Debarred representatives – When can a rep be reappointed?
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 […]
FAIS
FAIS Ombud Client Care Centre – Enhances customer experience
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
FAIS Notice on PI Cover
The FSB’s FAIS Notice 110 of 2017, published on 17 August 2017, drew the following query from a reader: Pray old wise guru of all matters regulatory, for whom art this proclamation? I chose to […]
REs for Compliance Officers
We recently published a template showing the deadlines for compliance officers to successfully complete specific regulatory exams. The FSB very kindly expanded on our original publication, including CO’s for Licence Category 4, and also […]
FAIS clearly unclear about intermediary services
The Free market Foundation recently published an article on a matter which has certainly been a major bugbear since the introduction of the FAIS Act. When does a person have to register for […]
R E and Qualifications Fraud
In a holding statement published on Thursday, 15 June, the Financial Planning Institute (FPI) responded as follows to a media release by the FSB: Falsification of Regulatory Examination Results and Issuance of Fraudulent Certificates […]
Review Material Terms Regularly
We recently discussed two determinations made by the Ombud for Financial Services Providers in which she found that the respondents were lacking in their duty to provide clients with a reasonable explanation of […]
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 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 […]
