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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“Hi @VelocityInsurance. I’ve had it with @TheBestInsuranceCompany. I want to buy a comprehensive insurance package for my car from you. DM me for details.” This tweet is not atypical of what you’re likely […]
Enquiries indicate that many FSPs do not share important information like this with all their staff. Below is a summary and a link to the full document. Electronic submission of Handover Compliance Reports […]
The Registrar of Financial Services Providers has published the following documents on the official web site of the Financial Services Board: The Amendment of the Notice on Qualifications, Experience and Criteria for Approval […]
It is of the utmost importance that FSPs download and save a copy of this important document. It provides step-by-step guidelines on how to interact with the Regulator on the following matters: Submission […]
The Council for Medical Schemes’ “Circular 48 of 2016: Guidance on benefit changes and contribution increases for 2017” contains the requirements for the assessment of the benefits and contributions for 2017. Apart from […]
We often receive queries from employers regarding the validity of RE certificates produced by prospective applicants. This is indeed wise, as we are aware of instances where people fraudulently replicate documents by means […]
It is that time of the year again. Below is a summary of what you can expect to pay, courtesy of my colleague Grethe van Heerden, as well as a link to our […]
A recent Appeal Board case underlines the importance of full and frank disclosure during the licence application process. In the original determination, the FSP and its two members, Ms S and Ms C […]
The office of the Ombudsman for Long-term Insurance (OLTI) needs to be commended for the quality and simplicity of its 2015 annual report. Below are some interesting extracts from the report. General overview […]
Cadiz Asset Management published an interesting article on the way forward for African Bank. In 2014, the South African Reserve Bank (SARB) placed African Bank under curatorship following the largest bank and corporate […]
We receive enquiries on a daily basis from (often disgruntled) representatives who wish to re-enter the industry by applying to have their debarment lifted. Unfortunately, as a representative, you cannot apply to have […]
A special voluntary disclosure programme (VDP) was proposed in the 2016 Budget to make it easier for non-compliant individuals and firms to disclose assets held and income earned offshore. As was noted in […]
On 23 February 2016, the Appeal Board received a request for postponement of a hearing scheduled for the following day. The appellant and his attorney submitted medical certificates confirming that they had both undergone surgery […]
Allan Gray has reduced the annual administration fee on its local platform for investments over R5 million, and on its offshore platform for investments over US$400 000 (or foreign currency equivalent). Effective immediately, for all […]
The latest FAIS Ombud determination provides clarity on a few perspectives of great importance to FSPs and is discussed separately in this newsletter. The parties are Jacques Du Toit, the complainant, Barrington Insurance […]
Masimdumise Gabriel Bhengu (the complainant) referred a declined claim by Outsurance Insurance Company Limited (the respondent) to the FAIS Ombud. The complaint stems from the complainant’s view that Outsurance failed to ensure that […]
