Appeal Board upholds Ombud Decision
In June we reported on three new cases to be heard by the FSB Appeal Board. One of these concerned a complaint that was dismissed by the Ombud but the client, an advocate, […]
Industry News
Living Annuity Statistics
The August ASISA Dispatches provided the following information on Living Annuities. The 2016 Living Annuities Survey statistics were finalised in August. The survey showed that living annuity policyholders withdrew on average 6.62% of […]
FIC Amendment Act Implementation Update
The Financial Intelligence Centre (FIC) Act has been amended with the first set of provisions coming into effect on 13 June 2017. These provisions do not have any effect on accountable institutions. The next set […]
Addressing Assumptions about POPI
We are not Google, so why should we care about data privacy? Let’s not beat about the bush. Complying with data privacy laws can be expensive and POPI is no exception. So it […]
Health Market Inquiry Update
Investigations into the health market by the Competition Commission appear to have hit a bit of a hitch. A media statement confirmed that the “Revised Administrative Timeline”, published on 1 December 2016 has been withdrawn […]
Unclaimed Retirement Benefit Search Engine
The Financial Services Board made this facility available on its website this week. I was obviously curious about whether the Kruger millions were not possibly hidden in a pension fund somewhere and promptly […]
Fairness in Justice
In a recent decision concerning a Sharemax investment, the FSB Appeal Board said that section 20(3) of the FAIS Act requires the FAIS Ombud to consider complaints in a procedurally fair, informal, economical […]
Pick the right Ombud
This case reminds me of a Dennis the Menace cartoon where he walks up to his dad and says: “Pick a card – any card.” Dad picks a card and Dennis says: “No, […]
Have Ye no Shame?
The audacity of criminals appear to increase in leaps and bounds, as witnessed by a case study published in the Short-term Ombud’s latest annual report. The complainant approached the office of the Ombudsman […]
Causal event charges and TCF
If the Pension Fund Adjudicator had her way, causal event charges would be levied very differently, if at all. In a case reported on in FANews on 3 August 2017, the product provider, in response […]
FSB Levy Reminder
By now you should have received a letter from the FSB advising details of the annual FSB and FAIS Ombud levies payable by the end of October. If you did not, it could […]
Short-term Insurance and FICA
Talks are currently underway to increase the obligations of the Short-term industry in respect of the Financial Intelligence Centre Act (FICA). The Financial Intelligence Centre (FIC) is the body responsible for identifying the […]
Unauthorised use of IDA Name / FSP Number
We were advised by the Independent Dealer Association (IDA) of an entity who is apparently making unauthorised use of its logo and FSP number. The IDA and IDA Risk Management confirmed that it […]
CPD Revisited
A reader recently wrote: I provide training on behalf of a registered medical scheme to accredited brokers on medical scheme benefit options, underwriting and processes. I recently attended a broker training session at the […]
ConCourt Judgement on medical schemes savings accounts
Following numerous enquiries for clarity on the implications of the recent Constitutional Court judgment regarding the correct accounting treatment of medical schemes members’ personal savings accounts (MSA), the Council for Medical Schemes (CMS) […]
NHI promises equality of care
Implementing NHI will be an enormous task but promises equality of care for everyone – GTC Healthcare Whilst every South African will find it difficult to argue with the concept of National Health […]
The future of Level 2 REs and CPD – July 2017
A recent “Round Table” discussion by Ms Caroline da Silva, Deputy Registrar, FAIS of the FSB, provided a welcome update on the Regulator’s current thinking on a number of key issues, including: Regulatory […]
