Tag archives: Financial services

COVID-19: Checklist of actions for Financial Services firms to consider

By Desiree Reddy (ZA) on March 24, 2020 Posted in General

The speed at which the COVID-19 situation is evolving means that financial services firms are having to work rapidly to ensure that their business services can continue to operate. Effective and successful management of crises such as these is directly related to how well prepared organisations are to respond. In light of the developing situation, … Continue reading

Financial Service Provider has to pay back customer who was hacked

By Rosalind Lake (ZA) and Priyanka Naidoo on March 22, 2020 Posted in General

On 18 March 2020 the Supreme Court of Appeal found that funds were improperly transferred by a financial services provider (FSP) when it received fraudulent instructions from a hacker posing as its client because there was no signature on the instruction as required by the mandate. The FSP therefore acted without receiving proper instructions and … Continue reading

Asset management in South Africa – Ten things to know

By Shawn Barnett (ZA) on March 18, 2018 Posted in Banking

1. Licensing of asset managers South African asset managers must register as financial service providers (FSPs) with the Financial Services Board (FSB) under the Financial Advisory and Intermediary Services Act (FAIS). Any person carrying on asset management business in South Africa, or from abroad directed at South African clients, whether in a discretionary or non-discretionary capacity … Continue reading

Policy amendment and events

By Raynold Tlhavani (ZA) on April 22, 2016 Posted in Insurance

The March 2016 ruling of the ombud for financial services providers in Khoza v Bensure Management Services is worth reading because it reminds us of an FSP’s obligations regarding an amendment to a policy and the meaning of the word “event”. The complainant took out a Journey policy through the FSP which entitled her to … Continue reading

FSB can’t challenge the decision of appeal board

By Michelle David on April 4, 2016 Posted in General

The appeal board established under the Financial Services Board Act overturned a decision made under section 14 of the Pension Fund Act by the Registrar of Pension Funds to permit a transfer of business by a pension fund. The court held that the registrar does not have legal standing to take the appeal board decision on … Continue reading

Financial services: Regulation tomorrow

By Simon Lovegrove (UK) on November 10, 2014 Posted in Banking, General

Our popular multinational Financial services: Regulation tomorrow blog offers a convenient worldwide resource for those keeping track of the evolving and complex financial services regulatory environment. It reports on a broad range of financial services regulatory developments and provides insight and commentary across Australia, Canada, the UK/EU and the United States. The blog also features … Continue reading