Replacements going forward
The original RDR Proposal on replacements provided that “…long-term insurers would be prohibited from paying any form of commission or fee to an intermediary in respect of the replacement of life risk policies. […]
Compliance and Legislation
Regulatory Instruments
The term “regulatory instrument” appears in the Financial Sector Regulation Act and includes, inter alia, a prudential standard, a conduct standard and a joint standard. These regulatory instruments form part of the Financial […]
RDR Phase 1 Status Update
The FSB published its Retail Distribution Review (RDR) discussion document, which contained a total of 55 specific regulatory proposals, in November 2014. A subset of 14 RDR proposals was identified for implementation in “Phase […]
Conflicts of interest and Contracts
The RDR feedback provided at the FSB Insurance seminar elaborated on conflicts of interest which may impact on an adviser’s objectivity. The following three were discussed: Binders and outsourcing – stricter conflict controls […]
Update on Phase 1 of the RDR Proposals
A comprehensive update on the Retail Distribution Review will be published in the next two weeks. A glimpse into what this will entail was presented at the FSB Insurance Regulatory Seminar in Cape […]
Beware of using third parties
It is fairly common practice in certain sections of the industry to make use of third parties to obtain new business. A recent order made by the Enforcement Committee serves to remind those […]
Compliance Considerations
Are you, as an experienced financial services provider, equally well equipped to manage the challenges confronting your business? The constant raft of regulatory changes necessitates a professional research and development function in even […]
Is an employee settlement agreement bulletproof?
This article is made available with the kind permission of Miller’s Incorporated. “My business recently had to pursue disciplinary action against an employee. This was a difficult decision and process but we eventually […]
Moonstone Protector Compliance Service
The dilemma facing financial services practices who are not obliged to appoint a compliance officer were highlighted recently by a rather frantic call from a one-person FSP after being informed by the FSB […]
Trusts and Divorce
This article is made available with the kind permission of Miller’s Incorporated. With estate planning becoming more sophisticated, more and more trusts are being established. Simultaneously, divorces are increasing by around 8.6% per […]
Kan Munisipaliteit jou kragtoevoer afsny?
Hierdie artikel word gepubliseer met die goedgunstige toestemming van Van der Spuy en Vennote. Die munisipaliteit het my in kennis gestel dat hulle my elektrisiteitvoorsiening gaan afsny omdat daar uitstaande betalings ten opsigte […]
More Unintended Consequences?
Laura du Preez wrote in Personal Finance on 12 September 2015: Providers of primary healthcare plans that may soon be disallowed say that low cost benefit medical scheme options will not cater for people using […]
Cost of FICA amendment on Compliance
Legalbrief Today reported as follows on an article in Business Day: Institutions have cited the prospect of a spike in the cost of compliance as a major issue that might arise from proposed […]
Medical Schemes Council Ups the Ante
MSC Circular 59 of 2015 contains proposed amendments to the Medical Schemes Act, including various fee increases. Regulation 31 deals with the amounts payable to register a medical scheme, to accredit an administrator, […]
POPI and Telemarketing
A recent article in Times Live contained some interesting views on the impact of the Protection of Personal Information Act, once it comes into effect. Telemarketing expert and CEO of the Marketing Association […]
Can you cancel a contract by email?
Published with the kind permission of Van der Spuy & Partners Your agreement is signed, sealed and delivered! You know that in the agreement a non-variation clause stipulates that no variation or consensual […]
Sub-agent Accountability
Proposal I: Conduct Standards for referrals and lead generation Certain specifically identified forms of referrals and leads will be included in the regulatory framework as a form of financial intermediation, and will be […]
