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 […]
Industry News
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. […]
Nearly R1 billion in fraudulent claims thwarted
Claims fraud statistics for 2015 released in September by the Association for Savings and Investment South Africa (ASISA) reveal that while the number of cases of fraud and dishonesty uncovered almost halved (from […]
Reinsurance Regulatory Review Position Paper
This document, published on 9 September proposes to: Set out the final reforms on how to best achieve the objectives of insurance supervision, i.e. to promote the maintenance of a fair, safe and […]
Hospital Insurance and GAP Cover
The concern that the Medical Schemes Council (MSC) has with certain types of health insurance, stems from the underlying principles of specifically “Hospital” insurance. A recent article by Dr Bobby Ramasia, Principal Officer […]
Update on Registration of Hedge Funds
In February 2015, the Minister of Finance declared hedge funds as collective investment schemes with effect from 1 April 2015. All South African hedge fund operators were required to apply for registration in accordance with […]
Deadlines Revisited
A reader recently wrote: My query relates to the article headed “Qualification deadline at hand – 30 June 2016 is a very important date”. I understand that representatives appointed after 2010 has 6 years in […]
Council of Medical Schemes – New fees announced
In a recent communication from the Council of Medical Schemes: Amendments to Regulation 31 and 32 published in terms of the Medical Schemes Act 1998 (Act No. 131 of 1998) ), the following […]
KYC – Knowing your client or killing your client?
Nearly all financial institutions understand the “know your client” (KYC) requirements. It is an important step developed globally to prevent identity theft, financial fraud, money laundering and terrorist financing. Knowing customers is an […]
FSP Expectations from Product Providers
A landmark research report from Insight Discovery shows what IFAs expect from LISPs and asset management companies. Market intelligence firm Insight Discovery released its second South African Investment Panorama (SAIP), a survey of […]
Ombud Advice to Policyholders
The Short-term Ombud warned policyholders against taking premium holidays when there is too much month at the end of the money. During tough economic times, cash-strapped consumers are forced to prioritise their monthly […]
PFA sets record straight
A media release on 18 August by the office of the Pension Funds Adjudicator addresses an issue raised during the interviews for the Public Protector position. An allegation against Ms Lukhaimane was made in […]
CMS Fees Increase
The Council for Medical Schemes published Circular 57 of 2016 containing details of a number of fees increases, some of which are: Application for registration of a medical scheme: R8 750.00 (Current Fee: R5 000.00) […]
Women in the Financial Services Industry
In The Ascent of Money, Niall Ferguson tells the human story about the evolution of the world’s financial system, noting that “the ascent of money has been essential to the ascent of man.” […]
