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ITINews - Insurance Times and Investments Online Press Office News - Compliancy Services

The complete South African Financial Services News and Information Portal

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All that glitters ain't gold

Mon, 17 Nov 2014 12:00:00 AM GMT

Financial advisors can also fall into the trap - A recent advertisement in a national Sunday newspaper proclaimed "20% guaranteed return, zero risk, zero liability".

RDR - survive and thrive

Tue, 28 Oct 2014 12:00:00 AM GMT

A great client proposition will also be the only way to differentiate your practice - If the Financial Services Board's RDR proposals are legislated, it won't necessarily be the end of the world: in fact, some advisers will hardly notice the difference, while others that are more proactive will actually thrive.

Increased level of competition in the UMA market

Tue, 16 Sep 2014 12:00:00 AM GMT

Healthy competition is the underpinning of our society and economy - It ensures providers of service are up-to-date, efficient and productive. Competition provides the consumer with the best possible product.

Professional Indemnity 'PI' Cover - will your parachute open?

Mon, 24 Jun 2013 12:00:00 AM GMT

Most PI policies will not cover contractual liability - Operating under FAIS carries significant professional risks, as the Act has made it much easier for a client to show legal liability and potentially trigger a claim against your business.

Good Service Level Agreements vital in current environment

Mon, 22 Oct 2012 12:00:00 AM GMT

Complaints occur when there is an expectation gap - Not only are advisers facing an ever mounting barrage of legal and regulatory requirements, they are also experiencing increasingly assertive clients, ready and willing to lodge complaints with the ombudsman.

Hedge Funds will be more widely available

Tue, 16 Oct 2012 12:00:00 AM GMT

The framework will open the door for further growth in the hedge funds industry - Ordinary investors could soon have greater access to hedge funds if the new regulatory framework proposed by Treasury is adopted.

Make the link between fairness and disclosure

Tue, 25 Sep 2012 12:00:00 AM GMT

"If you don't disclose, you cannot defend yourself or manage complaints effectively" - With the spotlight on Treating Customers Fairly (TCF), Richard Rattue, MD of Compli-Serve says that the first step in achieving fair treatment is through transparent disclosure.

FSP's face closure for poor records management

Mon, 28 Nov 2011 12:00:00 AM GMT

Accurate record keeping is not just about compliance - Failure to comply with the Financial Advisory and Intermediary Services Act (FAIS) can result in hefty fines or possible closure by the Financial Services Board (FSB) for any Financial Services Provider (FSP) or financial intermediary who does not ensure an accurate record of all services rendered or advice offered, and securely store the information for up to five years.

Has your company been deregistered?

Fri, 05 Mar 2010 12:00:00 AM GMT

CIPRO may have made you disappear . . . - Over the last few weeks we have received a number of enquiries from clients who have discovered in one way or another, that the registration of their company or close corporation has been cancelled by CIPRO.

Malan vs Jordaan - The vexed issue of the Ombud's jurisdiction

Fri, 12 Feb 2010 12:00:00 AM GMT

The Office of the FAIS Ombud is a creature of statute and has no inherent powers - Section 173 of the Constitution grants the Constitutional Court, the Supreme Court of Appeal and High Courts the inherent power to protect and regulate their own process, and to develop the common law, taking into the account the interests of justice.