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, […]
Industry News
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 […]
REs for Compliance Officers
We recently published a template showing the deadlines for compliance officers to successfully complete specific regulatory exams. The FSB very kindly expanded on our original publication, including CO’s for Licence Category 4, and also […]
FSB Appeal Board Clarifies Factual Causation
The recent Appeal Board Determination in the matter of J&G Financial Service Assurance Brokers (Pty) Ltd and R L Prigge is an important Determination for a number of reasons. Mention has already been […]
FAIS clearly unclear about intermediary services
The Free market Foundation recently published an article on a matter which has certainly been a major bugbear since the introduction of the FAIS Act. When does a person have to register for […]
FSP Levies for 2017 announced
FSPs will heave a collective sigh of relief on hearing that the new levies payable to the FSB actually decreased this year. No indication of the reason for this is given, but we […]
FSB fines Smart Life R150 000
The Registrar of Long-term Insurance (the Registrar) referred a case against The Smart Life Insurance Company Limited (Smart Life) to the Enforcement Committee of the Financial Services Board. During the period 15 April 2013 until […]
CMS to address Undesirable Practices
The Council for Medical Schemes published Circular 39 of 2017, calling for industry input on its intention to declare certain practices irregular or undesirable. Regulation 8 of the Medical Schemes Act entitles medical schemes […]
R E and Qualifications Fraud
In a holding statement published on Thursday, 15 June, the Financial Planning Institute (FPI) responded as follows to a media release by the FSB: Falsification of Regulatory Examination Results and Issuance of Fraudulent Certificates […]
