RDR Status update November 2016 Part 1
A new discussion document on RDR is due for release before the end of December for industry input. At the Insurance Regulatory Seminar in Cape Town on 17 November 2016, the following information, which will […]
Author: Paul Kruger
Twin Peaks Progress Report
Jonathan Dixon provided more information on the Financial Sector Regulation Bill which is currently in the final stages of Parliamentary consideration. The Bill provides for staggered implementation. The Prudential Authority will be established […]
Comparing Emerging Regulations
A bosom buddy of mine, now deceased, when asked what he would do differently if he could live his life over, said: “I would make the same mistakes, just start sooner.” I have […]
Appeal Board rules on Ombud RVAF finding
In one of the most important findings by the Appeal Board of the FSB, an appeal against a finding by the FAIS Ombud was upheld. The Ombud’s findings Some of the relevant findings […]
Growing importance of Data
At the 2016 Insurance Regulatory Seminar held in Cape Town last week, Farzana Badat, Head of Insurance Compliance went to great lengths to illustrate the importance of “…reliable, dependable, quality data… to articulate […]
Proposed “conduct of business” regulatory reforms
The 7th Insurance Regulatory Seminar is one event not to miss if you are involved in the financial services industry. This year’s seminar was certainly packed with important information. There can be no […]
Dekking vir volle finansieringsbedrag
Die FAIS Ombud het onlangs bevind dat ‘n makelaar aanspreeklik gehou moet vir die verlies van ‘n kliënt wat betref die verskil tussen die versekerde bedrag en die uitstaande skuld aan die bank. […]
Does size matter?
In Case 1 discussed above, the Ombud also made the following statement: “The investigation further revealed that the respondent, in advising the complainant, had compared various financial products on the basis of a […]
Lessons from FAIS Ombud Annual Report
The FAIS Ombud indicates the following concern in her 2015/2016 annual report: “One of the areas that the FAIS Ombud still has to contend with is the misconception… that the FAIS Act does […]
The difference is day and night!
Is there incentive from the Proteas point of view to lay it all out on the field in the 3rd test? – A quick look at the motivational factor for Faf and his […]
Justice delayed?
We noted with great concern that there were delays of up to five years in resolving some complaints from the time the Office of the Ombud undertook to investigate the complaint. This was […]
Post Retirement Planning
The Ombud’s annual report highlights specific problems related to advice when clients retire. South Africans continue to procrastinate when it comes to saving for retirement. Many still rely solely on the benefits provided […]
Trends from Ombud Annual Report
The operational report from the FAIS Ombud in the 2015/2016 annual report, released on 18 November 2016, contains details of specific trends picked up in the period under review. Forex Investments A growing trend in […]
Short-term Shortcuts
New Ombud’s Briefcase The OSTI Briefcase issue 3 of 2016 contains a number of interesting case studies, including: The rejection of a claim for accidental damage on the ground that the person riding […]
Debarment Update
The Cliffe Dekker Hofmeyr publication Finance and Banking Alert – 17 October 2016 carries an article titled, Debarment of Delinquent FAIS Representatives. It provides a brief outline of what to do when a […]
The Importance of Cash Threshold Reporting
Moonstone Compliance recently sent a reminder to all its compliance officers on what appears to be stricter monitoring and resultant fines by the Financial Intelligence Centre on Cash Threshold Reporting (CTR) requirements. The […]
Income Earners underinsured for death and disability
The families of South Africa’s 14 million income earners face a combined insurance shortfall of R28.8 trillion should these breadwinners die or become disabled. This amounts to an insurance gap – the difference between […]
