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Client must be reimbursed, High Court orders

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Moonstone Monitor |  30 March 2023

IN THIS WEEK'S ISSUE Top story
Financial services firm caught in email fraud must reimburse client
In the news

• Enrol in our entry-level qualifications in insurance or financial planning •
Why the High Court rejected PSG Wealth’s defences against liability for client’s
loss • Prosecutions and jail time ‘is the test SA must pass to get off the grey
list’ • Beneficial ownership disclosure requirements about to take effect •
Habib curatorship unrelated to overseas banking crisis, says Sarb • MPs get more
time to obtain legal opinions on NHI Bill

Learn with MBSE

• CPD – We are an authorised CPD provider • Class of Business training
• Short courses – Popia, NCA, Fica, Entrepreneurship • Accredited qualifications
– NQF 4 to NQF 8

Careers Platform

• Advertising packages • Industry positions • Moonstone positions

In Lighter Wyn

• Universal laws

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ADVERTORIAL
South Africa’s retirement fund landscape is at the very least, undulating

There have been several significant changes to South African retirement fund
administration in recent years, including additional regulations in terms of
Section 36 of the PFA, (default regulations), the demise of the cash retirement
proceeds of provident funds in 2021 (T-day), and the deferred changes in the
usage of retirement fund assets for short-term savings (Two-pot system).

Your retirement fund administrator must be on top of all these vagaries and
exceptions. Book a presentation of GTC’s complete retirement fund administration
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Visit our website at www.gtc.co.za.

TOP STORY Financial services firm caught in email fraud must reimburse client
Hacker gets away with R800 000 after duping PSG Wealth employees twice within 10
days.
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IN THE NEWS Enrol in our entry-level qualifications in insurance or financial
planning

With our FETC qualifications, you can study further even if you don’t have a
matric certificate.

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IN THE NEWS Why the High Court rejected PSG Wealth’s defences against liability
for client’s loss

PSG contended its liability for loss could not include instances where the
client’s computer was hacked because of his negligence.

Top of Page

IN THE NEWS Prosecutions and jail time ‘is the test SA must pass to get off the
grey list’

Intellidex cautions against putting false confidence in exact numbers of the
economic impact of grey-listing.

Top of Page

IN THE NEWS Beneficial ownership disclosure requirements about to take effect

Companies will have to file information with the CIPC about the natural persons
who are the beneficial owners of the company.

Top of Page

IN THE NEWS Habib curatorship unrelated to overseas banking crisis, says Sarb

Habib Overseas Bank has failed to comply with financial sector regulations,
including strict exchange control rules, it says.

Top of Page

IN THE NEWS MPs get more time to obtain legal opinions on NHI Bill

This comes after opposition MPs walked out of the Portfolio Committee on Health
in protest.

Top of Page

CAREERS PLATFORM - INDUSTRY POSITIONS  

• Senior Investment Analyst/Senior Para Planner: Global & Local Investment
Advisors, Auckland Park, Johannesburg. Global & Local Investment Advisors is
looking for an experienced Senior Investment Analyst/Para planner who is willing
to work smart and grow with the company.

• Representatives and brokers: Manage All (Pty) Ltd, Pretoria and countrywide.
Manage All is an established and authorised financial services provider
specialising in Healthcare and Gap Cover products. Applicants must have a
reputable track record in the financial services industry and must be fluent in
Afrikaans and English.

• Short and Long-term Financial Adviso: Vulindlela Financial Services,
Centurion. Vulindlela Financial Services is based in Centurion and has
experienced steady growth in the short and long-term markets. We have an
exciting new position available and are looking for a motivated and energetic
individual to join our dynamic team.

• Provincial Sales Manager: Life Mass Market: iMas Insurance Brokers (Pty) Ltd,
Bellville, Western Cape. The ideal candidate will oversee the end-to-end
operational management of the Western Cape region. We require a minimum of 4
years’ operational sales experience in life insurance products in the Life Mass
Market sales and 3 years’ managerial experience in life insurance products in
the Life Mass Market.

• Sales Manager: Business Insurance: iMas Insurance Brokers (Pty) Ltd,
Centurion, Pretoria. We are looking for a qualified and experienced individual
to manage a team of Independent Contractors. We require at least 4 years'
operational experience in business insurance sales and 3 years' managerial
experience in business insurance.

CAREERS PLATFORM - MOONSTONE POSITIONS  

• For career opportunities currently available at Moonstone please click the
button below.

Top of Page

IN LIGHTER WYN Universal laws

Law of Mechanical Repair: After your hands become coated with grease, your nose
will begin to itch, and you’ll have to go to the bathroom.

Law of Gravity: Any tool, nut, bolt or screw, when dropped, will roll to the
least accessible corner.

Law of Probability: The probability of being watched is directly proportional to
the stupidity of your act.

Law of Random Numbers: If you dial a wrong number, you never get a busy signal,
and someone always answers.

Law of the Alibi: If you tell your boss you were late for work because you had a
flat tyre, the very next morning you will have a flat tyre.

Variation Law: If you change lines or traffic lanes, the one you were in will
always move faster than the one you are in now.

Law of the Bath: Once your body is fully immersed in water, the phone will ring.

Law of Close Encounters: The probability of meeting someone you know increases
dramatically when you are with someone you don’t want to be seen with.

Law of the Result: When you try to prove to someone that a machine won’t work,
it will.

Law of Biomechanics: The severity of the itch is inversely proportional to the
reach.

Law of the Cinema and Stadium: At any event, the people whose seats are furthest
from the aisle, always arrive last. They are the ones who will leave their seats
several times to go for food or drinks, or to the toilet, and who leave before
the movie or the game is over. The people in the aisle seats come early, never
move once, have long gangly legs or big bellies, and stay to the bitter end. The
aisle people also are very surly.

The Coffee Law: As soon as you sit down to a cup of hot coffee, your boss will
ask you to do something, which will last until the coffee is cold.

Murphy’s Law of Lockers: If there are only two people in a locker room, they
will have adjacent lockers.

Law of Physical Surfaces: The chances of an open-faced sandwich landing face
down on a floor are directly correlated to the newness and cost of the carpet or
rug.

Law of Logical Argument: Anything is possible if you don’t know what you are
talking about.
Brown’s Law of Physical Appearance: If the clothes fit, they’re ugly.

Oliver’s Law of Public Speaking: A closed mouth gathers no feet.

Wilson’s Law of Commercial Marketing Strategy: As soon as you find a product
that you really like, they will stop making it.

Doctor’s Law: If you don’t feel well, make an appointment to go to the doctor.
By the time you get there, you’ll feel better. But if you don’t make an
appointment, you’ll stay sick.

Paul Kruger’s Law of Bargains and Sales: None of the items in which I am
interested is available in my size.
.




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Contact

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+27 21 883 8000 | Fax: +27 21 883 8005 info@moonstoneinfo.com
www.moonstone.co.za

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