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Tag Archives | FSB

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FS Tribunal rules on late withdrawal of appeal

The introduction of the Financial Services Tribunal (FST) created a platform for the reconsideration of decisions by any decision-maker in the financial services sector. With the establishment of the Tribunal the prediction was that there would be an influx of cases to be reconsidered. This prediction is true if we look at the increase in […]

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update

FSB Regulatory Exam Update

The amended requirements contained in the 2017 Determination of Fit and Proper Requirements will have a substantial impact on the content of the study material for the REs. The FSB’s FAIS Information Circular 1/2018 confirms a number of matters we discussed since the publication of the new Fit and Proper Determination, which comes into effect […]

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Appeal-Board

Unsuccessful Appeal Against Debarment

Cases heard by the Appeal Board of the FSB often provide more stringent legal certainty to matters in the financial services industry, particularly in so far as decisions by the FSB itself and the FAIS Ombud are concerned. We commented before on some cases where the grounds for appeal border on the absurd, seasoned by […]

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FSB-Building

Conduct of Business Regulatory and Supervisory Developments

The FSB Insurance Division’s recent Seminar focused on planned conduct of business regulatory and supervisory developments in the insurance sector. Many of these developments are driven by three overarching objectives, including redesigning the organisational framework, establishing a robust regulatory framework and increasing the focus on transformation in the financial services industry. The importance of improving […]

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FSB RDR Update November 2017

At the end of last year’s Insurance update from the FSB, Jonathan Dixon said: “We had better fasten our safety belts – this is going to be rough year”, or words to that effect. Having read all eleven presentations for this year’s road show this weekend, it might be advisable to strap on a parachute […]

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rules

Draft Policyholder Protection Rules submitted to Parliament

The FSB published the Long- and Short-term proposals last Wednesday. Included in the documentation is a comments matrix reflecting the Regulator’s responses to industry input. It is interesting to note the inclusion of “Fair Treatment of Policyholders” as a specific rule in both the long- and short-term versions of the PPRs. In the past, it […]

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FSB on Execution of Sales

The FSB responded as follows to two articles we recently published on these topics. In your articles, “Sticking to the script?” and “FSB Fit and Proper Requirements: Qualifications and execution of Sales”, published in the media on 11 October 2017, you express concern regarding the effectiveness of our new FAIS Fit and Proper requirements for […]

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Enforcement under Twin Peaks

A fairer dispensation for all? The second issue of the FSB’s Twin Peaks newsletter contains four sections, one of which discusses the issue of enforcement, where we experienced problems in the past, in understanding particularly how some of the administrative penalties were arrived at. In the past, critics complained that regulators were unable to adequately […]

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FSB-Building

Can Appeal Board overrule FSB decision?

The recent Willbrink Outsources CC decision by the FSB Appeal Board assessed a rather novel approach to overturn a FSB decision. The appeal was in respect of the Registrar’s decision to withdraw the appellant’s licence as he did not successfully complete his RE1 and RE5, and therefore did not meet the Fit & Proper requirements. […]

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Unclaimed Retirement Benefit Search Engine

The Financial Services Board made this facility available on its website this week. I was obviously curious about whether the Kruger millions were not possibly hidden in a pension fund somewhere and promptly did a check. Unfortunately, Oom Paul had more names than me. I was also not employed by someone I had forgotten about, […]

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