Debt Relief Bill Published
On 24 November 2017, the Portfolio Committee on Trade and Industry published its Draft National Credit Amendment Bill, 2018 (the Bill) in the Government Gazette. The Bill is generally referred to as the Debt Relief […]
Industry News
Draft PMB Code of Conduct for discussion
The Prescribed Minimum Benefits (PMB) Code of Conduct (CoC) published in 2010 has been reviewed, and following the incorporation of inputs received from all the task team groups; the first draft of the […]
Virtual Currency Alert from Treasury
“The National Treasury, the South African Reserve Bank, the Financial Services Board, the South African Revenue Service and the Financial Intelligence Centre, published a document titled “User Alert – Monitoring of virtual currencies”. […]
FAIS Ombud Settlement Cases
Whilst determinations by the Ombud receive wide exposure in the media, settlements are only published in her annual report. This year, there were 1005 settlements and 68 determinations. The settlement amounts in case […]
Draft Policyholder Protection Rules submitted to Parliament
The FSB published the Long- and Short-term proposals last Wednesday. Included in the documentation is a comments matrix reflecting the Regulator’s responses to industry input. It is interesting to note the inclusion of […]
SaXum Liquidation Update
The short-term insurance industry, through the South African Insurance Association (SAIA), has established a limited voluntary fund (SAIA Fund) to try and alleviate the prejudice suffered by those policyholders with motor accident claims […]
Prohibition of Inducement and Acceptance of Gratification
The Registrar of Pension Funds published, for comment, a draft Directive to determine conditions in respect of inducements and acceptance of gratification to ensure compliance with and to prevent contraventions of the objectives […]
ASISA Comments on Twin Peaks
Rosemary Lightbody, Senior Policy Advisor at the Association for Savings and Investment South Africa (ASISA), recently provided insight into ASISA’s views on a number of important aspects concerning Twin Peaks. In an article […]
Case studies from the Short-term Ombud
The October edition of the OSTI Briefcase contains some interesting insights on two complaints, in particular. Promissary warranty The issue for determination in this matter was whether the insurer was entitled to reject […]
Mark MacSymon Financial Planner of the year
Mark MacSymon, a wealth manager at Private Client Holdings, was named the 2017 Financial Planner of the Year on Thursday. The award, presented by the Financial Planning Institute (FPI), is the highest accolade […]
Credit Regulator Cracks down again
The National Credit Regulator (NCR), in a media release on 24 October 2017, also issued a compliance notice to Volkswagen Financial Services South Africa (Pty) Ltd (VW) for charging consumers an on-the-road fee, admin fee […]
Debarment Guidelines Withdrawn
The document titled “Guideline on the Determination of Reappointment of Debarred Representatives”, published on 13 July 2011, was withdrawn in a notice published on Friday, 20 October 2017. No reason for the withdrawal was given, nor was […]
Justice for All?
Was justice fully served in the Oosthuyzen case before the High Court in Bloemfontein last month? From the perspective of the plaintiff, possibly yes, albeit it 7 years later. Delayed, but at least not […]
Sasria and Santam to Empower Municipalities
Sometimes, desperate times call for innovative ideas, rather than desperate measures. Sasria has signed an agreement with Santam to join their “Partnership for Risk and Resilience” (P4RR) programme to facilitate increased collaboration between […]
Remorse and Forgiveness
Reviews of decisions by the Registrar and the FAIS Ombud tend to take a slightly more formal and legalistic approach. In the case of the FSB, particularly, it also provides insight into cases […]
NCR smacks BMW
Views ‘on-the-road-costs’ as not being in line with prescriptions On 3 August, we published an article on the National Credit Regulator’s (NCR) media statement, warning vehicle financiers (being registered credit providers) that they […]
Trends in Motor Insurance
At the launch of the 2016 Annual Report from the Short-term Ombud, she elected to deviate slightly from the usual statistical analysis to highlight some interesting trends from the report with particular reference […]
