New advertising standards for investment policies only

Chapter 4 of the proposed new Policyholder Protection rules contains details regarding advertising standards specifically applicable to investment business. No projected benefits (including but not limited to maturity, income, death, disability or (partial) […]

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He said She said…

In December, the FAIS Ombud released no less than eight determinations. In a strange turn of events, one case was actually referred to the courts as the Ombud was unable to determine whether […]

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SCoF Report on Financial Sector Regulation Bill

In its report on the Twin Peaks legislation to parliament, dated 30 November 2016, the Standing Committee on Finance (SCoF) raised a number of interesting issues. International guidelines Whilst commentators expressed criticism about certain matters […]

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Suitebox Assessment by Industry Experts

SuiteBox provides video business meeting software of specific benefit to modern day financial advisers. Apart from providing significant cost, productivity and client engagement improvements, it assists in simplifying record keeping. Inaccurate or insufficient […]

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Quo Vadis, Insurance Intermediaries?

When American insurance guru John F. Carroll started his successful InsuranceSplash in 2009, it was informed by direct observations which led to some profound conclusions: It’s getting harder and harder to successfully market […]

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Board dismisses Discovery Health appeal

“On 31 October 2016, the Council for Medical Schemes Appeal Board dismissed the appeal lodged by the Discovery Health Medical Scheme (DHMS) regarding the issue of whether it is lawful for the rules of a […]

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Twin Peaks Progress Report

Jonathan Dixon provided more information on the Financial Sector Regulation Bill which is currently in the final stages of Parliamentary consideration. The Bill provides for staggered implementation. The Prudential Authority will be established […]

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Dekking vir volle finansieringsbedrag

Die FAIS Ombud het onlangs bevind dat ‘n makelaar aanspreeklik gehou moet vir die verlies van ‘n kliënt wat betref die verskil tussen die versekerde bedrag en die uitstaande skuld aan die bank. […]

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Lessons from FAIS Ombud Annual Report

The FAIS Ombud indicates the following concern in her 2015/2016 annual report: “One of the areas that the FAIS Ombud still has to contend with is the misconception… that the FAIS Act does […]

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Short-term Shortcuts

New Ombud’s Briefcase The OSTI Briefcase issue 3 of 2016 contains a number of interesting case studies, including: The rejection of a claim for accidental damage on the ground that the person riding […]

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Crime and Punishment

A recent decision by the Enforcement Committee (EC) again raised questions about penalties meted out to transgressors. Pieter and Samantha de Wet, trading illegally as Petite Models CC, were each fined R75 000 for […]

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Liquidation of SaXum Insurance

The Registrar of Short-term Insurance’s application to place SaXum Insurance Limited under final liquidation, was granted. The Court ordered that SaXum be placed under liquidation for final winding-up in the hands of the […]

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Avoiding Unintended Consequences

While we await the publication of the proposed new Fit and Proper requirements, it is time to assess our own approach to change. Die Burger’s editorial comment, on 19 October 2016, raised the issue of […]

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Adviser liability for Investment Returns

A number of advisers have expressed concern that they may be held liable for unsatisfactory investment returns. This is understandable, given the wide interpretation that can be attached to the “due care and […]

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