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Investing abroad can be complex for South Africans. Though exchange controls were relaxed over the past few years, for the most part investing overseas requires investors to have deep pockets and a crystal ball for making currency calls. Investors can now take up to R1 million offshore without a tax clearance certificate and a cumulative R10 million…
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The June 2015 Date of First Appointment (DOFA) deadline again saw a large number of candidates scurrying to write at the very last minute. Those who failed experienced unnecessary hardship, upheaval and a loss of income. While the next DOFA appears to be in the distant future, careful planning will help those affected avoid the same problems. There…
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Structural factors, recent news and upcoming events give reason to believe that Nigeria is about to take a liberal turn on policy. The most important structural factors are the catastrophic state of public finances and the naira’s unsustainable strength on the official currency market. Important recent news has included President Muhammadu…
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The latest Ombud Briefcase contains a number of case studies which provides guidance on key aspects of the industry. Non-disclosure of a criminal record A direct insurer rejected a claim on the above grounds. The Ombudsman found that the insurer had created a situation where the insured was led to believe that her criminal conviction was not material…
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In response to a number of enquiries, we provide some clarification on the content of these important notices. We encourage you to read this in conjunction with the actual documents which are linked below for your convenience. Financial statements must be submitted to the FSB within four months of your financial yearend. In 2011, qualifying FSPs…
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Two major controversial incidents (the uncontested scrums and McCaw’s try) in last week’s heart breaking defeat against the All Blacks keeps being regurgitated in media reports. I find the views of Jonathan Kaplan very interesting, although not entirely convincing, much as I respect the man. His blog, Rate the Ref, contains his views on these…
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Moving Clients to a new FSP

Representatives in the short-term industry who move to a new FSP, often take their clients with them. There are very specific legal requirements in this regard, and ignoring it can have a costly outcome. On 2 November 2012, the Registrar debarred a representative, which it found was no longer compliant with the Fit & Proper requirements relating…
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Prescribed Medical Benefits – ‘In accordance with’ replaces ‘paid in full’ – Patricia Holburn

Since the introduction of Prescribed Medical Benefits (PMBs) in 2004, definitions, inclusions, cost and reviews, have raised concerns. PMBs were well intentioned – make sure members have cover for emergencies and big events. But schemes were left with an open ended liability as regulation requires PMBs to be ‘paid in full.’ Last week proposed…
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Statistics can be misleading

As one is wont to do these days, I was almost more interested to see who the referee is for Saturday’s big match between New Zealand and South Africa, than what the teams look like. Supersport said the following: The referee is Jerome Garces of France. It will be his fifth test involving South Africa. Of the previous four, South Africa won three and…
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