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FSP
‘Due care and diligence’ at the centre of BHI Trust probe – FSCA
The FSCA’s investigation into FSPs who might have suggested the trust to their clients aims to assess whether these providers took into account suitability and risk factors.
Reduction in CPD requirements: FSCA explains why KIs and reps are treated differently
The FSCA has confirmed that the provision for a pro rata reduction in CPD hours as a result of parental leave, or because of illness or disability, applies only to an FSP’s representatives, […]
To be (dishonest), or not to be?
Two recent tribunal cases make for quite interesting reading. No dishonest intent In the Mokotedi decision, the employer, a major bank, debarred a financial adviser on the grounds that he lacked the required […]
The ABC of investment advice – There are no shortcuts to compliance
Although many might feel that the Sharemax debacle is old hat, and that FSPs could not have foreseen its implosion, it still serves the purpose of reminding us of the basics of compliance […]
Fair treatment of client complaints – Amended code now provides framework for FSPs
The 2003 version of the General Code of Conduct (GCoC) for authorised financial services providers and representatives captured the handling of complaints in three pages, only focussing on basic principles and procedures. The […]
Amendments to FICA – Proposals will affect FSPs and motor dealers
On 19 June 2020 the Minister of Finance published Government Notice 684 in GG 43347 which contained a number of proposed amendments to the Schedules to Financial Intelligence Centre Act. Interestingly, short-term (non-life) insurers have […]
Amendments to FICA – Proposals will affect FSPs and motor dealers
On 19 June 2020 the Minister of Finance published Government Notice 684 in GG 43347 which contained a number of proposed amendments to the Schedules to Financial Intelligence Centre Act. Interestingly, short-term (non-life) insurers have […]
Administrative FSP – Who is responsible for Customer Due Diligence?
The Financial Intelligence Centre Act 2002, as amended (FIC Act) places an obligation on all accountable institutions (AIs) to perform CDD on prospective clients entering into a single transaction with the AI, or […]
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 […]
Treating customers fairly – FSP shows commitment in recent Ombud settlement
“The Office of the FAIS Ombud is committed to resolving complaints in a procedurally fair, informal, economical and expeditious manner, with reference to what is equitable in all circumstances. In this vain, the […]
Withdrawal of debarment by FSP – Tribunal consent poses questions
“Unless debarment procedures are fair, reasonable and lawful, decisions taken to debar persons can be, and will be, overturned on technical grounds following an application to the Tribunal to reconsider any such decision”, […]
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 […]
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 […]
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 […]
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 […]
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 […]
