Posted on 11 Nov 2015
A debarment in terms of section 14(1) of the FAIS Act, means that the provider prohibits a representative who no longer complies with the fit and proper requirements from rendering financial services and removes his/her name from the register of representatives. The debarment prevents the representative from functioning as a representative of any provider, not only for the provider who brought about the debarment. However, if the representative is subsequently of the view that he/she is fit and proper, he/she may request a financial services provider to reappoint him/her.
Posted on 11 Nov 2015
On 27 October 2015 the Minister of Finance presented the Financial Sector Regulation (FSR) Bill to Parliament after taking into consideration, comments received on the Bill. This comes after government’s decision in 2011 to shift to a Twin Peaks Model of financial sector regulation. The objective of the Bill is to split the regulating authorities of the financial services sector into two centres. The first centre will be a Prudential Authority, which will falls within the Reserve Bank and will supervise the safety and soundness of financial institutions. The second centre will be the Financial Sector Conduct Authority (FSCA), which will replace the FSB, and will supervise financial institutions on how they conduct business and treat their customers.
Posted on 11 Nov 2015
On 19 October 2015 the FSB announced the discontinuation of Afrikaans RE examinations. This comes after studies were conducted into the uptake and pass rates of the Afrikaans RE exams. The studies show that the demand for Afrikaans examinations has declined considerably since these exams were first introduced. The study showed that writing the exam … Continued
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