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The hard truth behind FAIS determinations

26 August 2014 | FAIS Ombudsman

As part of the media, we receive a large portion of the determinations which are dealt with by the Financial Advisory and Intermediary Services Ombudsman (FAIS Ombud).

Why the Demarcation Regulations must be scrapped

20 August 2014 | General

Government’s second draft of the Regulations that demarcate between Health Insurance Policies and Medical Aid Schemes (the Draft Demarcation Regulations) is in violation of the Constitution and is accordingly unlawful. It is detrimental to the majority of South Africans and discriminatory against the vast number of people who cannot afford medical aid schemes.

Registrar authorises portfolios to ‘side pocket’ ABIL debt

19 August 2014 | Financial Sector Conduct Authority (FSCA) (was FSB)

The Registrar of Collective Investment Schemes (CIS) has decided to allow CIS managers to create new funds, known as side pockets, to host African Bank Investment Limited (ABIL)’s debt instruments. The move seeks to assist managers to segregate the less liquid ABIL assets within their portfolios from the remaining assets and in so doing limit new investors into the fund from exposure to the ABIL debt. The side pockets will only be open to existing investors in the related fund at the time of its creation.

Regulatory change based on treating customers fairly

18 August 2014 | Financial Sector Conduct Authority (FSCA) (was FSB)

The Financial Services Board (FSB) regularly comes under fire for the amount of regulation they want to impose on the industry, as well as the pace at which they want this regulation to be adhered to. Norton Rose Fulbright recently held an Insurance Management Forum with Jonathan Dixon, Deputy Executive Officer: Insurance at the FSB as the key note speaker.

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

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

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