Tag Archives | FSP


Debarment – When can a FSP debar an ex-employee?

As a result of the right to appeal against a debarment decision, there was a substantial increase in debarment cases referred to the Tribunal since April 2018. In most of these cases the process was challenged. Some of these cases were remitted back to the FSP for reconsideration and to follow the prescribed debarment steps. But […]

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Non-disclosure of material terms – Costly omission by FSP

“The customer is always right” – a slogan that encourages especially service staff to give a high priority to customer satisfaction. In today’s testing economic times, and yesterday’s budget speech is testimony to this, consumers are testing the market to ensure that they get what they feel they are entitled to. The financial services industry […]

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Tribunal Debarment decisions – Why the increase?

Over the last few months we have seen an increase in debarment cases placed before the Financial Services Tribunal for reconsideration. Why? Has there been an increase in debarments? Has many of these debarments been effected as an injustice to representatives? What changed? A right to appeal A representative now has a right to appeal […]

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FAIS Cat I and II licences

We are aware that there is fair amount of concern in the industry about where the regulator is heading in this regard. The following are some of the points for discussion at the FSB Insurance Conduct of Business seminar In Cape Town tomorrow: Informal consultation is underway with the investment industry on: Defining “investment management” […]

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Bulk transfers by FSPs and Insurers

This is the title of an article in the FSB’s FAIS Newsletter 20, which also addresses the shortcomings mentioned at the conclusion of the article above. In instances where the transfer of clients resulted in a change of insurer, it meant that there was a replacement of a financial product. The provision of section 8(1)(d) of […]

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Annual Financial Statements Reminder

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 an article we wrote in July last year. The FSB’s responses to specific questions were contained in the article. In addition to […]

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Authentication of RE Certificates

We often receive queries from employers regarding the validity of RE certificates produced by prospective applicants. This is indeed wise, as we are aware of instances where people fraudulently replicate documents by means of modern technology. What copy cats do not realise, is that all parties of the illegal act can be identified – both […]

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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. Changes which are reported towards the end of August onwards may not reflect exactly at the end of the month. When the […]

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