Posted on 18 Feb 2020
The requirements of section 8(4)(a) of the FAIS General Code of Conduct (the Code) apply when addressing a client’s specific need, however, an Ombud determination highlights the implied duties that are also required of you. You can only avoid doing a full financial needs analysis if a client does not provide adequate information or if … Continued
Posted on 18 Feb 2020
The Council for Medical Schemes (CMS) recently published Circular 7 of 2020 which contains the details on the adjustment of fees payable to brokers. The Minister of Health has approved an increase on the maximum fee that is payable by medical schemes to brokers with effect from 1 January 2020. Regulation 28(2) published in terms … Continued
Posted on 18 Feb 2020
Directive 5 of 2019 was published by the Financial Intelligence Centre (FIC) during March 2019. The Directive relates to the usage of an Automated Transaction Monitoring System (ATMS) for the detection and submission of regulatory reports to the Centre in terms of section 29 (Suspicious and Unusual Transactions) of the FIC Act. Directive 5 places … Continued
Posted on 18 Feb 2020
A media release recently published on the website of the Ombud for Long-term Insurance stated that a new portal had been launched to assist complainants to lodge insurance related complaints. This portal was introduced shortly after the news that there would be a joint Ombudsman for both long-term and short-term insurance complaints with effect from … Continued
Posted on 18 Feb 2020
The Companies and Intellectual Property Commission (CIPC) previously announced that it is a mandatory requirement for all companies to submit a Compliance Checklist together with their Annual Return as of 1 January 2020. The checklist enables companies to declare their compliance status to specific sections of the Companies Act. CIPC will utilise the Checklist to … Continued
Posted on 18 Feb 2020
Competence training requirements 1. Class of Business Training FSPs, Key Individuals and Representatives are reminded to ensure that any Class of Business Training that has been completed must be added to the Competence Register within 15 days after the training occurred and all information and documentation relating to the training must be retained for … Continued
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.
Masthead is a level 1 B-BBEE contributor.