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Author Archive | Paul Kruger

rules

Check your Mate

In a recent matter between the Registrar of Long-term insurance and AVBOB (the respondent) it was agreed that AVBOB will pay a penalty of R100 000 for contravening the Policy Holder Protection Rules (Long-term Insurance), 2004. Rule 5.1 states that “an insurer must, where an agreement has been entered into with an intermediary in connection with […]

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Appeal-Board

Unsuccessful Appeal Against Debarment

Cases heard by the Appeal Board of the FSB often provide more stringent legal certainty to matters in the financial services industry, particularly in so far as decisions by the FSB itself and the FAIS Ombud are concerned. We commented before on some cases where the grounds for appeal border on the absurd, seasoned by […]

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guidelines

F & P Guidelines for appointment of representatives

The new Fit and Proper regulations provide a wide range of prescriptions which FSPs should consider when appointing new representatives. It also has a potential bearing on current appointees who may be unrehabilitated insolvents. Section 40 states: (1) An FSP must ensure that where it appoints a person as a representative – (a) the person […]

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guidelines

Digital Marketing Guide

I recently downloaded a 16-page white paper titled The Advisor’s Guide to Digital Marketing which offers a wide variety of tips on how you can use various platforms to optimise your client contact via digital media. The introduction reads: Business today gets done not only through a handshake and signature, but with the click of […]

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RE-pencil

Changes to Regulatory Exam Questions

The amended Determination of Fit and Proper Requirements come into effect on 1 April 2018. The competence requirements relating to regulatory examinations contained in the amended Determination apply to all FSPs, key individuals and representatives except: a Category I FSP, its key individuals and representatives authorised, approved or appointed only to render financial services or manage or […]

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ombud1

Appeal Board decision on Ombud Procedural Obligations

The respondent, Mrs Landman, is a 65 year old widow and pensioner who invested the proceeds of her late husband’s life savings/pension of R650 000 on 6 May 2006 in the Sharemax Zambezi Retail Park Holdings Ltd on the advice of the appellant, J C Mostert. The appeal turned on two material issues namely: That the Ombud is […]

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Registration

Professional Principal Executive Officer Qualification

Registration is now open for candidates who want to enrol for the first intake on 26 February 2018. The Professional Principal Executive Officer Qualification is a much-needed stimulus for the professionalisation of the role of the Principal Officer which has historically been unstructured and undefined. It will also support the very important transformation imperative as […]

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script

New Binder Fee Regulations Bring Consistency

An article in Moneyweb titled New insurance rules offer more protection, less bias discusses the introduction of a binder remuneration cap of 9% in amendments to the long- and short-term insurance regulations which became effective on 1 January 2018. “Binder holders are third parties, who act as “front faces” for insurers and perform specific functions related to […]

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5 Top customer engagement tactics to try in 2018

Neil Summers, Head of Sales at Moonstone, recently wrote an article for Bizconnect which is of great interest to those keen to explore new avenues to generate business by harnessing IT advances to their benefit. With increased Internet connectivity comes greater opportunity for online commerce and subsequent client engagement. Globally, 96% of customers with smartphone […]

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RE

Changes to Regulatory Exam Questions

The amended Determination of Fit and Proper Requirements comes into effect on 1 April 2018. Regulatory Exam Study Material The amended requirements will have a substantial impact on the content of the study material for the REs. We believe that the FSB will soon provide guidance on the deadline by when the amended requirements are to be […]

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