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Tag Archives | fines

FSP Fined for Promoting Unregistered Foreign CIS

The Registrar of Collective Investment Schemes (“the Registrar”) referred a suspected contravention of Section 65(3) of the Collective Investment Schemes Act, No 45 of 2002 (CISCA) to the enforcement Committee. It was alleged that the FSP solicited investments in an unregistered foreign collective investment scheme. The Registrar considered the mitigating factors, which included: The FSP […]

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Huge Fines after Commission Overpayments

Sanlam Developing Markets Limited and Channel Life Limited were fined R2 million and R1 million respectively for inadvertently contravening the regulations regarding maximum commissions payable. During the period 1 November 2008 to 21 June 2013, these companies remunerated intermediaries in excess of the maximum commission as set out in Part 3 of the Regulations under […]

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Enforcement Committee Fines

We received two media releases from the FSB this week. In the first, The Lawyers Voice (Pty) Limited (“Lawyers Voice”) marketed and sold three different insurance policies which were not underwritten by a registered insurer between 1 November 2008 and 30 April 2013. As a mitigating circumstance, the Registrar considered the fact that Lawyers Voice […]

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