03 May 2017 Archives

Update on SaXum Insurance Liquidation

Posted on 3 May 2017

The FSB has issued Survey Circulars and Schedules regarding SaXum Insurance Limited. SaXum was placed under final liquidation in October 2016 following an application by the Registrar of Short-Term Insurance. In our previous issue on 18 October 2016, we wrote about the insolvency status of the Insurer. If you are an FSP with clients who … Continued

Update to Recognised Qualifications for FSPs and Compliance Officers

Posted on 3 May 2017

The Registrar has issued Board Notice 51 of 2017 which is the Amendment Notice on the Determination of Recognised Qualifications for Financial Services Providers and Compliance Officers, 2017. Click here to read the updated list of recognised qualifications to ensure that you do comply with the qualification requirement in terms of the Fit and Proper … Continued

Practical tips on how to reduce risks on a daily basis

Posted on 3 May 2017

The FAIS General Code of Conduct sets out that financial services providers (FSPs) must at all times have resources and processes which eliminate the risk of clients, staff and product suppliers suffering financial loss through theft, fraud or other irregular activities. FSPs must therefore implement processes, policies and formal monitoring methods that protect all parties … Continued

FSB fines Assupol R500 000 for Contravening Long-Term Insurance Act

Posted on 3 May 2017

The Enforcement Committee received a case from the Registrar of Long-Term Insurance regarding Assupol Life Limited. The Registrar found that from August 2014 to June 2016, Assupol contravened Section 49 of the Long-Term Insurance Act by allowing its independent intermediaries to share in underwriting profits. They were also found to contravene Rule 16.1 of the … Continued

MASTHEAD IS

A national supplier of risk management services to independent financial advisors and other licensed financial service providers (FSPs). Established in 2004, we help our clients overcome their risk management challenges so they can grow and thrive in an increasingly regulated industry. Providing professional guidance and practical support, our team of specialists is passionately committed to delivering tangible solutions.

Mastering Compliance Newsletters

03 May 2017

Update on SaXum Insurance Liquidation

Update to Recognised Qualifications for FSPs and Compliance Officers

Practical tips on how to reduce risks on a daily basis

FSB fines Assupol R500 000 for Contravening Long-Term Insurance Act

EARN CPD HOURS

Mastering Compliance Newsletters

03 May 2017

Update on SaXum Insurance Liquidation

Update to Recognised Qualifications for FSPs and Compliance Officers

Practical tips on how to reduce risks on a daily basis

FSB fines Assupol R500 000 for Contravening Long-Term Insurance Act

EARN CPD HOURS

MASTHEAD IS

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info@masthead.co.za

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