Changes to aspects of FAIS Ombud’s approach to handling complaints

The new Rules also incorporate the proposal to raise the Ombud’s jurisdictional limit from R800 000 to R3.5 million.

Think TCF – Part 1

A survey amongst FSPs would very likely reveal a “wait and see” approach from the majority of smaller businesses as far as Treating Customers Fairly is concerned. Many of those who adopted a […]

Authentication of RE Certificates

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 […]

Levy Deadline for Rep Register

The FSB and FAIS Ombud levies are calculated on the status of your FSP as at 31 August every year. Any changes to the rep register must be conveyed to the FSB within 15 days. […]

Clarity on Co-Administration Agreements

Information Letter 2 of 2014, issued on 29 August, provides clear guidelines on what co-administration agreements should contain, and what not. The Registrar of Long-term Insurance is concerned that certain existing agreements do […]

Carelessness can be Costly

The latest determination by the FAIS Ombud provides clear evidence that the moving of an insurance book is not merely a routine admin matter which can be left in the hands of others. […]

National Credit Act Training

A recent article posted on Bizcommunity provided a summary of the amendments to the National Credit Act which was published on 19 May 2014. The amendments aim to provide added protection for consumers, […]

Proposed Amendments to Insurance Binder Regulations

The National Treasury (NT) and Financial Services Board (FSB) requested public comment for the proposed amendments to Insurance Binder Regulations issued under the Short-term and Long-term Insurance Acts published in Government Gazette No. […]

Board Notice 260 of 2014

There appears to be conflicting opinion on whether the following change, announced in this BN, will be applied retrospectively: “(e) the representative must successfully complete the relevant first level regulatory examination by 30 June […]

Reinstatement of Debarred Key Individuals

I was recently approached by an ex key individual who was debarred by the FSB in response to information supplied by the bank who previously employed him. The reason for the debarment was […]

Draft Demarcation Regulations

Proposed amendments to the definition of a “business of a medical scheme” The publication of the Second Draft Demarcation Regulations follows the enactment of the Financial Services Laws General Amendment Act, No. 45 of […]

Updated Preparation Material

The updated Juta Pocket Statutes edition of the FAIS Act is now available. LexisNexis also updated their Legislation Handbook and Preparation Guide for the RE 1 and RE5 exams. Queries about the latter […]

The New Threatened Species

In May 2014, the Department of Education and Training published a list of the top 100 scarce skills, based on specific criteria. The document is sub-titled: Call for Comments on the National Scarce […]

Demarcation Proposals Under Fire

The proposals by National Treasury to find a solution to what it regards as a threat to medical schemes did not find favour with all in the industry. An article in the Financial […]

RE Preparation Material

LexisNexis announced the availability of the third edition of its Legislation Handbook and Preparation Guide for the level 1 FAIS regulatory examination – RE1 and RE5. This book reflects the law as at […]

Insurer Fees to be Outlawed

The FSB published a letter inviting comment from the industry on a practice that it intends declaring an undesirable or irregular practice. Some insurers charge policyholders a fee in addition to the premium […]

Insurance Laws Amendment Bill 2013 Postponed

The information below is taken from a media release issued on the National Treasury website. National Treasury announced on Tuesday that the Insurance Laws Amendment Bill, 2013, which was tabled in Parliament on […]