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funds

Death Benefits – To be a dependant or not?

Section 37C of the Pension Funds Act 24 of 1956 governs the distribution and payment of lump sum benefits payable on the death of a member of a pension fund, provident fund, pension and provident preservation fund and retirement annuity fund. These benefits are informally known as “death benefits”. In one of the recent Financial […]

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finance

Financial Soundness of Representatives

The new Determination of Fit and Proper Requirements for Financial Services Providers, 2017 (Board Notice 194 of 2017) sets out a number of new requirements relating to the financial soundness requirement of representatives. Natural Persons The financial soundness requirements set out in Chapter 6 of the Board Notice do not apply to any representative who […]

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cost

Local CIS industry grows investor assets to R2.3 trillion

The Association for Savings and Investment South Africa (ASISA) recently released the Collective Investment Schemes (CIS) industry statistics for the quarter and year ended June 2018. The statistics show that the strong net inflows in the second quarter pushed total net inflows for the 12 months to the end of June 2018 to R96 billion. According to ASISA, investors […]

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client_centric

And the winner is…

In the midst of the world cup soccer hype, Neymar memes and speculation on which team will be crowned as the winners of World Cup 2018, the role of soccer coaches sometimes fades into the background as star players are praised for the results. Soccer coaches are, however, key in creating the right platform for […]

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Pension-funds

Voluntary retrenchment plan

Voluntary retrenchment plan for public sector workers – Test for Default Pension Fund Regulations Legalbrief Today recently commented as follows on a Business Day article: Thousands of public sector workers over the age of 60 will be offered voluntary retrenchment as part of an effort by the government to cut its salary bill. A Business […]

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cpd

Moonstone Monitor approved for CPD hours

The new Fit and Proper Determination requires that certain individuals are required to obtain a specified number of Continuous Professional Development (CPD) hours between 1 June 2018 and 31 May 2019. In response to an application to the FPI, a SAQA recognised Professional Body, for recognition of the Moonstone Monitor as a vehicle towards obtaining (CPD) hours; we received […]

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Training

Class of Business Training Now Available

Registration for Class of Business training by Moonstone Business School of Excellence (MBSE) is now Open What and When? The Act stipulates that a FSP and representative must complete the class of business (CoB) training relevant to those financial products for which they are authorised prior to rendering any financial service in respect of such […]

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RE-pencil

Changes to Regulatory Exam Questions

The amended Determination of Fit and Proper Requirements come into effect on 1 April 2018. The competence requirements relating to regulatory examinations contained in the amended Determination apply to all FSPs, key individuals and representatives except: a Category I FSP, its key individuals and representatives authorised, approved or appointed only to render financial services or manage or […]

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loud-hailer

Draft Determination on Equivalence of Reward

The sustainability of independent financial advice was always a key aspect in the Registrar’s approach to the Retail Distribution Review. Board Notice 181 of 2017, published on 10 November last year, aims to level the playing field as far as tied agents and independent advisers are concerned. The publication of this draft Determination follows RDR Proposal […]

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