What a Weekend
This weekend was a particularly frustrating one for the females in my family who were obliged to watch PVR recordings of shows that clashed with my sporting obligations on the box. Thank you […]
FSCA slaps Banxso and directors with record R2bn fine
The Authority says the penalties reflect the financial benefit gained from unlawful conduct and the harm to clients – handing 30-year debarments to several Banxso executives.
Where does it come from?
In George Washington’s days, there were no cameras. One’s image was either sculpted or painted. Some paintings of George Washington showed him standing behind a desk with one arm behind his back while […]
Postponement of the level 2 RE's
The Financial Services Board (FSB) announced its decision last week to postpone the level 2 regulatory examinations (REs) until a date yet to be determined. The reasons, provided in Circular 6 of 2013, […]
Tax Practioner Registration Deadline Looms
All tax practitioners are required to register with SARS. Those not registered yet, have until 1 July 2013 to register. If you are already registered, you are not required to re-register with SARS […]
PI Increase Shock
At the telematic broadcast, a FSP shared his rude awakening when he received his annual review and premium increase from his PI cover provider. There was a substantial increase in the premium, far […]
FSB Telematic Broadcast on 19 June
This telematic broadcast by the FSB contained something for almost everyone. I found the presentations very informative, and at one stage even identifying new business opportunities. The Agenda of the FSB Insurance Satellite […]
A bitter Pill
The only consolation for me after two defeats, since Tuesday, is that the junior Boks at least put up a semblance of a fight, and hung in there right up to the end. […]
Devil’s Dictionary Quotes
Ambrose Bierce, famous for his Devil’s Dictionary, has a most creative mind. Herewith, some samples of his wit and wisdom: Sweater, n. Garment worn by child when its mother is feeling chilly. Selfish, […]
Sales, Service and Financial Advice…
Around the financial advisory world, firms are moving from product-based commission to a servicing revenue model. This underlying shift has become widely known as “fee-for-service”, hereafter referred to as FFS. In certain jurisdictions, […]
2013 Levy Calculator
Since the introduction of levies in 2007, this cost to FSPs has nearly doubled. My colleague, Paull Lawrence, very kindly updated his levy calculator. You can use this to calculate your obligation, […]
Dubious Business Dealings
An alert Moonstone compliance officer advised us of an outfit calling themselves Legal Centre who are employing dubious marketing tactics to make money out of unsuspecting individuals and businesses. They are punting PAIA […]
Old Mutual Rectifies Structures
In a media release on 21 May 2013, the Financial Services Board (FSB) announced that it had initiated regulatory action against Old Mutual for transgressions of Directive 159.A.i which applies to both the […]
Too close for comfort
This just about sums up everything South Africans, and the world, faced this weekend. Merion makes mincemeat of the world’s best players Justin Rose, winning by two shots after finishing at one over […]
2013 Levies Announced
The levies in respect of those listed below show an increase of 8%, compared to last year. The same dates used in the past will apply – payment is due by the […]
Review of 3rd PartyCell Captive Arrangements
A discussion document, published on 11 June, provides clarity on how the FSB proposes to proceed with regulating 3rd party cell captive and “similar” arrangements. Some of the key proposals include that: Cell […]
Welcome to Politics, John
This was the remark made by my colleague, Bobby, when he read about Brian van Zyl publicly contradicting John Smit regarding the future of John Plumtree in Sharks rugby. John certainly is no […]
What goes up must come down
Unintended consequences often defeat the object of the exercise. It appears as if this is also happening in financial regulation, internationally. It is common knowledge that much of the regulation of financial services […]
