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Tag Archives | FSB

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Keeping it simple is the solution

Ninety-eight percent of lawyers give the rest of us a bad name, quipped Steven Wright, American stand-up comedian, actor, writer and Oscar-winning film producer. This view was also applied to the financial services industry at the beginning of this century, which led to the raft of legislation currently governing how we do business. Prior to […]

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For whom the bell tolls

For whom the bell tolls

On 26 October, alone, the FSCA issued six warnings to the public against providers of financial services which the regulator suspected were conducting unregistered business. Four of the six were involved in the funeral business. Not a week goes by without at least a couple of cautions against potential transgressors being published via email to […]

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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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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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moonstone-RDR-Update

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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FSB-Building

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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FSB-Building

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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