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Investment Indicators - 19 June 2017 |
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Paul Kruger
Author/Editor |
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Youth is the gift of nature, but age is a work of art - Stanislaw Jerzy
Lec |
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Distributed to 46 837 subscribers.
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clients? |
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An authorised Financial Services Provider FSP no. 731. |
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Rates Review |
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1. Secured Investment Rates |
Please note that (G) indicates a Guaranteed and (L) a Linked product. In order to understand the difference between guaranteed and linked rates,
kindly click here for an explanation. |
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Company |
This Week |
Last Week |
1 |
Absa (L) |
6.449% |
6.481% |
2 |
Assupol (G) |
6.140% |
6.290% |
3 |
Discovery (G) |
5.730% |
5.756% |
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Company |
This Week |
Last Week |
1 |
Assupol (G) |
6.570% |
6.720% |
2 |
Absa (L) |
6.449% |
6.481% |
3 |
Old Mutual Wealth (L) |
6.330% |
6.400% |
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2. Money Market Funds |
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Please bear in mind that our figures, though based on the actual quotations that you also use, are for information purposes only,
and can never replace the official quotation from the product house. In terms of the guarantees, you are requested
to clarify the exact extent of such guarantees with the product house prior to advising clients. |
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From the Crow's Nest |
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R E and Qualifications Fraud |
In a holding statement published on Thursday, 15 June, the Financial
Planning Institute (FPI) responded as follows to a media release by
the FSB:
Falsification of Regulatory Examination Results and Issuance of
Fraudulent Certificates
On behalf of Godfrey Nti, Chief Executive Officer, Financial
Planning Institute (FPI)
“Following the announcement made yesterday, by the Financial
Services Board (FSB), on the high increase of debarment cases in the
last year due the qualification and examination fraud which was
discovered by the Financial Planning Institute (FPI). The
investigation, initiated by the Institute in 2013 and concluded in
2014, uncovered evidence of collusion and falsification against 120
examinations and/or qualification records.
Based on the findings, FPI terminated the employment of the three
employees involved in the scheme. It also reported the matter to the
Financial Services Board (FSB), Insurance SETA (INSETA) and South
African Police Service (SAPS) Commercial Crimes for further
investigation and criminal prosecution against the perpetrators.
Even though none of the suspected examination candidates are members
of FPI, the Institute has a zero tolerance for any act of fraud,
given the high standards that FPI expects of all financial advisors
in the industry. Since the investigation files were handed over, FPI
has cooperated fully with FSB and SAPS to help further their
respective investigations. FPI will continue doing so until criminal
and administrative action has been taken against all the suspected
candidates and ex-employees.
FPI is committed to the highest ethical standards. Its internal
security measures, systems and processes have since been carefully
re-examined and additional security protocols have been implemented
to ensure that this situation never repeats itself.”
FSB Media Statement
On 14 June 2017, the FSB released a media statement titled,
“Regulatory Examination and Wealth Management Qualification Fraud".
“The industry will have seen an increase in the number of debarments
cases over the last year. The main reason for this increase is that
qualification and examination fraud was discovered by the Financial
Planning Institute of Southern Africa (FPI) which has required the
FSB to take action against a large number of individuals.
The fraud case found that specific FPI employees and a number of
candidates were involved in a dishonest scheme that resulted in the
falsification of their examination and/or qualification results and
the issuance of fraudulent certificates.
An initial investigation was conducted by the FPI and criminal
charges were laid against the implicated FPI employees. The FSB was
informed of the matter in 2014 and launched an inspection to gather
evidence against 120 representatives and Key Individuals who had
allegedly benefitted from the fraud. Debarment action commenced in
2015 and is ongoing with at least 60 cases still underway.
The FSB also conducted an audit of the FPI Examination Body’s
internal security measures, systems and processes. Following the
audit, the FSB recommended additional security protocols to ensure
that a similar situation does not arise in the future -
recommendations that the FPI has adopted and implemented.
The FSB continues to work closely with the recognised examination
bodies, to ensure that all security measures are fully functional at
all times. The FSB sees the regulatory examinations and the
authenticity of qualifications as a critical component of the
competency requirements for financial services providers, and as
such the integrity of the examinations and qualifications must be
protected at all times.”
Appeal Board Decision
We recently reported on a case where an appellant felt that a
debarment period of three years was excessive after he was found
guilty of having paid a former employee of an examination authority
an amount of R1 000 in return for a pass result for the RE1 and RE5
examinations after having failed repeatedly.
The Appeal Board, in its decision, felt that the sentence could have
been harsher.
Click here to read the
Moonstone article. |
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FPI Professionals Convention 2017 – Why you need to
attend? |
Whether your career is on the fast track to the top or stuck in a rut,
the international 2017 FPI Professionals Convention, to be held in Cape
Town from 19-20 October, is the place to be this October to get inspired
and forge your own path toward being the professional financial planner
you want to be.
The FPI Professionals Convention, themed “Lead |Inspire| Build
Trust”, has a proud history of hosting the best local and
international speakers on topics that add value to professional
financial planners and advisors, and the customers we serve.
Join us in Cape Town by booking your seat now or to
register visit
www.fpiconvention.co.za. |
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Your Practice Made Perfect |
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Minister signs FIC Amendments |
On 15 June 2017, the Minister of Finance announced the coming into
operation of a number of provisions of the Financial Intelligence Centre
Amendment Act, 2017 (the FIC Amendment Act). There are two important
dates for affected parties to note:
13 June 2017
The first set of provisions commenced on this date. These provisions do
not require changes to existing regulations, exemptions or internal
systems of institutions to enable compliance with the FIC Act. The
provisions deal mainly with information sharing, consultation
arrangements, constitutional concerns relating to inspection powers, and
improved functioning of the FIC Act Appeal Board.
2 October 2017
The second set of provisions will commence on this date. It will give
effect to new concepts and approaches, will require changes to existing
regulations and exemptions under the FIC Act, as well as staff training
and major changes to systems by supervisors, the Office of the Chief
Procurement Officer, and accountable institutions.
Draft Guidance Note
A Draft Guidance Note was developed jointly by the FIC, SA Reserve Bank,
Financial Services Board and National Treasury and released on Thursday.
A further document titled “A new approach to combat money laundering and
terrorist financing” was also released last week for public comment on
how best to implement the new measures.
Consultations
The FIC appreciates the need for a transitional to achieve full
compliance with the FIC Amendment Act after law takes effect. The
relevant supervisory bodies will continue regular engagement with the
relevant industries to determine a timetable for full compliance, and
monitor progress on such compliance.
A document titled
FIC Act Commencement 14 June 2017 contains details of what the
changes entail, as well as links to the related documents.
A document titled
Notice for publication of draft guidance contains links to the draft
guidance note, further consultation documents and the online response
form.
Happy reading, if you do not have someone to do it for you. It is a
daunting prospect. |
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Compulsory Compliance Data Update
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Compliance officers and compliance practices were requested to update
their information with the FS’s Registration Department. The response
was poor, with many letters being returned due to outdated contact
details.
Details must be confirmed by accurately completing the
Confirmation of CO details document and submitting it to
Fais.COapprovals@fsb.co.za.
If no confirmation is received by 30 June 2017, the compliance officers
and/or compliance practices will be viewed as dormant and removed from
the register. Access to the on-line portal will also be suspended.
Enquiries in this regard should also be submitted to the inbox published
above. |
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Regulatory Examinations |
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2017 Schedule updated |
Our venues are filling up fast as we approach 30 June 2017.
Candidates who are obliged to write and pass by the end of June
must please register in time.
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Self-Help Guidelines to make a
booking, download your certificate or view results |
Candidates who wrote with Moonstone can now view their results,
make a new booking or update their information on our website:
www.faisexam.co.za
Here is what you do:
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Click on the
Moonstone FAIS Exam website (www.faisexam.co.za)
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Click on the
second heading: “Update Your Booking/Personal Details/Get
results”.
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Key in your ID or
Passport Number used to register for the exam: click on Send
password.
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The system will
send a password to the e-mail address you provided at
registration.
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Use this password
to log in on the same address as above:
Type in the password – do not copy and paste.
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Click login.
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You will then be able to make a booking, download your
certificate or view results.
Frequently Asked RE Questions
Email enquiries should be addressed to
faisexam@moonstoneinfo.co.za. You can phone us on
021 883 8000 - select option 2 to speak to one of our
consultants. |
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Careers Platform
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- enjoys an average of 15 000 visits and approximately 39 000 page views per month. |
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Featured Positions |
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In Lighter Wyn |
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Daa’s mos net een plekkie… |
Round three of our “Weskus Wysheid” series. This one from from Roche
Cowley:
Polisie: “Klop klop.”
Aubrey: "Wie’s daa?"
Polisie: "Dis die Polisie."
Aubrey: "Wat de @#$ soek djulle?"
Polisie: "Ons wil praat."
Aubrey t: "Hoeveel is djulle?"
Polisie: "Daa’s twie van ons."
Gammat: "Nou @#$ praat dan met mekaar!"
Pearl of wisdom
Aphorisms - a concise statement of truth
Thanks, Brian Jenions
• If at first you don't succeed, skydiving is not for you.
• Red meat is not bad for you - Fuzzy green meat is bad for you.
• Artificial intelligence is no match for natural stupidity.
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Tel: +27 21 883 8000 | Fax: +27 21 883 8005
info@moonstoneinfo.com
www.moonstone.co.za
P.O. Box 12662, Die Boord, Stellenbosch, 7613, Republic of South Africa
Disclaimer:
Services and products advertised by external product suppliers in
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does not endorse any opinions, conclusions, data, products, services
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or the sending of e-mail communications for other than strictly
business purposes.
The complete disclaimer can be accessed
here. |
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