The new Rules also incorporate the proposal to raise the Ombud’s jurisdictional limit from R800 000 to R3.5 million.
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The FSB Insurance Division’s recent Seminar focused on planned conduct of business regulatory and supervisory developments in the insurance sector. Many of these developments are driven by three overarching objectives, including redesigning the […]
Insurance Bill B1B, as amended by the Standing Committee on Finance was passed in the National Assembly on 28 November 2107. It will now be referred to the National Council of Provinces for consideration. The […]
The term ‘risk based and proportionate’ is one of the important cornerstones of how market conduct will be assessed and regulated in future. The following possible sources of conduct risk were identified: Culture […]
At the end of last year’s Insurance update from the FSB, Jonathan Dixon said: “We had better fasten our safety belts – this is going to be rough year”, or words to that […]
The 2016-2017 Annual report notes the following trends in complaints received from the public. The number of complaints that relate to short-term insurance policies far exceed those from any other product category of […]
The Registrar has published proposed amendments to the General Code of Conduct for Authorised Financial Services Providers and Representatives, 2003 and proposed amendments to the Specific Code of Conduct for Authorised Financial Services […]
Regulation 28(2), published in terms of the Medical Schemes Act, now effectively reads as follows: “Subject to sub-regulation (3), the maximum amount payable to a broker by a medical scheme in respect of […]
In future, insurers will have to submit credit information in order to continue accessing consumer credit reports from credit bureaux. On 3 November 2017, the National Credit Regulator (NCR) published its final guideline […]
Perceived disparities between remuneration for tied agents and independent advisers have been a bone of contention for ages. The Registrar also expressed concerns about the possibility of using remuneration, other than commission, to […]
Moneyweb’s editor, Ryk van Niekerk, published an article of interest to those who invested in Sharemax, and hold debentures in Nova. There is currently a proposal for a Section 155 Scheme of Arrangement, which […]
The proposals for amendments to the General Code of Conduct (GCoC), published in November 2017, expand substantially on the Regulator’s expectations in terms of how complaints are handled. Exactly three years ago we published […]
The FSB responded as follows to two articles we recently published on these topics. In your articles, “Sticking to the script?” and “FSB Fit and Proper Requirements: Qualifications and execution of Sales”, published […]
This question will be answered on 30 November, when the J C Mostert / L Landman appeal against a determination by the FAIS Ombud Appeal is heard by the FSB Appeal Board. We believe […]
Market indications are that the final Fit and Proper Regulations are due for publication any day now. These regulations form an important part of the knowledge tested in the Regulatory exams. Changes to […]
The Financial Intelligence Centre recently sent a guidance note to all Accountable Institutions to assist them in assessing their readiness to comply with the amended legislation which came into effect on 13 June and […]
Some of the harshest criticism of the Financial Sector Regulation Act concerns cost, with some claiming inadequate impact assessment, specifically as far as cost is concerned. Caroline Da Silva,acting Deputy Executive Officer for […]
