http://www.itinews.co.zaThe complete South African Financial Services News and Information PortalCopyright (C) 2006editor@itinews.co.zawebmaster@itinews.co.zaenITINews RSS Generatorhttp://www.itinews.co.za/companyview.aspx?cocategoryid=4&companyid=50&itemid=A942EA4E-4C53-4033-9871-4561D9315616Accurate record keeping is not just about compliance - Failure to comply with the Financial Advisory and Intermediary Services Act (FAIS) can result in hefty fines or possible closure by the Financial Services Board (FSB) for any Financial Services Provider (FSP) or financial intermediary who does not ensure an accurate record of all services rendered or advice offered, and securely store the information for up to five years.editor@itinews.co.za (Candice Hellriegel)Mon, 28 Nov 2011 12:00:00 AM GMThttp://www.itinews.co.za/companyview.aspx?cocategoryid=4&companyid=22393&itemid=F96FE363-2F7A-4683-B428-88DEFFC1D1CFCIPRO may have made you disappear . . . - Over the last few weeks we have received a number of enquiries from clients who have discovered in one way or another, that the registration of their company or close corporation has been cancelled by CIPRO.alan@cmsys.co.za (Alan Holton)Fri, 05 Mar 2010 12:00:00 AM GMThttp://www.itinews.co.za/companyview.aspx?cocategoryid=4&companyid=22393&itemid=8B4523FA-4AE1-4A68-BA65-8D09999F4B17The Office of the FAIS Ombud is a creature of statute and has no inherent powers - Section 173 of the Constitution grants the Constitutional Court, the Supreme Court of Appeal and High Courts the inherent power to protect and regulate their own process, and to develop the common law, taking into the account the interests of justice.alan@cmsys.co.za (Alan Holton)Fri, 12 Feb 2010 12:00:00 AM GMThttp://www.itinews.co.za/companyview.aspx?cocategoryid=4&companyid=22393&itemid=9D301917-B486-4B8F-8BA9-261DDCD56AD5JDG Trading and other favoured folk have 2 more years to get their FAIS qualifications - Board Notice 173 of 2009 grants JDG Trading, Ellerine Furnishers, Lewis Stores and Shoprite Checkers a special exemption until December 2011 for their representatives to obtain their qualification requirements set out in the Determination of Fit and Proper Requirements 2008.alan@cmsys.co.za (Alan Holton)Thu, 14 Jan 2010 12:00:00 AM GMThttp://www.itinews.co.za/companyview.aspx?cocategoryid=4&companyid=22393&itemid=62F89B68-D8BE-45F0-9642-C0513770F151Providers who fail to manage risk do so at their peril - Financial services providers - no matter how small or limited in scope their business may be - who ignore the implementation of proper regulatory risk management programmes, are taking unnecessary chances. Ignoring this responsibility will not make it go away. alan@cmsys.co.za (Alan Holton)Wed, 08 Jul 2009 12:00:00 AM GMThttp://www.itinews.co.za/companyview.aspx?cocategoryid=4&companyid=22393&itemid=CB3C5125-EC12-4B7A-965A-CCCD9F169344Independent Compliance Officer Network - SA - The newsletter from ITInews on Monday 16th March that was critical of the FAIS Department of the FSB has resulted in literally hundreds of angry and indignant responses from providers and compliance officers alike. alan@cmsys.co.za (Alan Holton)Mon, 23 Mar 2009 12:00:00 AM GMThttp://www.itinews.co.za/companyview.aspx?cocategoryid=4&companyid=22393&itemid=BE57480F-CF4B-4C1E-913C-35B3B0D67A6DMany believe that the financial service profession is severely over-regulated - Bureaucracies are inherently antidemocratic. Bureaucrats derive their power from their position in the structure, not from their relations with the people they are supposed to serve. The people are not masters of the bureaucracy, but its clients. Alan Keyesalan@cmsys.co.za (Alan Holton)Mon, 16 Mar 2009 12:00:00 AM GMThttp://www.itinews.co.za/companyview.aspx?cocategoryid=4&companyid=22393&itemid=C722D876-64B8-4198-98E1-B0AD13667F8EThe Ombud has had more to say subsequent to his ruling in the matter of Naidoo vs. ABSA Brokers. - The determination of the FAIS Ombud, Mr Charles Pillai, in the matter of Naidoo vs. ABSA Brokers has resulted in a spate of articles in the financial services media who seem to enjoy submerging themselves in salacious words used by the Ombud such as 'swelling the coffers of insurers". This is done at the expense of accurate reporting of the real and important issues that matter.alan@cmsys.co.za (Alan Holton)Wed, 03 Dec 2008 12:00:00 AM GMThttp://www.itinews.co.za/companyview.aspx?cocategoryid=4&companyid=22393&itemid=8CBEB2FD-6303-4FD6-9DD3-15C1A93F3A15A busy regulator has been changing the Fit and Proper requirements for providers, key individuals an - In Douglas Adam's "Hitchhiker's Guide to the Galaxy" the Earth is destroyed by Vogons during the course of routine inter-galactic highway development. Vogons are notorious for their aggressive manner and terrible poetry. Vogons are described as officiously bureaucratic, a line of work at which they perform so well that the entire galactic bureaucracy is run by them.alan@cmsys.co.za (Alan Holton)Wed, 29 Oct 2008 12:00:00 AM GMThttp://www.itinews.co.za/companyview.aspx?cocategoryid=4&companyid=22393&itemid=50DC0B3F-8321-485B-8434-8C2D63BAEA92Category I Providers with compliance officers must file their reports by the 15th August 2008 - Like last year's compliance report, the questions are searching and have serious implications if answered incorrectly.alan@cmsys.co.za (Alan Holton)Wed, 11 Jun 2008 12:00:00 AM GMT