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Feb 12 2012 10:22
New South African banknotes will bear the image of former president Nelson Mandela, President Jacob Zuma has announced.
Feb 10 2012 18:19
The rand tumbled against the dollar in late afternoon trade as the local currency tracked a jittery euro.
Feb 10 2012 17:28
President Jacob Zuma will make an announcement "of national importance" on Saturday, says a central bank statement.
Cape Town - About one-tenth of the financial planners and brokers who recently received fines from the Financial Services Board (FSB) had received them in error because of administrative problems at the controlling body.
Gerry Anderson, deputy registrar for financial services providers at the FSB, said at least 90% of the more than 1 000 financial services providers who were sent letters a month ago had not supplied the information required by the FSB in terms of their licensing conditions.
A month ago the FSB sent out letters about outstanding information and said that it intended imposing fines. This caused great consternation because many brokers claimed they had already submitted the required information.
Anderson declared that the FSB "definitely" did not have IT problems. In his view the errors were related to the record-keeping system that had at one point been faulty.
He believes that of the more than 14 000 registered financial services providers, about 85% have complied with the law. More letters will still be sent out.
Financial services providers have to submit financial statements and compliance reports every year. The letters were sent out requiring overdue information relating to 2005 to 2007. Those to whom letters were sent had failed to submit one of six reports.
- Sake24.com
For more business news in Afrikaans, go to Sake24.com.