Tag Archives | FAIS


Crypto Assets – Draft declaration to define it as financial product

On Friday, the Financial Sector Conduct Authority (FSCA) published a draft declaration of crypto assets as financial products. “Globally there is rapid growing interest by retail investors to purchase crypto assets. South Africa has also experienced an exponential increase in the provision and use of crypto assets,” the FSCA acknowledged. According to the FSCA, the […]

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FAIS Ombud uncovers doubtful practice – Provider “misunderstands” its own policy wording

The Office of the FAIS Ombud often receives complaints related to alleged unfair rejection of claims. One of the latest deals with the calculation of a waiting period that may be imposed in a funeral policy. Unpacking funeral cover waiting periods When applying for a funeral policy, no medical underwriting is conducted by the insurer […]

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Can a FAIS CO also be a AI’s FIC Compliance Officer? – Clarity on important matter

Draft Public Compliance Communication No. 12A (PCC 12A) that provides guidance on outsourcing of compliance activities to third parties, has raised a few questions. Carolee Reyneke-Minnaar of Moonstone Compliance provides some clarity on one. PCC states the following with regards to outsourcing of a compliance function: “7.1. Section 42A of the FIC Act requires that […]

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Tribunal Debarment Decision – Wilful disregard of FAIS requirements not acceptable

The abhorrent practise of submitting a single premium investment as a recurring premium policy to earn a substantially higher commission is nothing new. If you then, in addition, destroy documentary evidence in the hope that you will not be found out, you should expect dire consequences. An even worst-case scenario: if you repeat such a […]

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