FAIS Newsletter Volume 23

As usual, this newsletter contains important information for FSPs. The FAIS online reporting system will in future be known as the FAIS ePortal and the FAIS new license application system as the FAIS eLicensing System. Compliance Officers are requested to verify and update their contact details on the FSB website, if required, via email to […]

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Illegal Incentives in the Motor Industry

Finance and Insurance Managers (“F&I managers”) in motor dealerships are registered representatives of financial service providers (FSPs), and as such they are bound by the provisions of the FAIS Legislation. The Registrar is aware that certain motor dealers, their representatives and F&I managers are receiving incentives for selling specific products of a specific product supplier. […]

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Imminent changes to tax-free savings regulations

The National Treasury will shortly publish final amendments to tax free savings accounts regulations for the year beginning 1 March 2017. The amendments will include: The process for transfers clarify the policy position on performance fees in underlying funds give guidance on the adequate and consistent disclosure of returns to fixed deposit tax free savings accounts include […]

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FIC Update

Registration Guidelines on Youtube The Financial Intelligence Centre created a Youtube channel containing videos on registering on the goAML system. They currently detail: The documents required Process for Entities already registered with the FIC Process for Entities registering with the FIC for the first time Please click here to access the Youtube page. The National […]

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Insurance Bill

Conduct of Business Report

I was fortunate to be able to attend the last Compliance Report workshop for one-person businesses conducted by my colleague, Paull Lawrence. This document is scheduled to be replaced by a “Conduct of Business” report in 2017. As part of the presentation, Paull selected a number of differences between the current report and the proposed […]

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Surviving in the modern jungle

This article is a combination of information contained in a Suitebox presentation titled “The psychology of the modern client” and my own personal experience and observations. Fifteen years ago, when Moonstone was still a fledgling company trying to keep its head above water, I went to see the marketing director of a fairly prominent asset […]

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FAIS Ombud

Fica Bill challenged in ConCourt?

Friday’s edition of Legalbrief Today contained an excerpt from an article in the Mercury on continued resistance to the Financial Intelligence Centre Amendment (Fica) Bill becoming law. Those against it threatened to take it to the Constitutional Court if it is approved by Parliament this week. The Black Business Council and the Progressive Professionals Forum […]

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World’s First E-Signing Functionality Launched

Global software provider of digital workspace technology, SuiteBox, has upgraded its software to allow for four-person meetings that, for the first time, enables the multi-party signing of documents in a secure cyber environment. Ian Dunbar, CEO of SuiteBox, said: “This new functionality allows for a meeting host and up to three participants to meet to […]

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Gap Cover Commission Calculation

A number of Moonstone Compliance clients queried the interpretation of the commission payable in respect of GAP cover products. The following bands were provided: Individual and group policy Monthly premium band Maximum Commission Level Above R1,200 5% R601 to R1,200 10% R300 to R 600 15% Less than R300 20% Billy Seyffert, COO of Moonstone […]

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RA costs and client interests

 by Patrick Cairns Last year ASISA took a big step with the introduction of the Estimated Annual Cost (EAC) standard. Its implementation in the RA space has been particularly significant, as there have been concerns for a long time around the costs of these products, particularly those offered by insurers. In theory, the EAC standard […]

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