Risk Profiling in South Africa
Historically risk profiles were used to lead customers to buy specific products. Few of these plans had the actual welfare of the client at heart. Some of the more modern versions are often […]
Best Practice
Breaking: SCA upholds Old Mutual’s Living Hands appeal
Old Mutual Unit Trust Managers off the hook for R1.7 billion claim arising from Fidentia scandal.
Read moreBeing A Curator Is Not For Sissies
By Denis Lloyd and Jerome Veldsman of Walkers Inc. (http://www.walkers.co.za/) Due to the vagaries of life, especially old age, many a person (let’s call her “Amy“) has difficulty managing her own financial affairs. […]
TCF in Practice
Treating customers fairly may be the new buzzword, but it has been applied in the industry for quite some time now. A perfect example of this comes from a formal ruling made by […]
New duties imposed on trustees by the amendments to the Pension Funds Act
The Financial Services Amendment Act came into effect on 28 February 2014 and amends the Pensions Funds Act (“the Act”). It introduces an assortment of new duties and responsibilities for pension fund trustees. […]
With performance fees the “Devil is in the detail”
Although the financial services sector is backed by a sound regulatory and legal framework, not enough is being done to ensure full transparency in terms of investment management fees. It is almost impossible […]
How Productive are you?
The results of two surveys in the financial services industry were recently published by CoreData, a firm who conducts research in banking, mortgages, retail saving, pensions, asset management and the financial advisory sector. […]
Consumer Expectations from TCF
There was a time when actuaries at product houses spent endless hours developing a product, packaging it, and then sending it to the marketing division with the message: “Go out there and find […]
Moonstone Training Services
Moonstone Intellectual Capital (Pty) Ltd is an INSETA accredited Training Service provider. We provide training solutions for FSPs in all major licence categories. As part of our holistic approach, we conduct a thorough […]
Introducing Ethics into your Practice
Managing your practice in terms of the FAIS Act and the General Code of Conduct may be time-consuming, but at least there is a set of rules to guide you. The advent of […]
Business Protection for the One-Person Business
We often receive emergency calls for assistance from FSPs who suddenly discover that they are short a template or two. This usually happens when they complete their annual compliance report, or as a […]
Treating Customers Fairly and Complaints Management
Sometimes, something that appears insignificant can have rather important ramifications. The Regulator recently requested all registered short-term insurers who are members of the Short-term Ombudsman (OSTI) to provide full details of personal lines […]
Proposed Changes to Liquid Assets Definition
Financial Services Providers who receive client funds are required to conform to very specific requirements in terms of liquidity, as set out in the Determination of Fit and Proper Requirements. In terms of […]
Do not wait for POPI
Even a genuine mistake can be costly these days. A FSP recently settled for a fine of R50 000 for not obtaining proper authorisation before disclosing confidential client information to a third party. […]
Whereto with POPI and TCF?
We frequently receive enquiries about legislative changes, specifically regarding Treating Customers Fairly (TCF) and the Protection of Personal Information Act (POPI). Some product providers have even requested advisors to sign TCF declarations. As […]
Your Voice: Healthcare Distribution Remuneration
The long-standing battle by the Council for Medical Schemes to have gap cover and hospital plans clearly demarcated as insurance, and not medical products, is indicative of its determination to ensure that clients […]
Your Voice: Commission on Healthcare Products
In 2000, the authorities governing our industry placed restrictions on medical aid fees. It was 3% with a cap of R50. Some 14 years later the cap is R69 (last I looked). I […]
