Compliance is an ongoing requirement
The importance of having systems in place to ensure compliance was illustrated this week in a notice from the FSB Enforcement Committee. Rule 5.1(a)(i) of the PPR Rules require that a registered entity […]
Best Practice
Fixed-income annuities provide financial certainty post-retirement
As longevity statistics increase, the case for guaranteed or fixed income annuities has become stronger. In the last year, the World Economic Forum has published a white paper estimating the global gap in […]
FAIS Cat I and II licences
We are aware that there is fair amount of concern in the industry about where the regulator is heading in this regard. The following are some of the points for discussion at the […]
Proposed Amendments to General Code of Conduct
The Registrar published proposed amendments to the General Code of Conduct for Authorised Financial Services Providers and Representatives, 2003 and proposed amendments to the Specific Code of Conduct for Authorised Financial Services Providers […]
Become a Retirement Fund Professional
Principal Executive Officers are the drivers of retirement funds in Southern Africa. Given the important role they play within the governance structure of a retirement fund, including the proper performance of the board […]
Stick to the script
We receive many enquiries from readers about debarments, like this one last week: The reason why I was debarred was that I helped a customer with a loan application over the phone. I […]
Qualifications and Execution of Sales
The new Fit and Proper (F&P) requirements due for publication any day now contains reference to a new concept which aims to address a thorny issue, namely the different levels of complexity of […]
The Demise of Churning?
The good news is that the Regulator now understands that not all replacements are bad. One must question the rationale behind making the receiving insurer accountable for assessing whether a replacement is justified […]
Catastrophes and the Bottom Line
Using attention-grabbing adjectives in news headlines to describe life-changing events has been the preserve of news offices around the world for years. Over the course of the past few weeks, news reports have […]
Standardised Short–term Personal Lines Terminology
The SAIA published a list of standardised terminology on the SAIA website. The terms were identified by the SAIA Treating Customers Fairly workgroup on Standardised Terminology. The aim of the list is to […]
POPI Information Officer Obligations
The Protection of Personal Information Act adds yet another obligation on businesses in the financial services sector. Draft regulations, published on 8 September 2017, set out what will be required. Section 4 outlines the duties […]
Do you offer financial advice or coaching?
Every financial adviser should be familiar with the statistics: Only 5% or so of South Africans will retire comfortably. In total, South African consumers owe R1.6 trillion in debt. There are 20 million active credit […]
Unintended Consequences of NHI
Research by economics consultancy Econex looked at the impact of removing tax credits to medical schemes and then reallocating them to funding National Health Insurance (NHI) as suggested by the 2017 White Paper. […]
Understanding Consequential Loss
In a world that seems to constantly produce new forms of risk, it is wise for the public to rely on insurance intermediaries to benefit from their knowledge, experience and expertise, coupled with […]
POPI Awareness Training
Moonstone Business School of Excellence (MBSE), in collaboration with Compliance Online, now offer a nine-module online training course for businesses that will be required to comply with the requirements of the Protection of […]
POPI training – Who needs it?
We’ve all been there: the stuffy room with the uncomfortable seats, the monotonous drone of the facilitator reciting legislation – he’s somewhere in the middle of a 144-slide PowerPoint presentation and you are […]
CIS Portfolio Performance Guidelines
CIS Information Circular 30, published on 12 July 2017, contains guidelines from the Registrar regarding the publishing and disclosure of CIS portfolio performance. The Registrar has noted that some managers of Collective Schemes Investments are […]
