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SaXum Liquidation Update

The short-term insurance industry, through the South African Insurance Association (SAIA), has established a limited voluntary fund (SAIA Fund) to try and alleviate the prejudice suffered by those policyholders with motor accident claims affected most negatively by the liquidation of SaXum. The SAIA Fund will be used to make payments to such policyholders that are […]

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Proposed Amendments to General Code of Conduct

The Registrar published proposed amendments to the General Code of Conduct for Authorised Financial Services Providers and Representatives, 2003 and proposed amendments to the Specific Code of Conduct for Authorised Financial Services Providers and Representatives conducting Short-term Deposits Business, 2004. The closing date for comments is 28 February 2018. The 27 page document provides clarity […]

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Elevating the Client Experience

We commented earlier on this white paper, published in the USA in September. Whilst it expands on “Leveraging Technology to Drive Profitability, Scale, and Growth”, there is certainly another aspect of great interest to those who are concerned about making a successful transition from commission to fees. The single most important aspect of converting successfully […]

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Healthcare Broker fee increase

Regulation 28(2), published in terms of the Medical Schemes Act, now effectively reads as follows: “Subject to sub-regulation (3), the maximum amount payable to a broker by a medical scheme in respect of the introduction of a member to a medical scheme by that broker and the provision of ongoing service or advice to that […]

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Insurer Obligations re Credit Reports

In future, insurers will have to submit credit information in order to continue accessing consumer credit reports from credit bureaux. On 3 November 2017, the National Credit Regulator (NCR) published its final guideline for the submission of credit information in terms of regulation 19(13) of the National Credit Act, 34 of 2005 (NCA) as amended […]

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Prohibition of Inducement and Acceptance of Gratification

The Registrar of Pension Funds published, for comment, a draft Directive to determine conditions in respect of inducements and acceptance of gratification to ensure compliance with and to prevent contraventions of the objectives of a board as determined in terms of section 7C of the Pension Funds Act. The purpose of the Directive is to […]

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Draft Determination on Equivalence of Reward

Perceived disparities between remuneration for tied agents and independent advisers have been a bone of contention for ages. The Registrar also expressed concerns about the possibility of using remuneration, other than commission, to create “…opportunities for inappropriate regulatory arbitrage in favour of tied advice and distribution models.” Proposal RR: Equivalence of reward to be reviewed, […]

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Information for Nova debenture holders

Moneyweb’s editor, Ryk van Niekerk, published an article of interest to those who invested in Sharemax, and hold debentures in Nova. There is currently a proposal for a Section 155 Scheme of Arrangement, which would see the current debentures converted into shares in a company which, as Van Niekerk points out, may never list on the […]

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