Seta Levies under the Microscope
It appears that it is not only schools that have educational problems. The Sectoral Education and Training Authorities (Setas) still have their fair share of troubles. New Seta grant regulations came into effect […]
Industry News
Charges in Retirement Provision
On 11 July, the National Treasury released the last paper in a series of five technical discussion papers on promoting household savings and reforming the retirement industry. The first four were: Enabling a […]
Outsurance Advert in the Spotlight
Beeld recently published an article on the Outsurance advert which offers clients all their premiums back after 15 years. It certainly makes interesting reading, and raises a few points which I am sure […]
FSB Presentation: Non-Financial Services FSPs
Non-Financial Services FSPs – 9 July 2013 Agenda: Opening – Charene Nortier – FSB Overview of the FSB – Michelle Naidoo – FSB Juristic Representatives – Alan Holton – Compliance Monitoring Systems CC […]
FSB Workshops in July and August
There are 4 workshops in July, three of which are held at the FSB offices in Pretoria. The only telematic broadcast in July takes place tomorrow (9th of July). The target audience is […]
Information Letter 3 of 2013 on Binders Regulations
This document from the FSB provides: Guidance on activities that constitute binder functions, Guidance on activities that are incidental to binder functions. Remuneration payable as a binder fee. Some important points: Inclusion of […]
New Appointments at FSB
The Minister of Finance approved the following appointments, as recommended by the FSB: Ms Caroline da Silva as Deputy Executive Officer for Financial Advisory and Intermediaries Services, replacing Mr Gerry Anderson, Deputy Executive […]
Retirement Reform Update
The Minister of Finance met the CEOs of service providers in the retirement fund industry on Thursday, 20 June 2013 to discuss the 2012 and 2013 Budget Retirement Reform proposals. The primary objective […]
Fee for Commission Survey
A recent survey by CoreData research tested the current state of readiness and awareness of advisors concerning the proposed replacement of commission with a fee structure. The data in this study was gathered […]
PI Cover Increase
We recently reported on an experience of a FSP who found that his PI cover premium had nearly doubled at renewal. We speculated that this may be the result of an expected rise […]
PI Increase Shock
At the telematic broadcast, a FSP shared his rude awakening when he received his annual review and premium increase from his PI cover provider. There was a substantial increase in the premium, far […]
Old Mutual Rectifies Structures
In a media release on 21 May 2013, the Financial Services Board (FSB) announced that it had initiated regulatory action against Old Mutual for transgressions of Directive 159.A.i which applies to both the […]
What goes up must come down
Unintended consequences often defeat the object of the exercise. It appears as if this is also happening in financial regulation, internationally. It is common knowledge that much of the regulation of financial services […]
Consumer Protection and the Regulators
Retirement Annuities are making the headlines, again, but for the wrong reasons. The most recent determination by the Pension Fund Adjudicator (PFA) made the headlines in Personal Finance, and was followed by a […]
Changing Insurers
I read an article last week concerning Regent cancelling all its commercial and personal lines policies. Naturally, these clients will be forced to find alternative cover. Advisors assisting such clients must take care […]
Am I my client’s keeper?
Most of the Ombud determinations we reported on, had a negative outcome for the advisor involved. It is nice to come across one where the Ombud found in favour of the broker. This […]
2013 Compliance Reports
The information below was copied from FAIS Circular 5. The Compliance Reports for 2013 were published on 29 May 2013 in the Government Gazette as the following Board Notices: 105 of 2013 Category […]
