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Author Archive | Janine Geldenhuys

Medical

Key trends in Medical Schemes Industry – Financial strength of the industry remain stable

Alexander Forbes Health recently published its latest edition of Diagnosis, an annual publication that analyses key trends in the medical schemes industry from 2000 to 2017. “Members can be confident that the country’s largest schemes, both open and restricted, have sufficient reserves to pay their claims,” said Zaid Saeed, Senior Actuarial Specialist at Alexander Forbes […]

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Medical-2

Updates from Medical Schemes Council – Consolidation of smaller funds and Low-Cost Benefit Package reviewed

In September 2018, the Council for Medical Schemes (CMS) published a Draft Framework for Medical Schemes Consolidation for comment. In response to these comments the CMS has done additional analysis and as a result published two reports, i.e. Medical Scheme Consolidation High Level Analysis and a discussion document on Development of Low-Cost Benefit Options within […]

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COB

Class of Business deadlines – Clarity from the FSCA

The amended Fit and Proper requirements of Board Notice 194 of 2017 determined various requirements that need to be implemented and complied with before specific deadline dates. Since the release of the original Board Notice, various other notices and amendments have been released that provided updates on this. One of these deadlines is the new […]

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Tribunal-2

Tribunal case opens whole new can of worms

Since representatives have been given the right to appeal to the Financial Services Tribunal against debarment decisions, many such actions have been set aside by this appeal body. In most of these cases the debarment process was not followed as per the updated Section 14 of the FAIS Act and the debarment was uplifted. However, in […]

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Finance-02

Suspicious and unusual transactions reporting – FIC releases updated guidance note

After a successful consultation process, the Financial Intelligence Centre has updated its guidance on suspicious and unusual transaction reporting, which relates to section 29 of the Financial Intelligence Centre Act, 2001 (Act 38 of 2001). Guidance Note 4B (GN4B), informs accountable and reporting institutions, and any other person as described in the FIC Act on meeting […]

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Deadline

CPD – 31 May Deadline drawing ever nearer

In terms of the Fit & Proper requirements (BN194), CPD for regulatory (FSCA) purposes was officially implemented as a requirement. This means advisors are obliged to perform CPD activities towards regulatory (FSCA) CPD requirements during a CPD cycle, which is a period of 12 months commencing on 1 June of every year and ending 31 May of […]

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