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FIC your client or face FSCA enforcement

08 June 2023 | General

Financial services providers (FSPs) that gloss over the compliance responsibilities set out in the Financial Intelligence Centre (FIC) Act risk being on the receiving end of a range of tough Financial Sector Conduct Authority (FSCA) enforcement actions including debarments, licences being suspended or withdrawn, penalties and warnings. The importance of performing customer due diligence correctly was the key focus during a recent ‘FIC Act for Wealth Managers’ webinar hosted by DocFox. PS, although attended by wealth managers and IFA-types, the content was relevant to all accountable institutions!

King Committee is keeping an eye on current developments

05 June 2023 | General

Much has changed since King IV came into effect on 1 April 2017 but, says the chair of the King Committee, Ansie Ramalho, its principles and practices are expressed at a sufficiently high level of generality to empower boards to apply them in the current circumstances.

Insurance Ombuds are future fit to tackle post-Covid era

23 May 2023 | Insurance Ombudsman

With the lifting of the dark clouds of the Covid-19 pandemic, the Ombudsman for Long-term Insurance (OLTI) and the Ombudsman for Short-term Insurance (OSTI) are looking ahead and planning with optimism.

Finally, a fit and proper #snot-klap

16 May 2023 | Financial Sector Conduct Authority (FSCA) (was FSB)

A few years back, this writer remembers many financial services stakeholders being up in arms over attorneys that were extracting extortionate fees from the country’s struggling Road Accident Fund (RAF). You may recall the reporting at the time, describing attorneys and lawyers who were billing the RAF for more hours per week than physics allows. Sadly, it turns out that the legal profession is not in alone in conjuring time out of thin air.

quick poll

Question

Are financial advisers ready for the combined impact of COFI and AI?

Answer

Yes, fully prepared and already adapting Somewhat prepared, but still facing implementation challenges Not yet prepared, more time and support needed Unsure / still assessing the impact

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