New Fit and Proper requirements for short-term and long-term insurance
Posted on 1 Nov 2015
In our issue of 23 June 2015, we referred to Board Notice 113 of 2015 issued by the Deputy Registrar of Short and Long-Term Insurance which called for public comment on the proposed fit and proper requirements. The Registrar released the Board Notice on Fit and Proper requirements on 14 August 2015. This Notice sets … Continued
Pension Funds Adjudicator instructs Provident Fund to pay widow
Posted on 1 Nov 2015
The deceased worked for a Municipality for 40 years and through his employment he was a member of the first respondent, the Pietermaritzburg Corporation Provident Fund (“Fund”). The deceased left the employment of the Municipality and a withdrawal benefit therefore became due and payable and shortly thereafter he passed away. His withdrawal benefit should have … Continued
FAIS Info Circular 4 of 2015 is clear that representatives cannot contract or render services in their own name
Posted on 15 Sep 2015
On 7 September 2015 the Registrar of Financial Services Providers published FAIS Information Circular 4 of 2015.
The purpose of this information circular is to;
(a) reflect the way in which the FSB will apply section 13(1)(c) of the FAIS Act, on agreements in which representatives are cited; and
(b) clarify that section 13(1)(c) does not impact on the requirement in section 7(3) of the Act that provides that a financial services provider (FSP) may only conduct financial services related business with a person rendering financial services if that person is authorised to render those services or is a representative.
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