Treating Customers Fairly in Action
TCF is closer than we think. It appears to be on the FSB’s radar screen already, despite expectations that it will only become a reality next year. In an article we published on […]
Compliance and Legislation
People’s expenses change in retirement. Shouldn’t their income too?
Conventional wisdom says that living expenses rise uniformly with inflation, so many financial plans are based simply on that. But analysing the spending patterns of retirees shows us that the data tells a different story.
Read moreFAIS Ombud Extends her Reach
We have long bemoaned the fact that determinations by the Ombud seemed to involve the advisor only, and not the product provider. In the recent Bekker determination, the Ombud makes the following point: […]
FSB Information Letter 3 on Binder Regulations
The purpose of the document is to provide guidance on: Activities that constitute binder functions Remuneration payable by the insurer to the binder holder and The Registrar’s interpretation of the regulations from a […]
Stokvels and Burial Societies Exempt from Licensing
Board Notice 43 of 2013 exempts Stokvels and Burial Societies from being licensed. This obviously means that they no longer fall under the jurisdiction of the FSB. It is very specific about who […]
Help is at hand
A reader recently wrote: Hi Paul I am really battling to put together a Risk Management Plan that makes any sense at all. I am a one man business and don’t even employ […]
Disclosure of Material Terms
What obligations are there on you to provide clients with a reasonable explanation of the material terms of their policies? This topic is very relevant in terms of the recent Jerrier case, which […]
Why Regulation is Unavoidable
Quite often, people in the industry question the need for regulation. They look at the issue from their own perspective, and the fact that their clients have never complained about them. Unfortunately, it […]
Outcome of Treasury and SAIA Discussions
We gave substantial exposure to the Jerrier case over the past few weeks. Last week, in a joint media statement, Treasury and SAIA provided details of measures agreed on, to enhance insurance disclosures […]
Submission of financial statements
Last week, the FSB published an extensive list of licences which were withdrawn due to the non-submission of financial statements. If your financial year ends on 28 February, you are obliged to submit […]
New Accreditation Requirements for Healthcare Accreditation
A document entitled, “Policy Document on the requirements for and process with regard to the accreditation of Health Care Brokers and Broker Organisations”, was sent to registered practitioners in the industry last week. […]
The Tom and Jerrier Show
Further to the article above, we would like to add a few thoughts to the debate on what is really an important issue for us. The Jerrier/Outsurance judgement created a major problem for […]
Claimant loses against Outsurance
The Mercury reports that Sherwin Jerrier is R600 000 out of pocket after a judge ruled that Outsurance did not have to pay his claim after a car accident. He apparently omitted to […]
Structured Whistle Blowing
A certain individual in my previous life, who bore a strong resemblance to Attila the Hun, was fond of saying: “One cannot be a little pregnant.” He was, of course, referring to small […]
Practical Compliance Advice
The telematic broadcast on 7 March provided factual information about FAIS related matters, with a good smattering of practical advice from the two guests. The first session of the presentation, by Charene Nortier, […]
Updating your Compliance File
A reader recently asked how regularly one is obliged to review one’s compliance documentation. The answer appears to be: as and when required. Interestingly, (or perhaps not surprisingly), it appears to be implied, […]
The Real Cost of Compliance
This article appears in the December/January 2013 edition of INVESTSA Remember the spaghetti western “The Good, the Bad and the Ugly”? In one scene, Eli Wallach, on horseback, leads Clint Eastwood, on foot, […]
