Last Monday we published an article on the outcome of a FSCA Tribunal hearing with the following introduction: “The findings of a hearing by the FSCA Tribunal in the Van Zyl case heard on 25 June 2019 should result in serious introspection by the office of the FAIS Ombud.” “Whilst not directly addressing some of the grounds […]
The findings of a hearing by the FSCA Tribunal in the Van Zyl case heard on 25 June 2019 should result in serious introspection by the office of the FAIS Ombud. Whilst not directly addressing some of the grounds for appeal aired by counsel for the appellant, the findings appear to indicate that, in certain […]
On 1 April 2018, the debarment process under the FAIS Act was amended by the Financial Sector Regulation Act 9 of 2017 (FSRA). In terms of section 14(3) of the FAIS Act, a FSP must, before debarring a person, take specific steps. Section 39 of the FAIS Act further stipulates that any person aggrieved by a decision of […]
The publication of the FSCA’s FAIS Notice 35 of 2019 triggered a few questions in the industry. The FAIS Notice states that “FSPs, key individuals and representatives who are members of foreign professional bodies, are exempted from the CPD requirements to the extent that all reference to “CPD activity” in the Fit and Proper requirements […]
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? […]
On 1 April 2018, the debarment process under the FAIS Act was amended by FSR Act 9 of 2017. Besides stipulating that an FSP must, before debarring a person, take specific steps, the amendment also introduced a vastly improved channel for appeals. The outcome of these amendments has been an increase in debarments that reached […]
On 22 March 2019, the FAIS Ombud established a Client Care Centre. According to the FAIS Ombud, the Client Care Centre will ensure that the Ombud’s office is able to not only efficiently deal with incoming calls related to existing complaints and enquiries, but to continue to effectively register complaints received. The complaints received will […]
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 […]
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 […]
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 […]
