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 […]
Search Results for: causal event charges
ConCourt judgment in Capitec vs SARS clarifies important VAT principles
The decision addresses the recovery of VAT on payments made under loan cover provided free of charge.
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Causal Event Charges Challenged – Part III
In search of the modern investments’ Holy Grail, better known as the calculation of causal event charges, we came across an interesting new perspective on the matter. A broker that I spoke to […]
Causal Event Charges Challenged – Part II
In Part I, we discussed the product provider’s response to a client’s questioning of how a causal event penalty of nearly R10 000 can accrue where there were no premium payments, commission, marketing or […]
Causal Event Charges Challenged – Part I
We recently came across an example of just how loaded the dice are against clients wishing to effect section 14 transfers. When requesting a quote for such a transfer, the client was informed […]
Causal event charges investigated
An article in Personal Finance titled, Whistle-blower helping FSB with research into penalties announces the contracting of an expert by the FSB to assist in monitoring adherence to prescriptions contained in Directive 153 which […]
Causal Event Charges and TCF
More clarity on what constitutes causal event charges emerged from a recent Pension Fund Adjudicator determination after the complainant submitted that the deductions were “…exorbitant and do not comply with the principles of […]
Causal Event Charges and the RDR
A vast number of interpretive articles were published on the retail distribution review discussion paper since its publication. Unfortunately, a number of these added to the confusion, rather than provide clarity on this […]
TCF and Causal Event Charges
The Pension Fund Adjudicator (PFA) recently ruled on an investor’s complaint regarding the excessive causal event charges. The PFA found in favour of the product house, but was rather scathing in her comments […]
Causal Event Charges Back in the Spotlight
The latest determination by the Pension Fund Adjudicator (PFA) brought the levying of penalties on retirement annuities, when changes are effected, to the fore again. I was unable to obtain a copy of […]
FSB Directive on Causal Event Charges
Following on from a recent draft document calling for input from the industry, the Registrar has now published a directive on the maximum causal event charges which may be deducted under Part 5A […]
Draft Directive on Causal Event Charges
A document from the Registrar of Long-term Insurance was published in June and calls for comments by 31 July 2013. The request for input on the Directive follows in the wake of determinations […]
Causal event expenses and charges explained
We operate in an era where honest and clear disclosure is a prerequisite for providing advice that enables a client to make an informed decision. Coupled to this is the need to explain […]
Was the tribunal’s decision on causal event penalties warranted?
In an article about a case in which the High Court in Johannesburg ordered the South African Special Risk Association to pay Blackspear, the judge noted that, despite the complexity of the relevant […]
Old King Causal – or should that be King Midas?
When I started researching the background for this article, the words of Bruce Springsteen’s “The ghost of Tom Joad” came to mind: Well, the highway is alive tonight But nobody’s kiddin’ nobody about […]
Charges in Respect of Investment Policies
The Long-term Ombud recently published two examples of excessive charges on endowment policies which confirmed the view that a revision of product provider costs is possibly a bigger problem than advisor fees. This […]
Payment holidays – Relief proposed on adviser commission
FSCA Communication 19 of 2020 (INS) recognises that the inability to pay premiums as a result of the COVID-19 pandemic may be to the detriment of the policyholder and will have a negative […]
