Too many cooks
The phrase “Friends, Romans, Countrymen, lend me your ear” was not uttered by Vincent van Gogh after the painful self-inflicted loss of his hearing appendage. A recent FAIS Ombud determination reminded me of […]
FAIS
FAIS Reality Check from a Client Perspective
In April I reached that age where the company rules determine that the time has come for me to follow Paul Simon’s advice: “Slow down, you move too fast, you’ve got to make […]
Regulatory update on Short term matters
The FSB FAIS Conference earlier this month provided the latest thinking on a number of important aspects related to the short-term industry. Binders and outsourcing Leanne Jackson pointed out that a significant risk […]
FAIS Newsletter Volume 23
As usual, this newsletter contains important information for FSPs. The FAIS online reporting system will in future be known as the FAIS ePortal and the FAIS new license application system as the FAIS […]
Reinstatement after Debarment
My husband was debarred almost 5 years ago, the reason for debarment was justified and fair. That said I do believe that he has paid enough for his mistakes. Recently an FSP approached […]
New User Guide for the FAIS Online Reporting System
It is of the utmost importance that FSPs download and save a copy of this important document. It provides step-by-step guidelines on how to interact with the Regulator on the following matters: Submission […]
FAIS Ombud – Harten Determination
This complaint was originally dismissed by the FAIS Ombud on the basis that there was no reasonable prospect of success. The client reverted to the Board of Appeal who ruled that the Ombud’s […]
POPI and the General Code of Conduct
An article in FAIS Newsletter 20 titled Bulk transfers by FSPs and Insurers contains a section under the sub-heading: Protection of Personal Information Act: Furthermore the FSPs are required to comply with Protection […]
FAIS Ombud Complaints Dismissals
Three recent determinations by the FAIS Ombud varied from what one has become accustomed to over the years. Cornelissen The Cornelissen case, which hinged around a dispute regarding the calculation of costs, concluded […]
Competency Framework Review
The determination of Fit and Proper requirements, published in 2008, referred to four competency requirements: Experience Qualifications Regulatory Exams (Level 1 FAIS Legislation and Level 2 Product knowledge) Continuous Professional Development (CPD) The first two, […]
Employer Liability for Employee Advice
The Wallace determination by the Ombud, discussed in last week’s Moonstone Monitor, contained reference to the FNB/Newlove case which was referred to the FSB Appeal Board, which ruled in favour of the Ombud’s […]
Unlicensed Entity fined R50 000
KB Cash Loans from Kuruman recently featured in a settlement agreement with the Registrar of Financial Services for a contravention of the FAIS Act. For about a year, from November 2010, it advised its […]
Possible Amendment to RDR Phase 1 Timelines
In the publication of the Phase 1 proposals it was envisaged that drafts of subordinate legislation to give effect to the majority of the RDR Phase 1 proposals would be published for comment in April 2016, […]
When is a debarment not a debarment? Part 2
Alan Holton of Compliance Monitoring Systems, and a Moonstone Compliance associate, continues his in-depth look at this very contentious issue from a legal perspective. The FSB produced a GUIDELINE ON THE DEBARMENT PROCESS […]
Debarment of Representatives – now and post FSRA
The current provisions in the FAIS Act, 2002 and the procedures that have been adopted and applied by FSPs, and to some extent by the FSB, regarding the debarment of representatives have led, […]
Treating Advisers Fairly
The introduction of the FAIS Act and supporting regulations contributed to making the provision of financial advice a more daunting and costly service than ever before. Prior to 30 September 2004, we saw […]
