Tag archives: FSP

FSCA clamps down on FICA non-compliance

Photo of Desiree Reddy (ZA)By Desiree Reddy (ZA) on Posted in Banking
Financial services providers (FSPs) registered under the Financial Advisory and Intermediary Services Act 2002 fall within the ambit of ‘accountable institutions’ under the Financial Intelligence Centre Act 2001. As accountable institutions, these FSPs are obliged to comply with the FIC Act and are subject to oversight by the FSCA. The FSCA has recently investigated compliance with … Continue reading

Financial Service Provider has to pay back customer who was hacked

Photo of Rosalind Lake (ZA)Photo of Priyanka NaidooBy Rosalind Lake (ZA) and Priyanka Naidoo on 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

Photo of Shawn Barnett (ZA)By Shawn Barnett (ZA) on 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

The duty of financial service providers

Photo of Raynold Tlhavani (ZA)By Raynold Tlhavani (ZA) on Posted in Insurance
The December 2015 determination of the Ombud for Financial Service Providers in De Hoop Steenwerwe v Finmar Makelaars reminds us of the duties imposed on FSPs by the FAIS Act and the FAIS General Code. Central to the complaint in this case was the FSP’s failure to update the sum insured under the business interruption section of … Continue reading

Policy amendment and events

Photo of Raynold Tlhavani (ZA)By Raynold Tlhavani (ZA) on 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
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