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The Retail Distribution Review (RDR) sees unequal benefits accruing to certain distribution channels as a problem requiring change. The current Regulations applicable to the Long-term Insurance Act provide that the Registrar may determine how the principle of equivalence of reward must be achieved. The Registrar of Insurance has however…
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Final dates for level 1 REs in 2014 Permanent Centres: 15 December 2014 (registration closes 28 November) Moonstone reopens on 5 January 2015, and the first exams will be available as follows: Permanent Centres: 12 January 2015 Satellite Venues: 26 January 2015…
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It remains to be seen how long Deputy President Cyril Ramaphosa’s deal with opposition parties to restore the dignity of Parliament will last. While the chaotic scenes of Thursday, November 13, were certainly unwelcome and sent the wrong message, they were by no means unique. Over the past 24 months, we have seen scenes of fisticuffs, chair throwing,…
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The information below was extracted from a supplementary report to the FSB’s Integrated Annual Report which provides an overview of activities of all divisions in the FAIS department for the year which ended March 2014. Registrations During the period ending March 2014, 514 new licence applications were approved, including 53 for category…
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In the good old days, the Pete Seeger song “Turn, turn, turn” was banned from being aired on the radio because it contained phrases from the Bible. Many honest advisors have, for a long time, been asking for a ban on the modern version of the song called “Churn, churn, churn.” I recently received an email from a very irate broker who conveyed…
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As mens nie geweet het wat die eindtelling was nie, sou jy sweer die Bokke het Saterdag verloor teen Italië, aldus die media. Die eerste ding wat my opgeval het, is hoe groot die Pizza manne was. Die laaste keer wat ek soveel enorme Italianers saam gesien het, was toe Mussolini en sy lyfwagte, sonder die hulp van blou ligte, vir ‘n opruiende toespraak…
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Prioritising RDR Proposals

The FSB proposes to implement the RDR proposals in three broad phases: Phase 1: Changes to be effected within the existing regulatory framework, using existing subordinate legislative and administrative powers. These changes will be introduced either by amending existing subordinate regulatory instruments or issuing new instruments. The…
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Ombud Settlement Cases

The FAIS Ombud’s annual report contains a list of trends picked up during the course of the year. The golden thread which runs through all of these, concerns insufficient disclosure across all sectors of the market. Failure to disclose full details on trial commission, short-term excesses, termination costs, replacement penalties and complex…
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Italy no Walk-over

Padova, where the Springboks play Italy over the weekend is apparently a beautiful city, boasting the largest square in Europe, the Prato della Valle. Hopefully, the South Africans will not approach the match as a walk-in-the-park contest. Word from the camp is that the Boks learnt their lesson after failing to come down from the clouds when they…
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