FIC Feed back

Growing importance of Data

At the 2016 Insurance Regulatory Seminar held in Cape Town last week, Farzana Badat, Head of Insurance Compliance went to great lengths to illustrate the importance of “…reliable, dependable, quality data… to articulate conduct risks more precisely and makes compliance much easier to demonstrate.” The Binder Regulations Thematic Review, conducted by the Insurance Division of […]

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Post Retirement Planning

The Ombud’s annual report highlights specific problems related to advice when clients retire. South Africans continue to procrastinate when it comes to saving for retirement. Many still rely solely on the benefits provided by their employers’ pension and/or provident funds that they have as a result of their employment. The result is that the majority […]

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Dekking vir volle finansieringsbedrag

Die FAIS Ombud het onlangs bevind dat ‘n makelaar aanspreeklik gehou moet vir die verlies van ‘n kliënt wat betref die verskil tussen die versekerde bedrag en die uitstaande skuld aan die bank. Ons het by Santam gaan kers opsteek en die volgende antwoord ontvang. Vraag: Wat is julle standpunt rondom dekking vir ‘n voertuig, […]

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Debarment Update

The Cliffe Dekker Hofmeyr publication Finance and Banking Alert – 17 October 2016 carries an article titled, Debarment of Delinquent FAIS Representatives. It provides a brief outline of what to do when a FSP intends to have a representative debarred in terms of FAIS as well as the proposed amendments to s14 of FAIS. We […]

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Adelaide in Pink & New Coach and Captain

At the time of writing, the Proteas were 165/7 at dinner, after Faf won the toss and elected to bat. Before you say “Oh dear, we are in trouble”, bear in mind the nature of day/night tests which tend not to deliver the high scores we are used to in normal day tests. The first […]

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Proposed “conduct of business” regulatory reforms

The 7th Insurance Regulatory Seminar is one event not to miss if you are involved in the financial services industry. This year’s seminar was certainly packed with important information. There can be no doubt that a lot of what was discussed over the past few years will come to fruition in 2017. While parliamentary requests […]

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Does size matter?

In Case 1 discussed above, the Ombud also made the following statement: “The investigation further revealed that the respondent, in advising the complainant, had compared various financial products on the basis of a premium, leading to the product with the cheapest premium being selected by the complainant.” Moneyweb reported as follows: “OUTsurance has paid millions […]

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Lessons from FAIS Ombud Annual Report

The FAIS Ombud indicates the following concern in her 2015/2016 annual report: “One of the areas that the FAIS Ombud still has to contend with is the misconception… that the FAIS Act does not apply to financial services providers in the short-term insurance business.” She points out that half of the 24 determinations issued in […]

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