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17 June 2019 Financial Service Intelligence Watch

Legislative Changes and Developments


Policyholder protection rules 17 and 18 to take effect on 1 July 2019

This serves as a reminder that policyholder protection rule 17 (claims management) and rule 18 (complaints management), in so far as it relates to group schemes, will commence on 1 July 2019.

Compli-Serve notes that the notice for the new long-term and short-term policyholder protection rules (PPRs) was already published ...

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SARB publishes systemically important bank methodology

The South African Reserve Bank’s (SARB’s) methodology for determining ‘which banks are systemically important within the South African context’ was published this week, notes CompliNEWS contributor Pam Saxby. While no accompanying media statement was issued, the methodology’s development was probably informed by stakeholder input on a discussion document released ...

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News from the Regulators


FSCA files court papers in response to Public Protector report

The Financial Sector Conduct Authority (FSCA) on Friday filed papers in the North Gauteng High Court requesting the court to review and set aside the report by the Public Protector (PP), in which she made findings of impropriety and maladministration against the Financial Services Board (now FSCA) and its Executive ...

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Enforcement News


Serial fraudster J Arthur Brown’s former attorney fined R200,000

Serial fraudster J Arthur Brown’s former attorney has escaped with a R200 000 fine after being convicted of tax fraud. Muhammed Rashad Khan (70) pleaded guilty to 468 charges of tax fraud. During sentencing, the court said Khan’s crimes were serious as they undermine SARS, but his personal circumstances should ...

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Relevant Rulings


Local News


Probe of alleged race discrimination by medical schemes

Legalbrief Today

The Council on Medical Schemes (CMS) has announced that Advocate Tembeka Ngcukaitobi will head an investigation into alleged discrimination against black and Indian medical professionals in the private health sector. A Polity report says the investigation was launched following allegations by members of the National Health Care Professionals ...

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Financial services under constant cyber attack

The financial services industry in South Africa is under attack by cyber criminals because it has information that is of great use to hackers. So notes a Fin 24 report published on Tuesday.

Speaking at the Sanlam Benchmark 2019 event hosted on the Spier Estate near Stellenbosch on Monday,Tebogo Legodi, digital ...

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Tribunal wants banks' rand-rigging charges reworked

Legalbrief Forensic

The Competition Tribunal has ordered anti-trust investigators to rewrite charges of currency manipulation against banks, drawing out a legal battle four years in the making, says a Business Day report. While rejecting bids from lenders to have the case dismissed, the tribunal found deficiencies in referrals prepared by ...

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International News


UK regulator publishes final rules on buy-now-pay-later products

The UK's Financial Conduct Authority (FCA) on Wednesday confirmed it will introduce new rules in the buy-now-pay-later (BNPL) market, saving consumers around £40-60 million a year. The changes, which include banning firms from charging backdated interest on money that has been repaid by the consumer during the BNPL offer period ...

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Aussie regulator uses conflicted remuneration powers against advisory firm

The Australian Securities & Investment Commission (ASIC) has commenced civil penalty proceedings in the Federal Court against R M Capital Pty Ltd (RM Capital) and its authorised representative, The SMSF Club Pty Ltd (SMSF Club), in relation to accepting conflicted remuneration.

ASIC alleges that SMSF Club advised its clients to ...

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Compliance Focus


Working Smart


Conducting a successful interview

By Lee Rossini

Most candidates arrive at an interview aiming to dazzle and leave a lasting impression. However, interviewing candidates for a position can be a mentally tiring process for the interviewer. More importantly, how do you make the right decision based on an hour interaction with a person who ...

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Working Smart

By Lee Rossini

Most candidates arrive at an interview aiming to dazzle and leave a lasting impression. However, interviewing candidates for a position can be a mentally tiring process for the interviewer. More importantly, how do you make the right decision based on an hour interaction with a person who is prepared to only show you their best side? Being well prepared and making use of a structured interview process can assist in overcoming some of the challenges.

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