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Author Archive | Paul Kruger

ombudsman

Pick the right Ombud

This case reminds me of a Dennis the Menace cartoon where he walks up to his dad and says: “Pick a card – any card.” Dad picks a card and Dennis says: “No, not that card.” It is amazing how two Ombuds can have such divergent views on the same matter. We have often in […]

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ombud1

Have Ye no Shame?

The audacity of criminals appear to increase in leaps and bounds, as witnessed by a case study published in the Short-term Ombud’s latest annual report. The complainant approached the office of the Ombudsman for assistance following the rejection of a claim submitted to the insurer for the theft of a motor vehicle on 6 July 2016. The […]

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fees

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 to a complaint, submitted that it subscribed to the principles of Treating Customers Fairly (TCF) and that the complainant was appropriately informed […]

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car_dealership

NCR Alert for Vehicle Financiers and Dealers

On 2 August 2017, the National Credit Regulator (NCR) issued a media statement to announce its intention to conduct a compliance monitoring exercise on vehicle licence and registration fees payable by consumers under credit agreements. The purpose of the exercise is to determine whether credit providers do not charge consumers more than the actual licence […]

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reminder

FSB Levy Reminder

By now you should have received a letter from the FSB advising details of the annual FSB and FAIS Ombud levies payable by the end of October. If you did not, it could mean that your contact details at the Regulator are incorrect. The 2017 levy invoices will be mailed by 30 September 2017 and are payable […]

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Moonstone-events

Moonstone Regulatory Update Workshops 2017

In the financial services industry in South Africa, the only certainty is change. A number of regulatory changes with significant impact on the industry are in the pipeline. Moonstone Compliance is pleased to announce that we will hosting another round of our very popular regulatory update workshops during September 2017. As our regular attendees have come […]

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Implementation

Binder Remuneration Update

We reported last week on the publication of proposed amendments to the Regulations made under the Long-term Insurance Act, 1998 (“LTIA”) and the Short-term Insurance Act, 1998 (“STIA”) for public comment. This included reforms to the Retail Distribution Review and the draft amendments to the Binder Regulations. Feedback to commentators notes that substantial input was […]

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Big-data

Getting More from Data

The use of data, and protection of confidential client information, will play an extremely important role in the future of financial advisers in South Africa. Whilst it makes good sense to invest in technology in order to comply, one should consider actually finding a solution that will, at the same time, enable one to use […]

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regulations

Proposed Regulatory Amendments Update

In December 2016, National Treasury (NT) with the support of the Financial Services Board (FSB) published, for public comment, proposed amendments to the Regulations made under the Long-term Insurance Act, 1998 (“LTIA”) and the Short-term Insurance Act, 1998 (“STIA”). This included reforms to the Retail Distribution Review and the draft amendments to the Binder Regulations […]

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Short-term

Short-term Insurance and FICA

Talks are currently underway to increase the obligations of the Short-term industry in respect of the Financial Intelligence Centre Act (FICA). The Financial Intelligence Centre (FIC) is the body responsible for identifying the proceeds of crime, combating money laundering (ML) and the financing of terrorism (TF). To this end, it uses information submitted by business, […]

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