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Tag Archives | FAIS

ombud

Financial Services Tribunal – When can I refer a FAIS Ombud determination?

In the past editions, we have published many articles on the outcome of various FAIS Ombud as well as Financial Services Tribunal decisions, highlighting legislation and regulatory requirements as well as many guidelines for financial advisors. But when can a matter be referred to the Financial Services Tribunal? What does a FAIS Ombud determination mean? […]

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deadline

FAIS Fit and Proper requirements – A deadline is looming

The Fit and Proper requirements of Board Notice 194 of 2017 need to be implemented and complied with before specific deadline dates. Wednesday, 31 July 2019 is such a deadline. A Representative working under supervision as at 1 April 2018 or appointed in the period 1 April to 31 July 2018, must comply with Class of Business Training requirements by 31 July 2019. Class of […]

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moonstone-RDR-Update

Regulatory Exam Material Update

The following message currently appears on the Inseta Website: Regulatory Exams Learning Material The BANKSETA is currently revising the RE Learning Materials that INSETA developed in 2014. The revised RE Learning Materials will be made available on the websites of both the INSETA and BANKSETA during the second week on May 2018. To access the old […]

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RE-pencil

New Fit and Proper Regulatory Exam Requirements

Board Notice 194 of 2017 contains the latest information on who should write which exams. The competence requirements relating to regulatory examinations determine that all FSPs, key individuals and representatives should write and pass the relevant regulatory exam, as indicated in the table below: Column A (Category I) Column B (Category II) Column C (Category […]

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client_centric

Key Individual Operational Ability

The Fit and Proper Requirements 2017 published recently, also provides stipulations on operational ability. Billy Seyffert, COO of Moonstone Compliance and Risk Management, pointed out an important consideration for Key Individuals: A FSP must have at least one key individual per class of business in respect of which the FSP is authorized. This could be […]

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Licening-services

FAIS Cat I and II licences

We are aware that there is fair amount of concern in the industry about where the regulator is heading in this regard. The following are some of the points for discussion at the FSB Insurance Conduct of Business seminar In Cape Town tomorrow: Informal consultation is underway with the investment industry on: Defining “investment management” […]

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remorse

Remorse and Forgiveness

Reviews of decisions by the Registrar and the FAIS Ombud tend to take a slightly more formal and legalistic approach. In the case of the FSB, particularly, it also provides insight into cases that are not published, as is the case with those of the Ombud. Jessie Tsusi and the Registrar The appellant approached the […]

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Leads-To-Sales

Qualifications and Execution of Sales

The new Fit and Proper (F&P) requirements due for publication any day now contains reference to a new concept which aims to address a thorny issue, namely the different levels of complexity of products sold to the public. As pointed out last week, a major problem for the Regulator in terms of FAIS was to […]

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