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Microinsurers – Proposed exemption for Credit Life

The FSCA has published the draft exemption for Microinsurers offering Credit Life from Rule 2A.10.1 of the Policyholder Protection Rules which states “A microinsurance policy or a funeral policy may not prescribe that a policy benefit payable as a sum of money is payable directly to a service provider.” FSCA Communication 6 of 2019 notes that […]

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financial-sector

Joint Standard on F&P requirements for significant owners – Second round of public consultation

This week the Prudential Authority (PA) and the Financial Sector Conduct Authority (FSCA) jointly published a proposed Joint Standard on fit and proper requirements for significant owners of financial institutions in terms of section 159 read with sections 105, 106 and 107 of the Financial Sector Regulation Act, 2017 (Act No. 9 of 2017) (FSRA), […]

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debarment1

Debarment – 3 critical steps to comply

The FSCA’s Guidance Notice 1 of 2019 clarifies the requirements for debarment as described in Section 14(3) of the FAIS Act with which an FSP must comply when debarring a person. It is important that these requirements should be contained in an FSP’s policies and procedures governing its debarment process. The Guidance Notice shares the […]

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CPD – two month exemption to comply

Last week the FSCA published the Exemption from Continuous Professional Development Requirements, 2019 – No 2 of 2019 on its website. The purpose of the Exemption is to allow financial services providers, key individuals and representatives who did not comply with the CPD requirement on the 31st of May, until 31July 2019 to comply with requirements set out in the Determination […]

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Cyber insurance

Cyber insurance – A first priority for SMEs

Late last year, Business Report shared that according to the global Cyber Exposure Index, South Africa currently has the sixth highest average exposure to cybercrime, with businesses in the industrial and financial sectors being the most commonly targeted by cybercrime attacks. Another similar report revealed that around 61 percent of small businesses experienced a cyber-attack […]

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Softbyte

Softfin Financial Planning Software

Experience taught us that a low-cost offer should be treated with suspicion and a no-cost one with even greater circumspection. There are exceptions, though. Softbyte Computers announced last week that Moonstone subscribers can now access SoftFin financial planning software at no cost for a whole year. “With no ties to any financial institution or organisation, […]

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Finance

Behavioural science leads to better returns

Financial Planner of the Year shares tips – Behavioural science leads to better returns In a recent Business Report article, Janet Hugo Financial Planner of the Year, shares how behavioural finance can be used in an efficient and practical manner in the wealth-management process. According to Hugo one of the easiest ways to incorporate investor […]

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Retirement-plan

Retirement fund default strategies

Trustees grappling with post-retirement risks According to a recent Moneyweb article, very few retirement funds have implemented default strategies ahead of the March 1, 2019 deadline. According to Barend le Grange, head of individual member support at Sanlam, a lot of funds are leaving the implementation of the default strategies quite late. Viresh Maharaj, chief executive for […]

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algorithm

Machine-learning algorithm beats 20 lawyers in NDA legal analysis

LegalBrief recently shared a Techspot article that reported that while most of the jobs that get displaced by computers require little or no education, even highly-educated positions could be replaced by automation: “A recent study by LawGeex pitted its machine-learning AI (Artificial Intelligence) against 20 human lawyers to see how it would fare analysing contract […]

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