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ASIC

ASIC has permanently banned Gold Coast based financial adviser Mr Satvir Singh Birk from providing financial services.

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LegalBrief

Experts believe unconventional payments made by Gupta-owned Sahara Computers into offshore accounts could point to alleged money laundering, says a Business Day report. Information on the payments is contained in leaked e-mails linked to the Guptas, their associates and companies, notes the report.   more  >>

Business Day

Short-term insurer MiWay is considering legal action against a disgruntled policyholder who it believes faked a racist e-mail, making it appear a MiWay staff member wrote the e-mail.   more  >>

Parliament will be conducting public hearings from 14-16 August to get input from the public and stakeholders in the healthcare industry on the department’s NHI policy proposals.   more  >>

LegalBrief reports that England’s Solicitors Disciplinary Tribunal has approved a fine of £250 000 on international firm White & Case for failures over conflict of interest and client confidentiality. The penalty is the biggest ever issued against a single firm at the tribunal and followed an investigation by the Solicitors Regulation Authority, says a Law Gazette report.   more  >>

Francois Viviers, Capitec Bank

Financial technology (Fintech) is transforming the way we bank by combining machine learning, behavioural economics and Big Data to understand what drives our decision making, enhance financial literacy, facilitate seamless transactions, and drive the use of crypto-currencies like Bitcoin. Digital disruptor Capitec Bank is spearheading the use of cognitive computing in South Africa by partnering with global leaders in financial innovation.

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Moneyweb, Patrick Cairns

In many respects the South African financial services industry is in a fortunate position. Since regulation here has tended to follow quite closely what has been implemented in the UK, local businesses often have a good sense of what the impacts will be.
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FATF

G20 Leaders at the summit in Hamburg on 7-8 July, expressed their determination to fight terrorist financing. The FATF reported to the G20 on its ongoing efforts in this area, including work to increase transparency and beneficial ownership of legal persons and legal arrangements, and to strengthen the FATF’s governance and institutional basis.

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FCA

The Financial Conduct Authority (FCA) this week published the Terms of Reference for the Investment Platforms Market Study, which sets out the scope and topics that will be covered.

Investment platforms are increasingly used by consumers and financial advisers to access retail investment products and to manage investments. The platform market has steadily grown over the last 8 years, with Assets Under Administration (AUA) for both adviser and direct platforms increasing from £108 billion in 2008 to £592 billion in 2016.


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FCA

The FCA is concerned that payment institutions and e-money institutions may have used currency converter tools in relation to their currency transfer services[1] in a misleading way. Tools which convert currency at the interbank rate may be used in such a way as to give consumers the misleading impression that the rates shown are available to them, rather than the materially inferior rate that they are likely to achieve...   more  >>

Business Day

If you have a good job overseas‚ living in a country where the tax rate is 25%‚ but your salary falls into SA’s 45% tax bracket‚ the taxman now wants to come after you to collect the difference of 20%.

The comment deadline on the draft law is August 18 2017. It is set to take effect from March 1 2019.
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Access is restricted to logged-in subscribers - click to log in  SARS penalty surprises [19-Jul-2017]

Moneyweb, Amanda Visser

Moneyweb reports that penalties range between R250 and R16 000 – depending on taxable income.   more  >>

Richard Rattue, Compli-Serve SA

It is almost impossible to ignore robo-advice creeping in to the financial services space and financial services providers (FSPs) should be looking to ways to keep up with the changing times, particularly to stay in consideration and current for millennial investors.


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By Alessia Maxwell and Christina Pretorius, Norton Rose Fulbright South Africa Inc.

The Financial Services Board amendments to the JSE Listings Requirements (board notice 52 of 2017) which are now in effect, are primarily focused on two aspects:...

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Moonstone, Paul Kruger

In a recent Appeal Board case, the FSP appealed against the FSB’s decision to debar her for five years.

One of the grounds she raised was that her secretary failed to inform her of a notification from the FSB informing her of the Registrar’s intent to suspend her licence as she failed to submit a compliance report, and also did not pass the required RE 1.

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FCA

The UK Financial Conduct Authority (FCA) has today published the interim findings of the Retirement Outcomes Review. Launched in July 2016, this is the first major comprehensive study into how the retirement income market is changing since the pension freedoms.
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UK's FCA

The Financial Conduct Authority (FCA) has hired additional general and legal staff ahead of what chief executive Andrew Bailey told the regulator's Annual Public Meeting today was a 'tight' Brexit deadline.
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SEC

The US Securities and Exchange Commission today brought fraud charges against 13 individuals allegedly involved in two Long Island-based cold calling scams that bilked more than one hundred victims out of more than $10 million through high-pressure sales tactics and lies about penny stocks.


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ASIC

The Australian Securities and Investment Commission (ASIC) has banned Perth financial adviser Jason Sean Atkins from providing financial services for a period of three years.   more  >>

FCA

The UK's Financial Conduct Authority (FCA) recently fined David Watters £75,000 for failing to exercise due skill, care and diligence in his role as compliance oversight officer, firstly at FGS McClure Watters (FGS) and then Lanyon Astor Buller Ltd (LAB).


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Free Market Foundation

Gary Moore, a lawyer and researcher with the Free Market Foundation, highlights here that FAIS has been a massive failure, ratcheting up huge bills for intermediaries and removing the opportunity for financial advice from many people. He asks whether legislation that will replace FAIS will be an even greater financial disaster. – Jackie Cameron
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Twin Peaks financial law will create a massive bureaucracy while destroying much of the financial services industry- Free Market Foundation [18-Jul-2017]

IOL, Martin Hesse

TOWARDS the end of last month, an important piece of financial legislation was passed by Parliament and sent to President Jacob Zuma to sign into law. Although it will not immediately affect you, as a consumer, it has been designed to provide you with more comprehensive protection when you deal with financial services providers and use their products.

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LegalBrief

The big four banks could each be forced to pay more than R60m a year in fees to regulators under the Financial Sector Regulation Bill if a draft levies Bill is adopted in its current form. Excessive regulatory costs would be passed on to consumers and would compromise financial inclusion, said the DA’s David Maynier. A Business Day report says the DA opposed the Bill – also known as Twin Peaks – in the National Assembly...   more  >>

LegalBrief

Complying with the Financial Intelligence Centre Act (Fica) will also be costly for banks, according to representatives from the Banking Association of SA, notes a Fin24 report. The Bill gives effect to standards set out by the Financial Action task Force (FATF) to stop money laundering, illicit financial flows and the funding of terrorism.   more  >>

A Ugandan bank manager has been sentenced to 10 years' imprisonment for his role in an elaborate scam which saw $1.55m siphoned from the accounts of two clients in South Sudan two years ago.   more  >>

FSB

The Financial Services Board (FSB) warns the public to act with caution when dealing with Mr Brendon Raverndren Naidoo purporting to be affiliated with Phoenix Wealth Management (Pty) Ltd, FSP 41200.   more  >>

FSB

The Financial Services Board (FSB) warns the public to act with caution when dealing with Mr Twala Abram Sibiloane, a person purporting to be registered as a financial services provider. Mr Twala Abram Sibiloane is not authorised in terms of the Financial Advisory and Intermediary Services Act, 2002 (FAIS Act), to render any financial advice and intermediary services.
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