Close This website uses modern features that are not supported by your browser. Click here for more information.
Please upgrade to a modern browser to view this website properly. Google Chrome Mozilla Firefox Opera Safari
Financial Services Intelligence Watch
Sub Menu
Search
24 May 2019 Financial Service Intelligence Watch

Legislative Changes and Developments


Most B-BBEE ownership registration applications fall short

Most broad-based black economic empowerment (B-BBEE ) transactions involving trusts, ‘broad-based ownership schemes’ and employee share ownership programmes submitted to the B-BBEE Commission for registration have fallen short of meeting the requirements concerned (Engineering News). This is according to a statement from the commission yet to be posted on its website ...

Read More

News from the Regulators


FSCA releases new FSCA Bulletin for Quarter 4, 2018/19

The Financial Sector Conduct Authority (FSCA) has published its latest FSCA Bulletin for Quarter 4, 2018/19. Packed with interesting articles and key insights, this edition shines the spotlight on the Conduct of Financial Institutions Bill (COFI) and the FSCA's new conduct approach. Highlights

  1. A FinTech take on the ...
Read More

Enforcement News


FSCA fines Charles Winshaw R10,000 for representative failings

According to the order issued by the enforcement division of the Financial Sector Conduct Authority (FSCA), Charles Winshaw transgressed s 13(1)(b)(i) of the Financial Advisory and Intermediary Services Act 37 of 2002 (FAIS Act), in that he acted as a representative of an authorised FSP, but failed ...

Read More

Relevant Rulings


Local News


Appointment of Ms Lelané Bezuidenhout as CEO of FPI effective 1 June 2019

FPI (Financial Planning Institute)

The Financial Planning Institute of Southern Africa (FPI) has announced the appointment of Ms Lelané Bezuidenhout CFP® as Chief Executive Officer with effect from 1 June 2019.

Lelané started her career in the Financial Sector in 1999 when she joined one of the major insurance companies ...

Read More

Testing the digital banking waters

Legalbrief Forensic

Central bankers have always been protective of the currencies they keep. Stability is a top priority, which has made them rather cautious about solutions that threaten that position. Yet, lately, they’ve thrown that caution to the wind as more regulators actively start experimenting with the idea of cryptocurrencies ...

Read More

Ponzi case in court

A pensioner and former police officer who was allegedly defrauded of R400 000 of his pension money was the first witness to take the stand in the multi-million rand Ponzi trial against siblings Mervyn Dennis and Mary-Anne Peter, notes IOL. The trial finally proceeded in the Pinetown Magistrate’s Court on ...

Read More

International News


International conduct learnings

Rob Everett, CE, FMA (New Zealand)

'I spent last week in Sydney at IOSCO meetings (the global standards-setter for securities regulators) and the annual ASIC conference.  As well as debating best practice for securities regulation, it was a great opportunity to learn more about how our regulatory counterparts in ...

Read More

FCA wins High Court case against unauthorised forex firm

A financial services firm in the UK that received at least £1m (R18 million) from investors but only used a small amount of it for trading has been held to have carried out an unauthorised investment scheme, notes Professional Adviser

The High Court in London declared Xcore Capital Ltd and ...

Read More

Compliance Focus


When does conduct spill over into financial advice?

What conduct constitutes financial advice and what would amount to negligent financial advice? So asks Christine Rodrigues, a partner at Hogan Lovells South Africa, in a recent commentary in FA News.

In Atwealth (Pty) Ltd & others v Kernick & others (28 March 2019), the Supreme Court of Appeal ...

Read More

Conduct of Financial Institutions (COFI) Bill looming large

As the CPD cycle in May 2019 draws tom a close, one is getting a clearer picture about the new approach that the Financial Sector Conduct Authority (FSCA) and National Treasury (Treasury) want to take when it comes to the conduct of the financial services industry, notes FA News. It notes ...

Read More

Working Smart


Drawing up job descriptions

By Lee Rossini

Most financial advice businesses start off small, usually with the founder playing the role of owner, manager and financial adviser. However, as the business grows, planning and implementing organisational structures becomes more of a priority as the need for specialised positions and departments arises. The organisational chart ...

Read More

Working Smart

By Lee Rossini

Most financial advice businesses start off small, usually with the founder playing the role of owner, manager and financial adviser. However, as the business grows, planning and implementing organisational structures becomes more of a priority as the need for specialised positions and departments arises. The organisational chart, job design and analysis form an important part of this process. The information gathered from these exercises, specifically the job analysis, is subsequently used to draw up the job descriptions (JD).    

CPD

Subscribers are reminded that they can now complete their monthly CPD quizzes and claim CPD hours. For more on accessing the CPD quizzes, please click on the CPD FAQs button on the top bar of the screen.