MBSE expands regulatory exam training with new RE1 programme
Developed in response to industry demand, the online course focuses on building the regulatory knowledge aspiring Key Individuals need for their oversight responsibilities.
FSP
The hidden compliance risks behind DOFA, onboarding and supervision
Moonstone’s Paull Lawrence shares practical insights on why DOFA is far more than an administrative record, and where hidden compliance risks can emerge for FSPs.
FSCA provisionally withdraws Imermarket’s licence
The Authority says preliminary findings point to a risk of harm to clients, but the investigation remains ongoing and Imermarket has been given an opportunity to respond.
Premium-collection relief retained for three years
The extension preserves the existing framework allowing qualifying juristic representatives to collect and deal with insurance premiums on behalf of insurers.
Insurance-cover exemption extended for underwriting managers
Qualifying Category I and Category IV underwriting-manager FSPs remain exempt from the section 13 requirement, subject to the existing conditions.
Audit report and liquidity exemption for certain FSPs renewed
Qualifying Category I FSPs that handle insurance premiums on behalf of insurers may continue relying on the existing exemption until 30 June 2029.
Private equity FAIS relief continues until 2029
Qualifying providers and certain juristic representatives will continue to benefit from targeted regulatory relief, with the existing exemption conditions unchanged.
Tribunal draws line between enforcement powers and personal redress
The decision highlights the distinction between punishing misconduct and compensating consumers who claim to have suffered losses.
Tribunal sets aside Sanlam debarment over procedural defects
The FSP could not prove key elements of the process, including proper notice of the proceedings, and the conduct of the hearing.
Tribunal draws a hard line on undisclosed client benefits
The decision turned on the adviser’s acceptance of personal benefits from a client, the lack of proper compliance disclosure, and the higher standard expected of a KI.
Crypto payment-type activity may fall under FAIS, say regulators
Crypto assets fall outside the NPS Act, but intermediary-led payment-type activity involving crypto may still trigger a licensing requirement.
PAIA deadline opens as Regulator tightens oversight on information access
Missed submissions could trigger enforcement as the Regulator scrutinises how firms handle access to information requests.
Debarment overturned after Tribunal criticises ‘desktop’ investigation
A failure to verify a client’s income amounted at most to negligence, but the evidence did not justify debarment for dishonesty.
Appeal court leaves FAIS debarment ruling intact
The Full Bench finds that the information available to the FSP was sufficient to justify initiating the statutory debarment process.
FST sets aside debarment after finding contradictions in forensic evidence
Sanlam found that the client’s signatures were forged, but its own handwriting expert came to a different conclusion.
Equality Court: 2021 licence relief did not extend to FSPs
Ministerial Directives issued in July 2021 applied only to specified businesses under the Businesses Act, not to FAIS-regulated FSPs.
Tribunal misapplied legal test in debarment reconsideration, High Court rules
The FST erred because it focused on contractual obligations rather than the broader fit and proper requirements.
