Although the financial services sector is backed by a sound regulatory and legal framework, not enough is being done to ensure full transparency in terms of investment management fees. It is almost impossible […]
The results of two surveys in the financial services industry were recently published by CoreData, a firm who conducts research in banking, mortgages, retail saving, pensions, asset management and the financial advisory sector. […]
There was a time when actuaries at product houses spent endless hours developing a product, packaging it, and then sending it to the marketing division with the message: “Go out there and find […]
Moonstone Intellectual Capital (Pty) Ltd is an INSETA accredited Training Service provider. We provide training solutions for FSPs in all major licence categories. As part of our holistic approach, we conduct a thorough […]
Managing your practice in terms of the FAIS Act and the General Code of Conduct may be time-consuming, but at least there is a set of rules to guide you. The advent of […]
We often receive emergency calls for assistance from FSPs who suddenly discover that they are short a template or two. This usually happens when they complete their annual compliance report, or as a […]
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 […]
