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, […]
FAIS
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 […]
Enforcement Action against Short-term Insurer
The Enforcement Committee of the Financial Services Board levied a penalty of R100 000 against a short-term insurer, following a referral by the Registrar of Short-term Insurance stemming from a contravention of section 44 […]
Temporary cancellation of Fais examination
Often, candidates, despite having paid within 24 hours of registration, receive a notification advising that their examination was temporarily cancelled due to failure of payment. The important word here is TEMPORARY. Our system […]
Important Lessons from Debarment Appeal
There is a tendency to see legislation that regulates financial services as operating differently from other laws. While the processes may sometimes differ, the same principles apply. This became evident in a recent […]
Clarity on Co-Administration Agreements
Information Letter 2 of 2014, issued on 29 August, provides clear guidelines on what co-administration agreements should contain, and what not. The Registrar of Long-term Insurance is concerned that certain existing agreements do […]
Real Restitution
In the space of the last eight weeks we saw seven determinations against one FSP, and it is likely that there is more to come. The total in fines meted out by the […]
Mental conditioning
An important part of your preparation for writing the regulatory examinations concerns your mental approach. I came across an interview in Moneyweb with Paddy Upton, who plays an important role in the preparation […]
Debarments Contested in Court
The headache around the lack of proper procedure by FSPs when debarring representatives appears to be continuing, despite clear guidelines from the Regulator. In the FSB’s first quarterly bulletin of 2014, the problem […]
Let’s start at the very beginning
This line from “The sound of music” applies equally well to those who have written the level 1 REs on several occasions and failed. It may be wise to stand back, review what you […]
Appeal Process
The FSB provided the following guidelines for RE candidates who wish to appeal: Candidates have the right to lodge an appeal in respect of the regulatory examination. Appeals are directed at the content […]
DOFA Deadlines
The jury is still out on whether 30 June or 31 December is the final date for representatives appointed in 2012 and 2013, as discussed in Thursday’s Moonstone Monitor. The FSB is reviewing the practical […]
Board Notice 260 of 2014
There appears to be conflicting opinion on whether the following change, announced in this BN, will be applied retrospectively: “(e) the representative must successfully complete the relevant first level regulatory examination by 30 June […]
When does cover commence?
The latest newsletter from the Long-term Ombud contains two cases where claims were repudiated as a result of a health condition manifesting between the date of application and acceptance of the risk. Non-disclosure […]
Updated Preparation Material
The updated Juta Pocket Statutes edition of the FAIS Act is now available. LexisNexis also updated their Legislation Handbook and Preparation Guide for the RE 1 and RE5 exams. Queries about the latter […]
June 30 Deadline
All those who are required to successfully complete the level 1 Regulatory Examinations by the end of June should note that the final dates for registration are: • Permanent Centres: 13 June • […]
TCF in your practice
The FSB published guides for small FSPs and asset managers on the practical impact of treating customers fairly (TCF) on their businesses. The harsh reality of TCF is, of course, that you could […]
