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Check your Mate

In a recent matter between the Registrar of Long-term insurance and AVBOB (the respondent) it was agreed that AVBOB will pay a penalty of R100 000 for contravening the Policy Holder Protection Rules (Long-term Insurance), 2004. Rule 5.1 states that “an insurer must, where an agreement has been entered into with an intermediary in connection with […]

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Professional Principal Executive Officer Qualification

Registration is now open for candidates who want to enrol for the first intake on 26 February 2018. The Professional Principal Executive Officer Qualification is a much-needed stimulus for the professionalisation of the role of the Principal Officer which has historically been unstructured and undefined. It will also support the very important transformation imperative as […]

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Are you Digitally Linked In?

It’s the start of 2018 and you have done your annual planning. Does this include the implementation of a digital channel as part of your marketing and client interaction? Here are a few reasons why you should: Of South Africa’s total population of just over 57 million, 30 million has access to the internet, a growth of […]

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Unsuccessful Appeal Against Debarment

Cases heard by the Appeal Board of the FSB often provide more stringent legal certainty to matters in the financial services industry, particularly in so far as decisions by the FSB itself and the FAIS Ombud are concerned. We commented before on some cases where the grounds for appeal border on the absurd, seasoned by […]

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F & P Guidelines for appointment of representatives

The new Fit and Proper regulations provide a wide range of prescriptions which FSPs should consider when appointing new representatives. It also has a potential bearing on current appointees who may be unrehabilitated insolvents. Section 40 states: (1) An FSP must ensure that where it appoints a person as a representative – (a) the person […]

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Digital Marketing Guide

I recently downloaded a 16-page white paper titled The Advisor’s Guide to Digital Marketing which offers a wide variety of tips on how you can use various platforms to optimise your client contact via digital media. The introduction reads: Business today gets done not only through a handshake and signature, but with the click of […]

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Changes to Regulatory Exam Questions

The amended Determination of Fit and Proper Requirements come into effect on 1 April 2018. The competence requirements relating to regulatory examinations contained in the amended Determination apply to all FSPs, key individuals and representatives except: a Category I FSP, its key individuals and representatives authorised, approved or appointed only to render financial services or manage or […]

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Appeal Board decision on Ombud Procedural Obligations

The respondent, Mrs Landman, is a 65 year old widow and pensioner who invested the proceeds of her late husband’s life savings/pension of R650 000 on 6 May 2006 in the Sharemax Zambezi Retail Park Holdings Ltd on the advice of the appellant, J C Mostert. The appeal turned on two material issues namely: That the Ombud is […]

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