Moonstone Protector Now Online
We are excited to announce the launch of the new Protector Online System. Moonstone Protector is a support service for one-person FSPs who are not required to appoint a compliance officer, but require […]
FAIS
FAIS Supervision Annual Report
The FAIS Supervision Department of the FSB supervises financial services providers (FSPs) in terms of a risk-based approach. In response to the changing face of the regulatory landscape, international trends and outcomes of […]
Fees for Service Redefined
The Review of Retail Distribution has certainly taken an interesting turn from where we thought the Regulator was heading with this very important issue a year ago. The term, “Fees for Service”, implied […]
Compliance Consolidation
The introduction of the FAIS Act brought a number of additional layers of cost which providers of financial services had to absorb. The majority of the tentacles of this octopus have compliance written […]
FSB: Debarment Guidelines
At the end of October, we published an article titled, New Debarment Notification Document, containing details of a new form which has to be completed and sent to the FSB when a key […]
New Debarment Notification Document
FAIS Circular 7, issued by the FSB this week, contains details of a new debarment notification document which comes into effect tomorrow, 1 November 2013. The background to this new form was discussed […]
Bluezone Directors Held Liable for Losses
In a 74-page determination, the FAIS Ombud sets out in detail why she found it necessary to implicate not only the advisor, but also the directors of Blue Zone in a complaint from […]
Foreign FSPs and the Regulatory Examinations
Dr. Des Leatt kindly provided us with the following clarification from the FSB on this topic. There appears to be some confusion regarding the Level 1 Regulatory Exams as they apply to Foreign […]
Debarments a Sorry State of Affairs
“The volumes of cases for debarments are mind boggling as they paint a picture of an industry replete with misfits and incompetent representatives. Simply put, the public is at risk.” Harsh words from […]
Regulatory Overkill?
There are some who will say that rugby is not as serious as work – it is much more important. Recent incidents in the sporting world confirmed a theory also held by many […]
RE Focus: Why do I keep on failing?
We regularly receive desperate calls for advice from candidates who have repeatedly failed the level 1 regulatory examination. Perhaps we should start off with the bigger picture – on Tuesday, we heard from […]
Telematic Broadcasts Keeping you Updated
These communication sessions offer the industry an opportunity to communicate directly with the Regulator on practical matters. When I looked at the registration page this morning, there were still a number of empty […]
Enforcement Committee: Ogre or Opportunity?
We briefly touched on this topic in a previous article FSB Enforcement Committee. In this article we expand on the actual workings of the Enforcement Committee, and provide information that will stand you […]
Debarment under the Loop
A recent finding in a high court case in Port Elizabeth, serves as a timely reminder to Key Individuals and Compliance Officers to be very circumspect when debarring a representative. A representative, who […]
“Services under Supervision” – What does this entail?
The clear indication by the FSB that it has no intention of extending the final date for passing the regulatory examinations has caused quite a flurry in the industry. Coupled with the recently […]
How not to complete your answer sheet
Candidates can save themselves a lot of despair (and money) by paying attention to a few basic rules when they write the exams. This week, I saw a copy of an answer […]
Future Income Loss to FSB
We received a fair amount of all kinds of calculations, based on the FSB statistics. One that differed from the rest considered the financial impact on the FSB’s income, should the pass rate […]
