Three-in-One Role of Ombuds
Take 1 I recently received an e-mail from a client regarding a complaint laid against him with the Short-term Ombud. Fortunately, due to me ticking all the boxes, crossing all the T’s and […]
Author: Paul Kruger
Changes to FinaMetrica Pricing
FinaMetrica decided to standardise the single-user annual fee for all new and existing FinaMetrica subscribers in South Africa from R3500 to R3850 with effect from 1 March 2015. The South African subscription price is well […]
Integrating the Various Ombud Schemes
On 23 January, our article: Improving Internal Complaint Mechanisms discussed the proposed measures, contained under the draft Market Conduct Framework, to align your internal complaints management framework with the TCF outcomes. The same […]
They still live among us
We would all like to believe that, since the introduction of the FAIS Act in 2004, things have changed for the better, and that clients are less exposed to advice which has only […]
F & I Training
We receive regular enquiries about people wanting to qualify to become “Finance and Insurance” (F & I) consultants in the motor industry. In order to become an F & I, one needs the […]
Customer Sophistication Challenges
Under the heading, “Risks to fair customer outcomes”, the RDR white paper discusses the problems resulting from the varying levels of customer sophistication. The inherent asymmetry of information and bargaining power between ordinary […]
Please Load-shed now
Hilton Tarrant pleaded in an article on MoneyWeb for Eskom to apply load-shedding on a daily basis until May in order to do the urgently required maintenance to prevent unexpected down times. I […]
The Cost of Fixing Product Provider Problems
Your article on remuneration for different services made a lot of sense to me, and certainly deserves further discussion. As the IFA gets squeezed from all sides [extra work, less income & increased […]
Dissecting the Numbers
The figures published in the Retail Distribution Review discussion document provide a very clear picture of the current make-up of the industry in terms of market segmentation of advisors. In the past it […]
RE Update – Pretoria Centre
Please note that no examinations will be scheduled for the period 16-03-2015 up to 10-04-2015 at Pretoria Brooklyn Bank Forum Examination Centre. We are upgrading the facility to provide a wider range of […]
Audio Recording of Advice
I found a short article published in the Australian “ifa” online newsletter very interesting. The JBS Financial Strategists boss and 2013 AFA Adviser of the Year (Jenny Brown) told ifa that she originally […]
Lead Generator Fined R250 000
The Registrar of Financial Services Providers (the Registrar) referred a case against Talksure Trading (Pty) Limited (the Respondent) to the Enforcement Committee of the Financial Services Board. The referral relates to a contravention […]
Who should pay the Piper?
While there is clarity on the existing remuneration system, which is essentially commission driven, proposals under the Retail Distribution Review aim to differentiate between various kinds of services, and establish fair remuneration for […]
Regulatory Exam Update
The dreaded DOFA (Date of First Appointment) deadline is looming for all those people appointed between 30 June and 31 December 2012, and who have not yet successfully completed their Level 1 Regulatory examinations. You have until […]
Comment on “Material terms and Conditions”
In response to an article: “Disclosure of Material Terms” we published last week, a reader responded as follows: Dear Paul, No broker can possibly explain every single clause in a multi-page legal contract […]
Consolidation of Legislation
The Draft Market Conduct Framework, published in December last year, identified the diversity of legislation regulating different sectors of the industry as one cause for the Regulator’s inability to supervise effectively across the […]
