18 February 2020 Archives

FAIS Code of Conduct: implied duties of section 8(4)

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

CMS Circular 7 of 2020: Increase of fees payable to brokers

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

FIC publishes draft guidance on the use of Automated Transaction Monitoring Systems

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

A new gateway for Insurance Complaints

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

Update on CIPC Compliance Checklist

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

Reminders – 18 February 2020

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

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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

18 February 2020

FAIS Code of Conduct: implied duties of section 8(4)

CMS Circular 7 of 2020: Increase of fees payable to brokers

FIC publishes draft guidance on the use of Automated Transaction Monitoring Systems

A new gateway for Insurance Complaints

Update on CIPC Compliance Checklist

Reminders – 18 February 2020

EARN CPD HOURS

Mastering Compliance Newsletters

18 February 2020

FAIS Code of Conduct: implied duties of section 8(4)

CMS Circular 7 of 2020: Increase of fees payable to brokers

FIC publishes draft guidance on the use of Automated Transaction Monitoring Systems

A new gateway for Insurance Complaints

Update on CIPC Compliance Checklist

Reminders – 18 February 2020

EARN CPD HOURS

MASTHEAD IS

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