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The FSB looks beyond a significantly challenging year

10 December 2013

There is no doubt that 2013 was a challenging year for the financial services industry. Policyholders and the general public were doing their best to maintain any momentum that they might have gained in recovering from the global financial crisis, while the Financial Services Board (FSB) was on a mission to implement regulation which would offer better protection to the public.

Sanlam fined R3 million for overpaying brokers

02 December 2013

One of the biggest challenges to have hit the insurance industry in 2013 has been the uncertainty regarding the Retail Distribution Review (RDR). The aim of RDR is to resolve certain challenges within the industry in order to create a fair and equitable industry which benefits the client, the broker/adviser and the product provider.

FSB directive clarifies industry position on causal event charges

12 November 2013

In an effort to improve the number of South Africans who can retire comfortably, with a large enough savings net, Government has aggressively been embarking on a retirement reform programme which will have a significant impact on the retirement industry.

FSB granted another Court interdict against Ledimar

22 October 2013

Further to the press release issued on 20 September 2013, the Registrar of Financial Services Providers wishes to advise that the South Gauteng High Court has granted a preservation order against Ledimar Investment Holdings CC. The application was brought by the National Directorate of Public Prosecutions, in terms of the Prevention of Organised Crime Act of 1998. In terms of the order, the funds in certain bank accounts belonging to Ledimar Investment Holdings CC have been preserved. This means that the funds have been frozen, and no one is permitted to deal with these funds, except in cases permitted by the order.

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The strongest deterrent against FSP compliance missteps is or should be:

Answer

A criminal conviction Debarment Fine or penalty Any of the above can work

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