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Tag Archives | Compliance

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technology_compliance

Technology eases Compliance Burden

Schalk Malan, CEO of BrightRock, recently shared five of the major developments that are set to change the insurance industry as we know it. According to Schalk the rise of blockchain, personalised/precision medicine, the continuing rise of big data, multi-channel engagement and the Internet of Things (IoT) are technological advances that the industry will have […]

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Record Keeping Relief?

Some product providers have created facilities for advisers to upload documents on-line. This is then stored in a secure environment by the provider. John, a Moonstone Protector client recently raised an interesting compliance question in this regard. I have started uploading document directly to XYZ. In the past I used to send the documents via […]

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Technology and Compliance

A recent article by Patrick Cairns in Moneyweb provides an interesting perspective on the role of technology in the ever increasing challenge that compliance is becoming. The advent of Twin Peaks means that companies will no longer be tested on processes and procedures, but what they actually end up delivering.  Financial services providers will still […]

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Compliance

Compassion not an alternative to Compliance

The latest ruling by the Appeal Board reaffirms the fact that there really is no alternative, harsh as it may sound. The appellant appealed against the withdrawal of his licence by the Registrar. This decision was based on no less than ten instances of non-compliance with the provisions of the FAIS Act. Some of the […]

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Criticism

He said She said…

In December, the FAIS Ombud released no less than eight determinations. In a strange turn of events, one case was actually referred to the courts as the Ombud was unable to determine whether the client’s version of events was in fact true. This hinged on the fact that the client had made seven previous syndication […]

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Compliance

Compliance is no longer about “Ticking the Box”

FAIS Newsletter 19 contains an article on this subject: During November 2015, the Registrar imposed a fine of R150 000 against a FSP for failure to observe section 2 of the Code. The FSP kept records of advice on some of its clients’ files detailing the nature of advice that had been given to its clients. The […]

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CPD

Compliance Officer Obligation

I was reading through an earlier Ombud determination when I came across the following: Third respondent goes on to state that the Second respondent met with the clients personally to re-allocate the clients’ portfolio due to the concerns that they had over the market. At that stage, the resources sector was the only one providing […]

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FAIS Ombud

Enforcement Action against Short-term Insurer

The Enforcement Committee of the Financial Services Board levied a penalty of R100 000 against a short-term insurer, following a referral by the Registrar of Short-term Insurance stemming from a contravention of section 44 of the Short-term Insurance Act of 1998 (STIA). From September 2014 to January 2015 the insurer offered a premium waiver for the […]

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Debarments still a Headache

Louis Wessels, FSB legal consultant, writes in the latest FSB Bulletin that the debarment of representatives, unlike those involving key individuals, remain a taxing problem for the Regulator. Readers may recall that we raised this issue on a number of occasions last year, and also made available the guidelines from the FSB to ensure procedural […]

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