The decision addresses the recovery of VAT on payments made under loan cover provided free of charge.
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The Registrar of Long-term Insurance (the Registrar) referred a case against The Smart Life Insurance Company Limited (Smart Life) to the Enforcement Committee of the Financial Services Board. During the period 15 April 2013 until […]
On Monday we reminded subscribers of the 30 June deadline for the submission of financial statements where their financial year ended on 28 February. Subsequently, we received a number of enquiries about applying for an […]
The Financial Services Board published guidelines on requirements for advertising, marketing and information disclosure applicable to Hedge Funds. Following the declaration of hedge funds as collective investment schemes, all hedge funds are required […]
Twenty four determinations were issued by the FAIS Ombud in the 2015/2016 financial year, half of which concerned short-term insurance products. Settlements, where respondents “pleaded guilty” amounted to a staggering 1 150. So far, […]
Board Notice 51 of 2017 is a 31 page addition to the current list of recognised qualifications for FSPs and compliance officers. We note that all the qualifications are now marked as “G” […]
An amaBhungane report states that the Financial Services Board (FSB) is probing Net 1 over allegations that it abuses social grant beneficiaries and breaks financial laws. Legalbrief Today reports that Net 1, the US-listed parent […]
Below is a summary of a recent article by Advocate Dube Tshidi, Executive Officer at the FSB, which was published in Insurance Gateway. When the FSB becomes the Financial Services Conduct Authority (FSCA), […]
The FAIS Supervision Department conducted a training intervention in 2014 for Category I FSPs who are not obliged to employ the services of a compliance officer. This continued during 2015 and 2016. During 2014 […]
Bad news and good news – Both the FSB and the Council for Medical Schemes have published fee increases. FSB Fees The previous notice was published on 24 March 2015, and signed by the then […]
The FSB intends replacing the current FSB compliance reports with Conduct of Business Reports (COBR) and has called for industry input on the proposed document. The content and format of the proposed COBR […]
Should the FSB’s application be upheld, and this order is granted and made final, it will effectively mean that that any policyholder with a current claim will become a concurrent creditor of the […]
It is that time of the year again. Below is a summary of what you can expect to pay, courtesy of my colleague Grethe van Heerden, as well as a link to our […]
Please remember that, if your financial year ended on 29 February, you are required to submit your annual return to the FSB before the end of June. Every year, hundreds of FSPs neglect to […]
The Regulator recently issued three warnings to the public via media releases: Eastern Cape Tracing Agents “A certain Mr Matshaya is operating as a tracing agent in the Mdantsane area in the Eastern […]
The Financial Services Board published a warning against conducting business with a Mr Cornelius Petrus van der Merwe and Invest Daily Profit (IDP) who appears to be acting as a financial services provider, […]
The majority of FSPs have a financial year end of February. For them, it means that the 2016 financial statements need to be submitted by 30 June this year. Full details are contained in […]
