Fit & Proper qualification requirements
– Ensure appropriate qualification for the applicable financial product One of the frequent questions we receive around the new Fit and proper Determination (Board Notice 194 of 2017) is whether or not a […]
Industry News
Fit & Proper qualification requirements
– Ensure appropriate qualification for the applicable financial product One of the frequent questions we receive around the new Fit and proper Determination (Board Notice 194 of 2017) is whether or not a […]
Your DOFA and RE requirements
“My DOFA date is 1st August 2016. Is my deadline to pass the Regulatory Exam 30 June 2019?” Moonstone receives many queries about the deadline for Regulatory Exam requirements. To answer this question and all FAIS related […]
Collection of insurance premiums – Update on regulatory framework
Just before year end, the Financial Sector Conduct Authority (FSCA) published FSCA Communication 2 of 2018: Update on the future of the premium collection regulatory framework under the Short- and Long-term Insurance Acts. […]
Collection of insurance premiums – Update on regulatory framework
Just before year end, the Financial Sector Conduct Authority (FSCA) published FSCA Communication 2 of 2018: Update on the future of the premium collection regulatory framework under the Short- and Long-term Insurance Acts. […]
ASISA Retirement Savings Cost Disclosure Standard
– Aims to build trust not expose hidden costs “Big financial services companies may soon need to find new ways to pad their earnings, as a new industry standard is threatening to expose […]
Credit card fraud – Elderly the most vulnerable
The Ombudsman for Banking Services has seen an alarming spike in credit card fraud since January this year, in particular, aimed at clients over 60. In a recent interview the Banking Ombud’s, Reana […]
Continuous Professional Development – Do you have enough hours?
With less than 50 days before the end of the current CPD cycle, are your hours matching the Fit and Proper requirements? In terms of the Fit & Proper requirements (BN194), Continuous Professional […]
Rising divorce rates – Financial advice for couples
Although getting divorced is a relatively straightforward process, at least from a legal perspective, the emotional and financial implications are often enormous. This is the view of Allan Gray’s Legal Advisor, Mlulamiu Nxele. […]
New broom sweeps clean – FAIS Ombud gives life to its core values
The statutory mandate which led to the creation of this Ombud’s office requires that it considers and disposes of complaints in a procedurally fair, informal, economical and expeditious manner, and by reference to […]
Don’t put the cart before the horse – Ensure that an insured is appropriately covered
Obtain all the relevant and available information and make a recommendation that is appropriate in terms of your clients’ needs and circumstances. If advisors fail in this basic requirement, the outcome can be […]
Key trends in Medical Schemes Industry – Financial strength of the industry remain stable
Alexander Forbes Health recently published its latest edition of Diagnosis, an annual publication that analyses key trends in the medical schemes industry from 2000 to 2017. “Members can be confident that the country’s […]
Updates from Medical Schemes Council – Consolidation of smaller funds and Low-Cost Benefit Package reviewed
In September 2018, the Council for Medical Schemes (CMS) published a Draft Framework for Medical Schemes Consolidation for comment. In response to these comments the CMS has done additional analysis and as a […]
Class of Business deadlines – Clarity from the FSCA
The amended Fit and Proper requirements of Board Notice 194 of 2017 determined various requirements that need to be implemented and complied with before specific deadline dates. Since the release of the original […]
Replacing of a life risk policy – Call for comments on RPAR template
Based on the comments received through public consultation, the FSCA is of the view that the previous proposed template for the replacement advice record (RPAR) raised certain practical challenges for intermediaries and insurers […]
Tribunal case opens whole new can of worms
Since representatives have been given the right to appeal to the Financial Services Tribunal against debarment decisions, many such actions have been set aside by this appeal body. In most of these cases […]
FAIS Ombud Client Care Centre – Enhances customer experience
On 22 March 2019, the FAIS Ombud established a Client Care Centre. According to the FAIS Ombud, the Client Care Centre will ensure that the Ombud’s office is able to not only efficiently […]
