Complaints Management the TCF way
Two important FSB documents which saw the light this week see a firm shifting of Treating Customers Fairly (TCF) from a theoretical basis to a practical one. The publication of the TCF Complaints […]
Best Practice
SARS pays back R10bn, but some taxpayers’ refunds are being withheld
Taxpayers should inform SARS if they have been unemployed for a full year or longer, to avoid being flagged as non-compliant.
Read moreDOFA and New Product Lines
The answer to a question received from a subscriber may be of interest to many others: “If a rep has only worked on life products and has a Date of First Appointment of […]
A Fine Balancing Act Required
An incisive article by Peter Bruce in Business Day, “When fear and loathing trump nuance” takes a look at the bigger picture of collusion in the light of the latest probe into car […]
Think TCF Part Six
Outcome Six: After Sales Service The final outcome requires that clients do not face unreasonable post-sale barriers to change product, switch provider, submit a claim or make a complaint. The word “unreasonable” is […]
FSB Licence Applications
At the recent regulatory exams in London, it came to our attention that firms operating in the UK and other countries experience substantial problems when applying for licences to operate in South Africa. […]
Closing the Loop
In view of an article I wrote some time ago, a radio station approached me this week to take part in a discussion concerning investments that offer exceptional returns. I politely declined as […]
Think TCF Part Five
Outcome 5 of Treating Customers Fairly requires that “Clients have products that perform as FSPs told them it would, and the service is at an acceptable standard, and what they expect.” It is […]
Think TCF Part Four
Outcome 4 of Treating Customers Fairly requires that, where clients receive advice, the advice is suitable and takes account of their circumstances. The apparent simplicity of this statement is very misleading. The guide […]
New Directive from the FIC
Section 29(3) of the Financial Intelligence Centre Act states that all persons who submitted or are obliged to submit a report, may not disclose that fact or any information regarding the contents of […]
Tax free savings accounts
The information below was extracted from the draft explanatory memorandum on the Taxation Laws Amendment Bill, 2014, published on 17 July 2014. Tax free savings accounts are proposed from 1 March 2015 as […]
Consumer Credit Insurance Workshop
The National Treasury and Financial Services Board invites the public to attend a Consumer Credit Insurance (“CCI”) workshop which will discuss the findings and focus areas arising from the “Technical Report on the […]
South Africa’s securities regulation tops the world
The regulation of securities exchanges in South Africa was ranked first in the world, for the fifth time in a row, in the World Economic Forum (WEF)’s 2014/2105 Global Competitiveness Report. This is […]
FedGroup Views on Guarantees
By John Field, CEO FedGroup The recent crisis enveloping African Bank brings to mind the 2002 banking crisis that crippled Saambou – similarly hobbled by risky micro-lending practices. Despite African Bank performing well […]
Qualifications Deadline
A representative appointed after 1 January 2010 for the first time, and for the specified sub-categories, is required to have an approved qualification as part of the fit and proper requirements. If he does not, […]
FICA Exemption
The Financial Intelligence Centre published Public Compliance Communication (PCC) 29 to provide guidance on the application of Exemption 4 of the FIC Act which provides for the reliance by one accountable institution (the […]
Sixty Years on
This Elton John song came to mind when I read two publications on retirement planning last week: “Who’ll walk me down to church when I’m 60 years of age/When the ragged dog they […]
