Sometimes, something that appears insignificant can have rather important ramifications. The Regulator recently requested all registered short-term insurers who are members of the Short-term Ombudsman (OSTI) to provide full details of personal lines […]
Financial Services Providers who receive client funds are required to conform to very specific requirements in terms of liquidity, as set out in the Determination of Fit and Proper Requirements. In terms of […]
Even a genuine mistake can be costly these days. A FSP recently settled for a fine of R50 000 for not obtaining proper authorisation before disclosing confidential client information to a third party. […]
We frequently receive enquiries about legislative changes, specifically regarding Treating Customers Fairly (TCF) and the Protection of Personal Information Act (POPI). Some product providers have even requested advisors to sign TCF declarations. As […]
The long-standing battle by the Council for Medical Schemes to have gap cover and hospital plans clearly demarcated as insurance, and not medical products, is indicative of its determination to ensure that clients […]
In 2000, the authorities governing our industry placed restrictions on medical aid fees. It was 3% with a cap of R50. Some 14 years later the cap is R69 (last I looked). I […]
We publish below extracts from a document recently published by the Regulator aimed at regulating “advertisements, brochures and similar communications”. A Draft Information Letter, providing guidance to long-term and short-term insurers on the […]
All Category I FSPs who are not obliged to appoint a compliance officer are required to submit the prescribed compliance report for 2013 to the FSB by 28 February 2014. Our popular workshops […]
We are excited to announce the launch of the new Protector Online System. Moonstone Protector is a support service for one-person FSPs who are not required to appoint a compliance officer, but require […]
The Long-term Ombud recently published two examples of excessive charges on endowment policies which confirmed the view that a revision of product provider costs is possibly a bigger problem than advisor fees. This […]
The Review of Retail Distribution has certainly taken an interesting turn from where we thought the Regulator was heading with this very important issue a year ago. The term, “Fees for Service”, implied […]
The introduction of the FAIS Act brought a number of additional layers of cost which providers of financial services had to absorb. The majority of the tentacles of this octopus have compliance written […]
The presentation by the FSB focussed on how the six desired outcomes of treating customers fairly will impact on the industry. For this discussion, we will only focus on three which will affect […]
The Treating Customers Fairly Roadmap provides some guidance to the planned roll out of this initiative, with enforcement indicated as starting in January 2014. The fact that it has its own unique little […]
One would think that the required relationship between key individuals and their representatives are fairly clear. Where a key individual is required, at this time, to have successfully completed the level 1 regulatory […]
The FSB published the information below in FAIS Newsletter 15 of 31 August 2013. It covers some important points concerning PI cover, and addresses questions we receive on a regular basis. We recommend […]
Ons het baie navrae, veral van lesers in die motorhandel, oor hierdie ingewikkelde wetgewing ontvang. In reaksie het ons ‘n kursus ontwikkel om die behoefte aan te spreek. Die eerste kursus word reeds […]
