Costs order against FSCA for ‘irregular and unlawful’ debarment

The Authority should have conducted its own investigation and not relied solely on information provided by the insurer, the Tribunal says.

Read more

To fee, or not to fee?

The right to charge additional fees, and particularly “admin” fees, has long been a bone of contention, particularly in the short-term industry where it is particularly prevalent. The latest draft General Code of […]

Read More

FSB RDR Update November 2017

At the end of last year’s Insurance update from the FSB, Jonathan Dixon said: “We had better fasten our safety belts – this is going to be rough year”, or words to that […]

Read More

New steps to curb Churning

The Retail Distribution Review (RDR) of 2014 contained several comments that expressed concern about the negative effects of “churning” which it described as “inappropriate or unnecessary replacement of policies driven by intermediary incentives”. […]

Read More

RDR feedback from the UK

On Tuesday, David Ferguson, founder and chief executive of Nucleus Financial Group in the UK, speaking at the Sanlam i3 Summit, said RDR and all the associated legislation introduced in the UK in […]

Read More

Call for Caution on Regulatory Interventions

On 27th of March we published an extract from the ASISA Dispatches to give readers a perspective on the multitude of legislative changes currently underway in the financial services environment. On Tuesday, the Financial […]

Read More

RDR in Perspective

I was fortunate to attend a recent presentation on this topic by Billy Seyffert, COO of Moonstone Compliance. Many see the Retail Distribution Review as the beginning of the end. In a way, […]

Read More

Gap Filling for Tied Agents

In case you thought this may be a rather painful dissertation on what a dentist does, think again. In the Retail Distribution Review, the Regulator aims to provide for situations where tied agents, […]

Read More

Adviser and Advice Differentiation

The December 2016 Retail Distribution Review update provides clarity on matters which appeared slightly confusing in earlier proposals. The Regulator did away with the “multi-tied” category of adviser – in future, you are […]

Read More

Remuneration for Investment Product Advice

This is possibly the biggest bone of contention for advisers in the investment space. In the FSB’s RDR Update published in December 2016, the following information was conveyed: Commission on investment products As indicated […]

Read More

Short term Remuneration Update

The RDR status review, published in December 2016, contained the following information concerning short term remuneration, and specifically regarding additional fees currently charged under section 8(5) of the Short Term Insurance Act. (f) Proposal […]

Read More

Implementing RDR Phase 1

True to form, a huge amount of proposed legislative changes were published towards the end of last year. Formal consultation on the draft regulatory instruments to be used to give effect to Phase […]

Read More

Proceed with Caution

Indications are that we will, in the next week or two, see updates on a number of proposed legislative changes, including the Policyholder Protection Rules. In the publication of the Phase 1 proposals in […]

Read More