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16 January 2019 Financial Service Intelligence Watch

Legislative Changes and Developments


Personal information protection regulations finalised

Regulations relating to the protection of personal information were gazetted in December 2018 but have yet to come into effect, reports CompliNEWS contributor Pam Saxby. Released in draft form in September 2017 for comment, the final regulations include forms to be completed for every situation likely to be encountered, including ...

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News from the Regulators


Enforcement News


STANLIB fined R500 000 for CISCA non-compliance

The Financial Services Conduct Authority (FSCA) has taken enforcement action against STANLIB for contravention of paragraph 1(i) of Schedule 1 to the Collective Investment Schemes Control Act 45 of 2002 (CISCA). STANLIB is a registered Manager in accordance with CISCA.

During an on-site visit conducted by FSCA’s predecessor, the Financial Services Board ...

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Relevant Rulings


Two FST decisions released this week

The Financial Services Tribunal (FST) at the Financial Services Conduct Authority (FSCA) has released two new decisions this week.

  • Decision 1 - S NAIR v BROPRO regarding a failure to meet the competency requirements in terms of the Determination of Fit and Proper Requirements (Board Notice 194 of 2017). The order ...
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FAIS Ombud determination summary – short-term insurance

The FAIS Ombud's Office

In the matter between Bongani Nxumalo and Central Financial Advisors (Pty) Ltd t/a Coler Financial Services Providers.

Summary

Mr Bongani Nxumalo, an adult male, whose full details are on file with this Office, lodged a complaint against Central Financial Advisors (Pty) Ltd t/a Coler ...

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International News


The UK's FCA and Brexit

This week the UK's Financial Conduct Authority (FCA) published two further consultations to prepare for the UK’s exit from the EU. It has published proposals to introduce the financial services contracts regime (FSCR) as well as proposed fees for regulating securitisation repositories.

It is continuing to plan for a range of ...

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Australia releases consultation paper on reform of fees and costs disclosure for superannuation and investment schemes

The Australian Securities & Investments Commission (ASIC) this week released a consultation paper seeking feedback on proposed changes to the fees and costs disclosure regime for managed investment schemes and superannuation.

To assist industry in understanding the proposals, the consultation paper includes a proposed updated Regulatory Guide 97 Disclosing fees and ...

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FCA (UK) opens fire on defunct FX scam-turned-crypto broker

The UK's Financial Conduct Authority (FCA) has issued a warning to investors over an unregistered brokerage firm that appears to be offering cryptocurrency-related derivatives in the country.

The UK’s financial regulator in a statement red-flagged a firm called SafeMarkets, saying the Estonia-based broker is not authorised to be targeting UK ...

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Compliance Focus


Impact of FAIS Notice on FAIS regulatory exams

Regulatory changes have always had a huge impact on the content of the Regulatory Exams.

The latest FSCA FAIS Notice 86 that comes into effect on 1 February 2019 is no exception.

Compli-Serve notes that, due to the publication of new requirements and regulations for supervision which come into effect on 1 February 2019, the ...

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Compliance function at inflection point

McKinsey’s benchmarking survey of leading banks helped identify five steps toward transforming the efficiency and effectiveness of the compliance function.

Institutions have heavily invested in compliance over the past decade. With costs increasing at such a rapid rate, banks are now seeking to improve the efficiency as well as the ...

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Working Smart


It’s a new year!

By Lee Rossini

After the 2018 end of year busy-ness followed by a well-deserved break, it is time to gear up and start planning for the New Year. Now is the time to set your business up for success in 2019 by deciding on the right strategies and goals. The ...

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Working Smart

By Lee Rossini

After the 2018 end of year busy-ness followed by a well-deserved break, it is time to gear up and start planning for the New Year. Now is the time to set your business up for success in 2019 by deciding on the right strategies and goals. The big question is how to make sure you stick to and achieve the strategies and goals. 

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