B2B Central

FSB

07 Feb 2020

FSCA warns the public against Financial Services Board impersonators

By Janice Roberts

The Financial Sector Conduct Authority (FSCA) warns the public against a company called Western Loan Finance. The company falsely uses the now defunct Financial Services Board (FSB) name and brand to defraud members of the public by offering them opportunities to receive financial loans.

06 Nov 2019

Cobus Kellerman cleared: FSCA

By Janice Roberts

The FSCA has released the following update on the inspection into the affairs of financial services providers linked to Jacobus Kellermann.
11 Apr 2018

Bye bye FSB, hello FSCA

By Janice Roberts

By Shayne Krige, direct and head of invesemtns funds at Werksmans Attorneys.​ As of 1 April 2018, there is a new sheriff for the South African financial services sector. The Financial Services Board (FSB) has been replaced by the Financial Sector Conduct Authority (FSCA).  Here are five things you need to know about this development. The change from the...
04 Apr 2018

SA's Financial Sector Regulation Act in force from 1 April 2018

By Janice Roberts

By Patrick Bracher, Norton Rose Fulbright. Most sections of the Financial Sector Regulation Act 2017 were brought into force from 1 April 2018. This step was anticipated as the first step towards the commencement of the new Insurance Act on 1 July 2018.
29 Mar 2018

New twin peaks regulators established

By Janice Roberts

On 1 April 2018, South Africa’s financial regulatory system will fundamentally change, as two new regulators come into operation – the Prudential Authority (PA) and the Financial Sector Conduct Authority (FSCA). This implements a new Twin Peaks model of financial sector regulation in South Africa. National Treasury said in a statement today that the Minister...
28 Mar 2018

National Treasury publishes Foreign Member Funds Framework for comment

By Janice Roberts

The National Treasury (NT) today publishes for comment the Foreign Member Funds Framework to be declared by the Minister of Finance in terms of the Collective Investment Schemes Act (Act 45 of 2002). In the 2014 Budget, the Minister of Finance announced the introduction of an alternative class of investment funds called foreign member funds...
26 Mar 2018

FAIS Act and Twin Peaks cost billions and add nothing: FMF

By Janice Roberts

  The Financial Advisory and Intermediary Services (FAIS) Act, effective in 2004, was supposed to be a significant advance in protecting unsuspecting consumers from ‘rogues’ in the Financial Services sector who were ‘mis-selling’ unsuitable insurance policies and causing a high lapse rate (when a policy is not renewed or is discontinued), the Free Market Foundation...
20 Oct 2017

What customers want… Why trust is the cornerstone of financial planning

By Janice Roberts

Regulators and financial planning professionals agree – financial sector regulation must promote access and inclusivity; ensure positive financial outcomes for consumers; and promote trust in advice, the financial planning profession and financial products. This is the message from a panel debate on regulatory change, held on the first day of the 2017 FPI Professionals Convention...
04 Aug 2017

MylifeMymoney Financial Literacy Speech Competition 2017 launched

By Janice Roberts

Following the successful inauguration in Gauteng last year, the Financial Services Board (FSB) launched the second leg of the ‘MylifeMymoney’ financial literacy speech competition at Midrand High School this week.
25 Jul 2017

What financial advisers will need to consider

By Janice Roberts

By Richard Rattue, Managing Director, Compli-Serve SA. Market Conduct regulations are coming to a place near you soon. Do you know how the changes could impact your advisory business?
23 Jun 2017

FSB fines Smart Life R150 000

By Janice Roberts

The Registrar of Long-term Insurance (the Registrar) referred a case against The Smart Life Insurance Company Limited (Smart Life) to the Enforcement Committee of the Financial Services Board.
15 Jun 2017

FSB takes action against false examination/qualification records

By Janice Roberts

  The financial planning industry will have seen an increase in the number of debarments cases over the last year, the Financial Services Board (FSB) said in a statement yesterday afternoon. The main reason for this increase is that qualification and examination fraud was discovered by the Financial Planning Institute of Southern Africa (FPI) which...