Robo-advice: Friend or Foe?
The increasingly important role of technology in assisting survival and growth in the industry necessitates more attention than most of us has hitherto given to this aspect. The one phrase most of us […]
Momentum’s NHI cost estimate is ‘mathematical hooliganism’, says Health Minister
Aaron Motsoaledi wants to engage with people who are in favour of universal health coverage but have objections to the NHI Act.
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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) […]
New advertising standards
Chapter 4 of the proposed new Policyholder Protection rules contains details regarding advertising standards. Some of the more interesting ones, which relate to enquiries we often receive from readers, are included below. Unwanted […]
FAIS Ombud to Challenge Appeal Board Rulings
According to an article published in Personal Finance on Saturday, the FAIS Ombud intends appealing against certain findings by the FSB Appeal Board. “Late last year, the Appeal Board of the financial services […]
Virtual Meeting Rooms
The Oosthuysen determination, published in December 2016, and discussed above, yet again highlights the importance of accurate record keeping, and the need to consider using technology to cover our backs from clients suffering from […]
Fee Adjustments
Bad news and good news – Both the FSB and the Council for Medical Schemes have published fee increases. FSB Fees The previous notice was published on 24 March 2015, and signed by the then […]
Slim vang sy baas
This Afrikaans saying is very apt with regards to a recent Ombud determination in which, for once, the adviser was not held liable for a client’s loss. During January 2012, two complaints were […]
Remuneration for Investment Product Advice
This is possibly the biggest bone of contention for advisers in the investment space. In the FSB’s RDR Update published in December 2016, the following information was conveyed: Commission on investment products As indicated […]
Investment Failure was not Reasonably Foreseeable
The FSB’s Appeal Board came to an interesting decision in the last case published in 2016. This was an appeal against two previous decisions against a FSP by the FAIS Ombud in a […]
DA Reacts to Demarcation Regulations
In a media release on the matter, the Democratic Alliance states: This poorly conceived decision demonstrates just how ideologically constrained the Ministers have become when it comes to ensuring that poor South Africans […]
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 […]
Conduct of Business Reforms in 2017
At the conclusion of the Insurance Regulatory Seminar last year, Mr. Jonathan Dixon, Deputy Registrar of Insurance at the FSB, indicated that 2017 will be a year of substantial change. The huge amount […]
The Silent Warrior reaches 100 tests and Kolpak claims more SA players
The Silent Warrior reaches a ton of a different kind The tributes have been coming in thick and fast from all over the world for Hashim Amla’s 100th test. The respect he has […]
Pending Legislative Changes and the Regulatory Exams
Documents released in December 2016 reveal that the FSB intends changing no fewer than seven (7) pieces of legislation in the near future, some possibly coming into effect as early as May 2017. Those who […]
Short term Remuneration Update
The RDR status review, published in December 2016, contained the following information concerning short term remuneration, and specifically regarding additional fees currently charged under section 8(5) of the Short Term Insurance Act. (f) Proposal […]
Implementing RDR Phase 1
True to form, a huge amount of proposed legislative changes were published towards the end of last year. Formal consultation on the draft regulatory instruments to be used to give effect to Phase […]
