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Where will we stand when the dust settles?

03 July 2017 | Financial Sector Conduct Authority (FSCA) (was FSB)

The issue of delayed regulatory reform has placed the industry in a position where it has been waiting in anticipation to see what it will have to deal with.

FSB fines Smart Life R150 000 for Long-term Insurance Act Contravention

26 June 2017 | Financial Sector Conduct Authority (FSCA) (was FSB)

The Registrar of Long-term Insurance (the Registrar) referred a case against The Smart Life Insurance Company Limited (Smart Life) to the Enforcement Committee of the Financial Services Board.

FSB provisionally suspends JVN Asset Management (Pty) Limited (“JVN”)

26 June 2017 | Financial Sector Conduct Authority (FSCA) (was FSB)

The Registrar of Financial Services Providers (“the Registrar”) has provisionally suspended the authorisation of JVN Asset Management (Pty) Limited (“JVN”) to act as a financial services provider with immediate effect. The decision follows the Registrar receiving concerning information about the operations of JVN between March and June 2017. After the Registrar instructed an inspection into the affairs of JVN, the FSB obtained a search and seizure warrant that was executed on 20 June 2017 at JVN’s offices in Johannesburg.

OST: Jurisdictional limits

22 June 2017 | Short Term Ombudsman

At the last meeting of the Board of Directors of the office of The Ombudsman for Short-Term Insurance held on 27 March 2017, the Board considered the current jurisdictional limits of the office. The office’s jurisdictional monetary limits were last revised and increased in December 2011. The Board has approved, in line with inflationary increases, various changes to the office’s jurisdictional limits, with effect from 1 July 2017.

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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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