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Moonstone Regulatory Update Workshops 2017
In the financial services industry in South Africa, the only certainty is change. A number of regulatory changes ...
industry news
Pick the right Ombud
This case reminds me of a Dennis the Menace cartoon where he walks up to his dad and says: “Pick a card – any card.” Dad picks a card and Dennis says: “No, not that card.” It is amazing how two Ombuds can have such divergent views on the same matter. We have often in […]
best practice
The Value of Financial Advice
This is the title of an article, published on 13 July 2017, on research conducted in the UK by the International Longevity Centre. The research finds that clients who received financial advice from 2001 to 2007 were significantly better off than those who did not. Below is the summary on the ILC website. There is also a […]
technologically speaking
Getting More from Data
The use of data, and protection of confidential client information, will play an extremely important role in the future of financial advisers in South Africa. Whilst it makes good sense to invest in technology in order to comply, one should consider actually finding a solution that will, at the same time, enable one to use […]
compliance and legislation
Employer Duties under POPIA – Part 1
By Claire Gaul / Joani van Vuuren of Webber Wentzel Much has been written about the statutory obligations that are to be imposed on financial service providers in respect of their clients in terms of the Protection of Personal Information Act, 4 of 2013 (“POPIA“). What may be less familiar are the obligations POPI will […]
Have Ye no Shame?
The audacity of criminals appear to increase in leaps and bounds, as witnessed by a case study published in the Short-term Ombud’s latest annual report. The complainant approached the office of the Ombudsman for assistance following the rejection of a claim submitted to the insurer for the theft of a motor vehicle on 6 July 2016. The […]
Causal event charges and TCF
If the Pension Fund Adjudicator had her way, causal event charges would be levied very differently, if at all. In a case reported on in FANews on 3 August 2017, the product provider, in response to a complaint, submitted that it subscribed to the principles of Treating Customers Fairly (TCF) and that the complainant was appropriately informed […]
NCR Alert for Vehicle Financiers and Dealers
On 2 August 2017, the National Credit Regulator (NCR) issued a media statement to announce its intention to conduct a compliance monitoring exercise on vehicle licence and registration fees payable by consumers under credit agreements. The purpose of the exercise is to determine whether credit providers do not charge consumers more than the actual licence […]
FSB Levy Reminder
By now you should have received a letter from the FSB advising details of the annual FSB and FAIS Ombud levies payable by the end of October. If you did not, it could mean that your contact details at the Regulator are incorrect. The 2017 levy invoices will be mailed by 30 September 2017 and are payable […]