Insurance Bill passed in Parliament
Insurance Bill B1B, as amended by the Standing Committee on Finance was passed in the National Assembly on 28 November 2107. It will now be referred to the National Council of Provinces for consideration. The […]
Compliance and Legislation
Outcomes of Thematic Review on Claims
The term ‘risk based and proportionate’ is one of the important cornerstones of how market conduct will be assessed and regulated in future. The following possible sources of conduct risk were identified: Culture […]
FSB RDR Update November 2017
At the end of last year’s Insurance update from the FSB, Jonathan Dixon said: “We had better fasten our safety belts – this is going to be rough year”, or words to that […]
FAIS Ombud on Short-term Insurance Trends
The 2016-2017 Annual report notes the following trends in complaints received from the public. The number of complaints that relate to short-term insurance policies far exceed those from any other product category of […]
Proposed Amendments to General Code of Conduct: Sections 8 & 9
The Registrar has 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 […]
Healthcare Broker fee increase
Regulation 28(2), published in terms of the Medical Schemes Act, now effectively reads as follows: “Subject to sub-regulation (3), the maximum amount payable to a broker by a medical scheme in respect of […]
Draft Determination on Equivalence of Reward
Perceived disparities between remuneration for tied agents and independent advisers have been a bone of contention for ages. The Registrar also expressed concerns about the possibility of using remuneration, other than commission, to […]
Information for Nova debenture holders
Moneyweb’s editor, Ryk van Niekerk, published an article of interest to those who invested in Sharemax, and hold debentures in Nova. There is currently a proposal for a Section 155 Scheme of Arrangement, which […]
Complaints Management Proposals
The proposals for amendments to the General Code of Conduct (GCoC), published in November 2017, expand substantially on the Regulator’s expectations in terms of how complaints are handled. Exactly three years ago we published […]
FSB on Execution of Sales
The FSB responded as follows to two articles we recently published on these topics. In your articles, “Sticking to the script?” and “FSB Fit and Proper Requirements: Qualifications and execution of Sales”, published […]
Was Ombud entitled to bend the rules?
This question will be answered on 30 November, when the J C Mostert / L Landman appeal against a determination by the FAIS Ombud Appeal is heard by the FSB Appeal Board. We believe […]
New Fit & Proper and the REs
Market indications are that the final Fit and Proper Regulations are due for publication any day now. These regulations form an important part of the knowledge tested in the Regulatory exams. Changes to […]
FIC Amendment Act Readiness Test
The Financial Intelligence Centre recently sent a guidance note to all Accountable Institutions to assist them in assessing their readiness to comply with the amended legislation which came into effect on 13 June and […]
Cost implications of Twin Peaks
Some of the harshest criticism of the Financial Sector Regulation Act concerns cost, with some claiming inadequate impact assessment, specifically as far as cost is concerned. Caroline Da Silva,acting Deputy Executive Officer for […]
Twin Peaks approach to licencing
The Financial Sector Conduct Authority (FSCA) envisages a shift from the current sectoral licensing model to a more centralised, activity-based licensing one. This shift, however, will only take place in the second phase […]
A second bite at the apple
The Groenewald determination, which just came to hand, indicates a more democratic approach by the Ombud. In the past, a determination was made, signed, sealed and delivered. This case saw the Ombud make […]
CMS Annual Report 2016/17
The Council for Medical Schemes (CMS), regulator of the medical schemes industry, released its Annual Report for 2016-2017 on 5 October, providing a comprehensive report on the status of the private medical schemes industry […]
