Levy Deadline for Rep Register
The FSB and FAIS Ombud levies are calculated on the status of your FSP as at 31 August every year. Any changes to the rep register must be conveyed to the FSB within 15 days. […]
FSB
Appeal against Debarment not Upheld
Details of appeals against decisions by the FSB’s Enforcement Committee provide very interesting insight into the practical application of legislation affecting most of our subscribers. What makes it even more interesting is that […]
Key Individual Qualification Requirement
From enquiries we receive it appears that there is much confusion about qualification requirements for the appointment of key individuals. Much of this stems from the so-called transitional period before 2010 when allowances […]
Stick to the Facts
When certainty is lacking, people often make assumptions. As we all know, to assume often leads to making an Ass of U and ME. Speculation about what the new regulatory environment will look […]
A Regulatory Paradigm Shift
The FSB has a new approach to regulation, in line with its additional obligations under Twin Peaks. Mr Jonathan Dixon, Deputy Executive Officer: Insurance at the FSB, reiterated the Regulator’s stance as late […]
Proposed Amendments to Insurance Binder Regulations
The National Treasury (NT) and Financial Services Board (FSB) requested public comment for the proposed amendments to Insurance Binder Regulations issued under the Short-term and Long-term Insurance Acts published in Government Gazette No. […]
The FSB and Unlicensed Entities
A reader recently queried whether the FSB is entitled to request documentation from a non-licensed entity: I have a small business where we book appointments for Financial Consultants to meet with new prospects. […]
Credit Insurance under the spotlight
National Treasury and the Financial Services Board (FSB) published a document titled “Technical Report on the Consumer Credit Insurance Market in South Africa”. It called for comment by 30 September 2014 on proposals to address […]
Resignation of Fidentia Curator
A press release by the FSB, following a media briefing on Thursday, discusses the events surrounding the unexpected resignation of Mr Dines Chandra Manilal Gihwala as a curator of the financial services business […]
FSP Due Diligence Responsibilities
On Monday, we briefly outlined the background to the first complaint against an advisor who invested client funds in Herman Pretorius’s Relative Value Arbitrage Fund. In his response to the complaint, the advisor […]
Reinstatement of Debarred Key Individuals
I was recently approached by an ex key individual who was debarred by the FSB in response to information supplied by the bank who previously employed him. The reason for the debarment was […]
FAIS Ombud Rules on RVAF Investment
The reasons for the sad ending to the Relative Value Arbitrage Fund, for both investors and advisors, are evident from this, the first determination by the Ombud on the Herman Pretorius saga. A […]
Wonga Bungle
The FSB will take on added responsibilities once “Twin Peaks” is enacted, including regulating the banking industry. It is therefore interesting to note what happened in the UK since 1 April 2013, when the Financial […]
Incentive Driven Miss-Selling
The practice of incentivising independent financial advisors (IFAs) to shift their investment and risk books is possibly the single biggest driver of churning, and is likely to be addressed as part of the […]
Exemption to Submit Audited Financial Statements
Certain FSPs received a request from the FSB for additional information regarding their financial statements which, for most FSPs, are due by the end of this month. Category I FSPs who are registered […]
Retail Distribution Review: Activity-based Remuneration
We commented on this very relevant topic last week. More detailed information has since come to hand. We will use this over the next few weeks to discuss what will possibly be contained […]
TCF in your practice
The FSB published guides for small FSPs and asset managers on the practical impact of treating customers fairly (TCF) on their businesses. The harsh reality of TCF is, of course, that you could […]
