Conduct of Business Reports
The FSB intends replacing the current FSB compliance reports with Conduct of Business Reports (COBR) and has called for industry input on the proposed document. The content and format of the proposed COBR […]
Industry News
Suitebox Assessment by Industry Experts
SuiteBox provides video business meeting software of specific benefit to modern day financial advisers. Apart from providing significant cost, productivity and client engagement improvements, it assists in simplifying record keeping. Inaccurate or insufficient […]
Important Proposals on Regulatory Changes
Revised Draft Default Regulations on Lowering Charges and Improving Market Conduct for Retirement Funds: National Treasury today publishes a second draft of the retirement funds default regulations, made in terms of section 36 […]
National Credit Regulator and CMS under Twin Peaks
In a report of the Standing Committee on Finance on the Financial Sector Regulation (Twin Peaks) Bill the committee touched on the possibility of duplication in regulation, not only in terms of the […]
RDR Status update November 2016 Part 1
A new discussion document on RDR is due for release before the end of December for industry input. At the Insurance Regulatory Seminar in Cape Town on 17 November 2016, the following information, which will […]
Comparing Emerging Regulations
A bosom buddy of mine, now deceased, when asked what he would do differently if he could live his life over, said: “I would make the same mistakes, just start sooner.” I have […]
Growing importance of Data
At the 2016 Insurance Regulatory Seminar held in Cape Town last week, Farzana Badat, Head of Insurance Compliance went to great lengths to illustrate the importance of “…reliable, dependable, quality data… to articulate […]
Does size matter?
In Case 1 discussed above, the Ombud also made the following statement: “The investigation further revealed that the respondent, in advising the complainant, had compared various financial products on the basis of a […]
Justice delayed?
We noted with great concern that there were delays of up to five years in resolving some complaints from the time the Office of the Ombud undertook to investigate the complaint. This was […]
Trends from Ombud Annual Report
The operational report from the FAIS Ombud in the 2015/2016 annual report, released on 18 November 2016, contains details of specific trends picked up in the period under review. Forex Investments A growing trend in […]
Liquidation of Saxum Insurance
On Friday, 28 October 2016, the FSB published a five page document to inform policyholders of the liquidated insurer and how this will affect them. Whilst most of the questions and answers deal […]
Silly Season is upon us
The Wikipedia definition reads: In Australia, New Zealand, and South Africa, the silly season has come to refer to the Christmas/New Year festive period on account of the higher than usual number of […]
Representatives also at Risk
In a recent Ombud Determination (JJ & GH Carstens and Paarl Financial Advisors CC & JA Bartman) dated 12th October 2016, the Ombud made reference to the Appeal Board determination in the first (2013) appeal […]
Sign-on bonus and other Penalties
Section 3A of the General Code of Conduct came into operation on 4 December 2014. It decreed that “… No person may offer or provide a sign-on bonus to any person, other than a new […]
Application for Liquidation of Saxum Insurance
Should the FSB’s application be upheld, and this order is granted and made final, it will effectively mean that that any policyholder with a current claim will become a concurrent creditor of the […]
Insurer pays for Flawed Application Form
It is interesting to note that an insurer’s failure to provide for a key exclusionary clause resulted in payment of a claim it initially rejected. The most recent Short Term Ombudsman Briefcase contains […]
Levy Reminder
By now you should have received invoices for the FSB levy and one for the FAIS Ombud. If you have not, it may be that your contact details at the FSB are incorrect. […]
