Author Archive | Paul Kruger

Debarment Overturned

Fica Bill finally signed

It sometimes seems that the old colonial approach of “Divide and rule” was replaced in Africa by “Delay and rule”. Almost a year after the Bill was first passed in Parliament, the President has finally signed it into law, but legal prescriptions which need to be followed may see the actual implementation delayed even further. […]

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Future Product Training

The latest proposed amendments regarding intermediary proficiency stem from a review of the competency framework, and aims to build on the existing requirements by establishing an effective and proportionate regulatory framework to ensure that financial services providers: have the right levels of product related knowledge meet appropriate standards of professionalism and undergo continuous professional development […]

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Qualification and RE DOFA Deadlines Clarified

This article, published in September last year, is even more relevant today. A reader recently wrote: My query relates to the article headed “Qualification deadline at hand – 30 June 2016 is a very important date”. I understand that representatives appointed after 2010 has 6 years in which to obtain a qualification by writing the Regulatory Exam. […]

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A Fallacy called FAIS Credits

FAIS Newsletter 22 from the FSB, published in December 2016, contains a very important section to assist the industry in understanding the “Credit” requirements. The following paragraph is printed in bold and highlighted: There are no “FAIS credits”. The credits referred to in the Fit and Proper requirements are credits that have been allocated to the […]

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Reporting Requirements for OTC Derivatives

The Registrar of Securities Services published a draft Trade Reporting Obligation Board Notice on Over-the-Counter (OTC) Derivatives for a second round of public consultation. “Establishing a harmonised reporting framework is an important aspect to transform the OTC derivatives space and will provide regulators with the basis to carry out their mandates by having a comprehensive […]

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Illegal Incentives

Despite regular reminders, payments to advisers outside of what is legally permissible continue to make the news. This topic was covered in some detail in FAIS Newsletter 23, published in March 2017. Although the article refers specifically to motor dealerships, it contains information applicable to all products in the financial services industry. Motor dealers, their representatives and […]

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SAIA on Ratings Downgrades

In reaction to recent downgrades by rating agencies, the South African Insurance Association, the representative body for the short-term insurance industry expressed its grave concern about the immediate and long-term negative implications for the economy and the society at large. Chief Executive of the SAIA, Viviene Pearson, says: “The ramifications will be felt for many […]

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Amendment Notice on Recognised Qualifications

Board Notice 51 of 2017 is a 31 page addition to the current list of recognised qualifications for FSPs and compliance officers. We note that all the qualifications are now marked as “G” (generic). Whilst it is not specifically spelt out, we are of the opinion that this is as a result of the scrapping […]

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The Digital Revolution in Insurance

The future is not out there, somewhere in the, um, future. It is here. A recent posting by Forbes of a blog by Bain Insights contains the following examples of where we are heading. Example 1: In Australia, for example, you can use your smartphone to snap a photo of something you want to insure, […]

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Potential June UK Exam Date

30 June 2017 is the so called DOFA date for candidates who are obliged to write and pass the Regulatory Examinations (REs) within the prescribed period. A candidate’s date of first appointment (DOFA) refers to the time a person was first appointed in the industry. This is regarded as the point of departure to determine by when […]

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