim was repudiated. As this concerns principles, rather than the specific insurers, I removed all references to […]
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.
Nigeria mulls lifting forex restrictions as economic growth slows
The Nigerian economy expanded by 3.96% y-o-y during 2015 Q1, down from 5.94% y-o-y in 2014 Q4. The National Bureau of Statistics (NBS) recorded a 11.57% q-o-q decline in real GDP during Q1, […]
2015 Levies Published
Board Notice 101 of 2015 contains details of the levies payable by 31 October 2015: Levy on Category I and IV FSPs: Base amount of R3 391 Fee of R542 per KI/Rep Levy on Category II, […]
DOFA and the Five Year Experience Requirement
FAIS Information Circular 2 of 2015, dated 12 April 2015, clarifies a practice which both the Registrar and the industry appears to have applied incorrectly. At the heart of the matter lies the Fit and […]
Super 15 Hoogtepunte
Die slag van Wellington Julle is welkom om my onpatrioties te noem, maar die wedstryd waarna ek die meeste uitsien hierdie naweek is die riller in Wellington, NZ, waar die Hurricanes op hul […]
Financial Statements
FSPs whose financial year ends at the end of February need to submit their financial statements to the Registrar by the end of June. Please bear in mind that, should you require to […]
Verification of Client Information
A recent decision by the FSB’s Appeal Board provides interesting insights into the determination of the period for which a person is debarred. A second aspect will be of interest to those who […]
Shambolic Sharks…
In response to feedback on the new layout of our newsletter, we resume our tongue-in-cheek sport column, and will continue to do so on Thursdays. The major disappointment from a South African rugby […]
Approved Specimen Mandate Amendments
FAIS Newsletter 16, published in December 2013, contains the following information: Sections 5.4 of the Administrative Code of Conduct and 5.2, 5.3 of the Discretionary Code of Conduct deal with the approval of […]
The future of Level 2 REs
On 25 October 2013, the FSB announced exemptions to the level 2 regulatory exams, continuous professional development (CPD) as well as the “bespoke examinations” requirements. The FSB has commenced with the review process of […]
Bundled Benefits
The Banking Ombud’s 2014 annual report contains a number of very interesting case studies which most of us can learn from. I found definite touches of the late Charles Pillai’s flowery language in […]
Hidden Costs of Compliance
Where you find the laws most numerous, there you will find also the greatest injustice, said the ancient Greek philosopher, Arcesilaus. If we were to publish a list of all legislation pertaining to […]
IMF releases Regional Economic Outlook
The International Monetary Fund (IMF) recently released its Regional Economic Outlook for Sub-Saharan Africa (SSA). The Fund expects the region to continue to record commendable growth in 2015, but notes that the recent […]
New Disclosure Regulations for Collective Investment Schemes
Board Notice 92 of 2014 comes into effect on 1 May 2015. It contains new disclosure requirements for advertising and marketing material in respect of collective investment schemes. It also places specific obligations on advisers […]
Compensation for Poor Advice
We recently commented in an article about the poor outcomes for clients where the Ombud ruled in favour of them, but where the respondent was unable to pay the costs awarded by the […]
Zambian government compromises in mining royalties row
On Monday April 20, the Zambian cabinet approved proposed changes relating to the mining tax regime. The changes imply a reinstatement of the two-tiered tax system. The budget address for the 2015 fiscal […]
Claim Rejection Overturned
Mr. W. (insured) submitted a complaint against his insurer, Dial Direct Insurance, in respect of a vehicle hijacking incident. The insurer rejected the claim on the basis that Mr. W. did not provide […]
