Posted on 28 Apr 2015
The National Treasury and the Financial Intelligence Centre (FIC) published the draft Financial Intelligence Centre Amendment Bill, 2015 (the Bill) as approved by Cabinet at its meeting on 15 April 2015. The Bill seeks to enhance South Africa’s ability to combat financial crimes by proposing measures to address threats to the stability of South Africa’s … Continued
Posted on 28 Apr 2015
The directors of Sharemax appealed against a determination made against them in terms of the FAIS Act by the FAIS Ombud in January 2013. The initial case found that the directors were liable for the losses suffered by two retirees who brought independent complaints to the Ombud on related complaints. The Ombud, Noluntu Bam, found … Continued
Posted on 28 Apr 2015
In December 2014, the National Treasury published the discussion paper entitled, ‘Treating Customers Fairly in the Financial Sector: A Draft Market Conduct Policy Framework in South Africa’ (the Market Conduct paper), together with the second draft Financial Sector Regulation Bill (FSR Bill). The new regulatory environment will give effect to the Twin Peaks model of … Continued
Posted on 28 Apr 2015
The complainants are a retired couple who invested into Bondcare Trust (Trust) upon the financial advice of the respondents. The first respondent, Alesio, was the sole Key Individual of the second respondent, Introvest CC and rendered financial advice to the couple. Based on the advice the couple were led to believe that their investments were … Continued
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