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FAIS Ombud Settlements

Learn from compliance mistakes made by FSPs An FSP’s interaction with clients must at all times meet the standards set out in the General Code of Conduct. The FAIS Ombud’s Annual report highlighted a few settlements that particularly challenged the adherence to two such standards. The first settlement relates to Section 7 of the Code that […]

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Key Individual Workshops – back by popular demand

Due to high demand for the KI workshops in October 2018, Moonstone will run more workshops in the next few months. More about the workshop The new Fit and Proper requirements published in December 2017 introduced a whole new set of requirements for Financial Services Providers (FSPs), key individuals and representatives. From 1 April 2018, the Key Individual is […]

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Re-energise customer relationships

Accenture survey – be digital and re-energise customer relationships One of the major findings of the Accenture Short-term insurance survey was the identification of five strategic imperatives that will help insurers meet changing customer demands and leverage new opportunities. These will also help create a foundation for participation in a fully digitalised business environment. 1. […]

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Fairness in Debarment Procedures

In a recent (5 October 2018) matter heard before the Financial Services Tribunal, the applicant, Ms X, applied for a reconsideration of a decision taken by the respondent, Y (the FSP). The FSP had taken the decision to debar the applicant based on the recommendation of the chairperson who presided at the debarment hearing. The […]

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Low cost medical insurance plans outlawed

Under the heading, Discovery may go to court after CMS bans products, Legalbrief Today reports as follows: “Discovery Health (Pty) Ltd may turn to litigation after the Final Board of Appeal of the Council for Medical Schemes (CMS) banned two of its medical insurance products, says Rapport. The appeals board ordered Discovery to cease its […]

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Dormant retirement funds – Unpaid Benefits Campaign takes …

Alexander Forbes is one of the administrators of the dormant retirement funds that were cancelled by the Financial Services Board (now the Financial Sector Conduct Authority, or FSCA), between January 2007 and December 2013. The FSB cancelled dormant retirement funds, transferring beneficiaries’ money — estimated to be R42billion and affecting 4-million beneficiaries — into “unclaimed benefit funds” […]

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NHI project on backburner – a return to sanity

National Health Insurance project on backburner – a return to sanity It appears that rational thinking is making a slow but sure comeback, judging by a recent Fin24 report summarised in Legalbrief Today: National Health Insurance (NHI) projects will be put on the back-burner as the Health Department has to reprioritise its budget, Health Minister […]

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