13 October 2020 Archives

Advise your client appropriately

Posted on 13 Oct 2020

Failure to appropriately advise a client, as required by Section 8 of the FAIS General Code of Conduct (GCOC), can result in serious consequences for both you and the client. In a 2016 Ombud Determination, a client alleged that her financial advisor had failed to appropriately advise her, despite having provided him with the necessary … Continued

Warning to unlicensed over-the-counter derivative providers

Posted on 13 Oct 2020

The Financial Sector Conduct Authority (FSCA) filed an urgent application with the High Court which resulted in the liquidation of JP Markets (Pty) Limited in September 2020. The FSCA’s main contention was that JP Markets is an unlicensed over-the-counter (OTC) derivative provider. The FSCA relied on section 38B of the FAIS Act which allows the … Continued

Update on Contingent Business Interruption Insurance cover

Posted on 13 Oct 2020

Over the past few months, there has been much uncertainty regarding Contingent Business Interruption (CBI) insurance cover. The uncertainty stems from the many legal complexities surrounding CBI policy wordings. In a Press Release, the FSCA confirmed that it has been engaging with the non-life insurance industry on the most efficient way to approach the courts … Continued

FSCA Notification Form – intention to terminate a group scheme policy

Posted on 13 Oct 2020

The FSCA recently published Notification Form INS008 in terms of the Policyholder Protection Rules (PPRs) made under the Long-term Insurance Act (LTIA) and Short-term Insurance Act (STIA). The notification form must be used by insurers to notify the FSCA where there is an intention to terminate a group scheme policy as contemplated in Rule 20.2.4 and … Continued

Second Draft of COFI Bill published

Posted on 13 Oct 2020

On 29 September 2020, National Treasury published the second draft of the Conduct of Financial Institutions (COFI) Bill for public comment. The first draft of the Bill was published in December 2018 and was open for public comment until March 2019. The comment process allowed for issues to be more fully considered and the Bill … Continued

Reminders – 13 October 2020

Posted on 13 Oct 2020

Deadline for payment of Levies FSPs are reminded that the FAIS Levy Invoices should have been received by the end of September, with payment due by 31 October 2020.  If an FSP has not received their invoice, we suggest that they contact the FSCA to request that this be re-sent to them. Not having received … 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

13 October 2020

Advise your client appropriately

Warning to unlicensed over-the-counter derivative providers

Update on Contingent Business Interruption Insurance cover

FSCA Notification Form – intention to terminate a group scheme policy

Second Draft of COFI Bill published

Reminders – 13 October 2020

EARN CPD HOURS

Mastering Compliance Newsletters

13 October 2020

Advise your client appropriately

Warning to unlicensed over-the-counter derivative providers

Update on Contingent Business Interruption Insurance cover

FSCA Notification Form – intention to terminate a group scheme policy

Second Draft of COFI Bill published

Reminders – 13 October 2020

EARN CPD HOURS

MASTHEAD IS

Why Masthead?

CONTACT US

+27 21 686 3588

info@masthead.co.za

B-BBEE CERTIFICATE

Read more and view certificate