Exemption date Extended
FAIS Notice 36 of 2014, which was published in May last year, exempted FSPs and representatives from complying with the following requirement in the FAIS Act: “A person may not render financial services […]
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.
Demarcation Regulations Update
On 19 December 2014, National Treasury and the Department of Health announced a postponement in the publication of the final Demarcation Regulations (“the Regulations”) till the second quarter of 2015. The final regulations […]
ICC World Cup
The opening match between co-hosts New Zealand and Sri Lanka will be played on 14 February, just over a month from now. South Africa’s first match is against Zimbabwe the following day. Fourteen […]
Kenya – Security Bill passes after trouble in Parliament
Events surrounding the controversial Security Laws (Amendment) Bill led to the temporary suspension of a sitting of Parliament on Thursday, December 18. The session was a special one for which members of Parliament […]
RDR Workshops
Moonstone RDR Workshops The proposals contained in the Retail Distribution Review discussion paper envisages some of the most drastic changes to the retail financial services industry since the implementation of FAIS. The 55 […]
Tax Deductibility of Income Protection Policy Premiums
The FSB’s Information Letter 4 of 2014 discusses changes to the tax deductibility of income protection policies in view of changes announced in the Taxation Laws Amendment Act which became effective on 12 December 2013. […]
Causal Event Charges and TCF
More clarity on what constitutes causal event charges emerged from a recent Pension Fund Adjudicator determination after the complainant submitted that the deductions were “…exorbitant and do not comply with the principles of […]
Zimbabwe – Mnangagwa cements his position as Mugabe’s successor
It has been a long and winding political road for Justice Minister Emmerson ‘The Crocodile’ Mnangagwa. But he now stands on the brink of succeeding President Robert Mugabe, following his naming as first […]
Discovery Insure to Assist Broker
A recent determination by the FAIS Ombud ruled that the broker be held accountable for the loss incurred by the client, following a mistake by the product provider which the broker failed to […]
2014 Compliance Report Workshop
FSPs not obliged to appoint a compliance officer need to submit their 2014 Compliance Reports by the end of February 2015. We invite all those affected to pre-book their seats at this popular annual […]
Binder Agreements and Fees under RDR
The FSB’s views of the current landscape of the industry are contained in Section 2 of the retail distribution review discussion document, and are broken up in sector specific sections. Binder agreements and […]
Ten Best Caddie Remarks
Golfer: “I’d move heaven and earth to break 100 on this course.” Caddie: “Try heaven, you’ve already moved most of the earth.” Golfer: “Do you think my game is improving?” Caddie: “Yes, you […]
Advice Gap Broadens in the UK
It is difficult to understand how the UK Regulator managed to misinterpret the possible reaction to its implementation of Fees for Commission. A report in the Telegraph comments on a survey conducted by […]
Moonstone RDR Workshops
The Retail Distribution Review will have a huge impact on the way business is conducted in all sectors of the financial services industry. We expect two reactions to the proposals: those who dig […]
Update on Sign-on Bonuses
The swift reaction by the FSB to finalise this matter needs to be commended, particularly if one takes into account that the process, which was announced on 1 September, included consultation with the industry. […]
One-sided Sevens Tournament
Keeping the All Blacks scoreless in the semi-finals, and then rubbing the Aussie noses in the turf at Dubai, must come as close to rugby heaven as one could wish for. The Blitsbokke […]
East African Community (EAC) integration receives boost
Integration efforts within the East African Community (EAC) received a significant boost at the end of November when the World Bank pledged to provide support for infrastructure investment across the region. The multilateral […]
