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As a central knowledge portal to the retirement and related industries, EBnet publishes a range of daily articles submitted by a range of industry organisations, experts and contributors. Readers can also comment on and contribute to articles.

March 26, 2018

The National Treasury (NT) has published for comment draft amendments to the Regulations (Regulations) to be made by the Minister of Finance in terms of the Longterm Insurance (LTI) and Short-term Insurance (STI) Acts.

The draft amendments to the Regulations aim to –

  • align the Regulations (specifically terminology) with the Insurance Act, 2017 (Insurance Act) as enacted on 18 January 2018;

  • further strengthen policyholder protection by providing for more robust legislative requirements pertaining to the collection of premiums by intermediaries; and

  • amend the binder regulations...

March 16, 2018

The Financial Services Board (FSB) would like to warn the public to act with caution when dealing with Service You Need Enterprise & Tracing Service (S.Y.N) and Ms Samantha Langeveldt /Jonker around Pretoria area. Service You Need Enterprise & Tracing Service (S.Y.N) and Ms Samantha Langeveldt /Jonker are not authorised to render any financial advice and intermediary services.

The FSB received information that Service You Need Enterprise & Tracing Service (S.Y.N) and Ms Samantha Langeveldt /Jonker are rendering services to the public, including: claiming of pension and provident fund surplu...

March 16, 2018

The Registrar of Financial Services Providers (the Registrar) referred a case against Dell Computer (Pty) Limited (the Respondent) to the Enforcement Committee of the Financial Services Board.

The established facts revealed that from 1 November 2015 to 3 June 2016 the Respondent collected insurance premiums in respect of insurance products that covered accidental damage to Dell computer devices sold to customers. The Respondent’s conduct constituted financial services and required that the Respondent be authorised by the Registrar as a financial services provider prior to performing said financ...

March 16, 2018

The Financial Services Board (FSB) warns the public to act with caution when dealing with Destidex Investments (Pty) Ltd trading as StockTraders (“StockTraders”), an entity purporting to be in association with a registered financial services provider, and its agents. 

StockTraders is not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (“FAIS Act”), to render any financial advice and intermediary services.

The FSB has received information that StockTraders is purporting to be in association with Emperor Asset Management, an authorised financial services provider...

March 16, 2018

The Financial Services Board has published today for information, a Conduct Standard for the Criteria for Authorisation as an Over-The-Counter Derivatives Provider.

The draft Regulations were initially published on 4 July 2014 for the first round of consultation, with members of the public allowed a two (2) month timeframe to submit comments. Subsequently, the comments received were reviewed and a second draft of the Regulations was compiled taking into account the comments received. The second draft of the Regulations and draft Board Notices issued by the Registrar of Securities Services were...

March 16, 2018

The Financial Services Board (FSB) would like to warn the public to act with caution when dealing with Fair Finance, Capital Loans and Daily Finance SA trading as Blue Granite Investments. The abovementioned entities are not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (“FAIS Act”), to render any financial advice and intermediary services.

The FSB received information that Fair Finance, Capital Loans and Daily Finance SA trading as Blue Granite Investments are offering loans to members of the public. They claim to be registered financial services provider an...

March 9, 2018

Section 26(2) of the Pension Funds Act, 1956 (‘the Act’) empowers the Registrar of Pension Funds (‘Registrar’) to intervene in the management of retirement funds by appointing persons to the board of a fund in certain circumstances.

The Registrar intends establishing a database of persons whom he can appoint in terms of section 26(2) when this becomes necessary. The Registrar will consider candidates who meet at least one or more of the following requirements:

  • Character qualities of honesty and integrity.

  • Knowledge of corporate governance, general management best practices and proven or...

March 8, 2018

The FSB has released a circular (FAIS INFORMATION CIRCULAR 1/2018) to provide information and clarity in respect of the version update of the regulatory examinations insofar as the following two examinations are concerned:

  • RE1: Regulatory Examination: FSPs and Key Individuals in all categories of FSPs

  • RE5: Regulatory Examination: Representatives in all categories of FSPs

Only the two examinations listed above will be affected and will be updated.

The Determination of Fit and Proper Requirements for Financial Services Providers, 2017, was published in Government Gazette No 41321 on 15...

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