When will Cofi be served?
The FSCA publishes its updated regulatory agenda for the next three years.
FAIS
CPD deadline less than three weeks away
You have only 18 days left as we approach the end of the Continuous Professional Development (CPD) cycle and the deadline for the Financial Advisory and Intermediary Services (FAIS) CPD, which is 31 […]
Advertising regulations much stricter
“One of SA’s big five banks has been censured for practising “deception” in advertising for its rewards programme,” according to an article in the Sunday Times. The bank’s scheme offered “up to R5 […]
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 […]
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 […]
FSCA Notices – Extension of various exemptions
The FSCA has released the following Notices: 1. FSCA FAIS Notice 68 of 2020 Amendment of Exemption of Certain FSPs who are Long-term Insurers or Short-term Insurers from Section 13 of the General […]
FSCA Notices – Extension of various exemptions
The FSCA has released the following Notices: 1. FSCA FAIS Notice 68 of 2020 Amendment of Exemption of Certain FSPs who are Long-term Insurers or Short-term Insurers from Section 13 of the General […]
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 […]
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 […]
COVID-19 – Measures Implemented by FAIS Ombud
As a result of the COVID 19 virus, the Office of the FAIS Ombud has also implemented measures to limit the spread of the virus in an effort to protect both employees and […]
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 […]
FAIS Ombud Annual report – Unpacking the statistics
During the financial year the OFO received a total of 9323 new complaints, a reduction of 8.7% from the 10 211 received during the 2017/2018 financial year. However, the OFO finalised 9954 complaints, 6.8% […]
FAIS Ombud Report – What are the emerging trends?
The Office of the FAIS Ombud (“OFO”) released its Annual Report for the year 2018/2019 last week, providing a review of its performance over this period. During the financial year the OFO received […]
New FAIS Ombud appointed – Adv Nonku Tshombe replaces Mr Naresh Tulsie
The Office of the FAIS Ombud announced last week that Advocate Tshombe assumed the role of new Ombud for Financial Services Providers effective 1 November 2019. She takes over from the previous Ombud, Mr Naresh […]
FAIS Ombud introduces Share Call Number option
During March 2019, the Office of the FAIS Ombud established a Client Care Centre to enhance the customer experience. The objective of the establishment of the Client Care Centre was to give life […]
FAIS Ombud introduces Share Call Number option
During March 2019, the Office of the FAIS Ombud established a Client Care Centre to enhance the customer experience. The objective of the establishment of the Client Care Centre was to give life […]
Tribunal again rules against FAIS Ombud
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 […]
