Legal precedent set as Odendaal’s assets forfeited in Steinhoff fraud battle

The SARB has forfeited to the state cash totalling R42m from Berdine Odendaal’s bank accounts, as well as her R18m property in Paarl’s Val de Vie estate.

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 […]

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 […]

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. […]

Real Restitution

In the space of the last eight weeks we saw seven determinations against one FSP, and it is likely that there is more to come. The total in fines meted out by the […]

Debarments Contested in Court

The headache around the lack of proper procedure by FSPs when debarring representatives appears to be continuing, despite clear guidelines from the Regulator. In the FSB’s first quarterly bulletin of 2014, the problem […]

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 […]

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 […]

Duty to Disclose Material Terms

On Tuesday we discussed what happens when material changes occur in a client’s health between the time of applying for life cover and acceptance of the risk by the insurer. My colleague Julian […]

June 30 Deadline

All those who are required to successfully complete the level 1 Regulatory Examinations by the end of June should note that the final dates for registration are: • Permanent Centres: 13 June • […]

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 […]

FAIS Amendments

FAIS Circular 4 of 2014 will be of great value to regulatory exam (RE) candidates who need to take into account recent legislative changes. It is of equal importance to all FSPs who […]

Compliance Monitoring

This topic is covered in FAIS Newsletter 16, published on 13 December 2013. It is of particular importance to FSPs who tend to think that complying with the FAIS Act and the General […]

Managing and Mitigating Risk in your Business

The FAIS Supervision Department of the FSB follows a risk-based approach in supervising financial services providers (FSPs). Licenced entities are categorised in five sectors, ranging from high impact to small FSPs, with the […]

Leads Provision and the FAIS Act

The definition of an intermediary service was the subject of a number of discussions and reviews, including an article published by the FSB to provide clarity on what actually constitutes such a service. […]