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Draft PMB Code of Conduct for discussion

The Prescribed Minimum Benefits (PMB) Code of Conduct (CoC) published in 2010 has been reviewed, and following the incorporation of inputs received from all the task team groups; the first draft of the Code of Conduct has now been published. The draft PMB Code of Conduct is available on the Council for Medical Schemes (CMS) […]

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Virtual Currency Alert from Treasury

“The National Treasury, the South African Reserve Bank, the Financial Services Board, the South African Revenue Service and the Financial Intelligence Centre, published a document titled “User Alert – Monitoring of virtual currencies”. The purpose is to make the public aware of the risks associated with the use of virtual currencies for either transactions or […]

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Insurance Bill passed in Parliament

Insurance Bill B1B, as amended by the Standing Committee on Finance was passed in the National Assembly on 28 November 2107. It will now be referred to the National Council of Provinces for consideration. The planned effective date is July 2018. The preamble to the Bill reads: To provide for a legal framework for the prudential regulation and […]

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Outcomes of Thematic Review on Claims

The term ‘risk based and proportionate’ is one of the important cornerstones of how market conduct will be assessed and regulated in future. The following possible sources of conduct risk were identified: Culture & governance Product value Unfair contract terms Misleading advertising Ineffective disclosure Poor claims handling Poor complaints handling We recently expanded quite a […]

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FAIS Cat I and II licences

We are aware that there is fair amount of concern in the industry about where the regulator is heading in this regard. The following are some of the points for discussion at the FSB Insurance Conduct of Business seminar In Cape Town tomorrow: Informal consultation is underway with the investment industry on: Defining “investment management” […]

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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 effect. Having read all eleven presentations for this year’s road show this weekend, it might be advisable to strap on a parachute […]

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FAIS Ombud 2016/2017 Annual Report

How do the numbers contained in the Ombud’s latest report reflect on its mandate? Complaints received for the period 1 April 2016 to 31 March 2017 came to 10 846, compared to 9 891 for the previous year. • 3 794 (35%) complaints were dismissed. • 4 639 (43%) complaints were referred to alternative forums. • 592 (5.5%) were settled, a decrease from […]

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