Budget Warmup Cocktail

It’s that time of year when everyone is speculating on what will happen on the National 2017/18 National Budget Speech. I do hope those who predict a VAT increase are as bonkers as I think they are. If that happens the Unions have promised action on a scale that will make the #FeesMustFall protests look […]

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Credit life insurance regulations published

Final credit life insurance regulations were gazetted on 10 February 2017 and are scheduled to come into force in August this year. Only credit agreements concluded on or after the commencement date will be affected. Legalbrief Today notes: “…once in effect, the new regulations will impose mandatory obligations beyond covering the outstanding balance of a consumer’s ‘total […]

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Safer Financial Services

The introduction to a recent article by Carmel Ricard, for Legalbrief, sounded very familiar as it applies, equally, to financial advisers. “Crooked lawyers make the headlines so often that it’s easy to overlook a different truth: by far the majority of the profession are decent people, dedicated to the law and to helping people negotiate […]

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Reinstatement after Debarment

My husband was debarred almost 5 years ago, the reason for debarment was justified and fair. That said I do believe that he has paid enough for his mistakes. Recently an FSP approached him for a position in the short term insurance industry. When he informed them that he was debarred, they said that they […]

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Four Steps to Reducing your Cyber Vulnerability

Data security is fast becoming a major focus from a number of regulators, including those overseeing financial services. In fact, with the amount of the sensitive information held by financial advisers and product suppliers, it is a major responsibility. The information below is an excerpt from an article by Kerry Curtin, Manager: Financial Institutions & […]

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DOFA Deadline Looming

That dreaded date is baring its fangs again. Representatives A representative’s Date of First Appointment (DOFA) determines when he or she has to successfully complete the regulatory exam for representatives RE 5. This means that, if you were appointed between 1 January 2015 and 30 June 2015, you are obliged to pass the RE 5 before 30 June 2017. Past experience shows that […]

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Demarcation of health insurance products

The demarcation debate started when the Council for Medical Schemes stated that the so called “hospital plan” insurance products contravened the Medical Schemes Act. What is a medical scheme? Medical schemes are non-profit organisations governed by the Medical Schemes Act. Schemes have to match premiums and benefits paid to providers or members, over the period […]

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Insurance Bill

Insurance Bill criticised by black business

Business Day reports as follows: A highly technical bill intended to strengthen the prudential regulation of the insurance industry was attacked by black business in Parliament on Tuesday for reinforcing the barriers to their entry into the sector. The intervention by the Black Business Council and four black-owned insurance firms urging transformation of the white-dominated […]

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