Fate Happens
Life is fickle and unpredictable. This statement is born out again by a recent Ombud determination concerning the switching of life cover from one assurer to another. The clients, both husband and wife, […]
Industry News
Improving Internal Complaints Mechanisms
This article was first published in January 2015. In view of recent discussions about the importance of this function under the proposed new Market Conduct Framework, we republish it in abbreviated format to […]
Complaints Handling after 1 January 2016 – Part II
Following on from Monday’s article on changes to the definitions of “complainant” and “complaint”, Alan Holton provides some of the more practical insights you will need to consider when amending your Complaints Management […]
Complaints Handling after 1 January 2016 – Part I
It is anticipated that the Financial Sector Regulation Act of 2015 will become effective next year. Much emphasis will be placed on how you manage complaints. It will be an important barometer of […]
Market Conduct Regulation and Consumer Protection
The “Draft Market Conduct Framework” contains an example of a short-term claim to show how the new format, under Twin Peaks, will allow the Regulator to act in a more pre-emptive manner. The […]
Unintended Consequences
Twenty one years on, and our fledgling democracy is still in the process of adapting to the real, modern world. Quite often, legislation is enacted with the best of intentions, only to achieve […]
Sub-agent Accountability
Proposal I in the RDR draft document (see link below) provide for the inclusion of specifically identified forms of referrals and leads in the regulatory framework as a form of financial intermediation. It […]
Fitch Withdraws FSB Registration
Fitch Ratings announced on 4 September that it has decided to withdraw its Financial Services Board (FSB) credit rating agency registration of its South African subsidiary, Fitch Southern Africa (Pty) Ltd. “The decision […]
Writing endowments in your clients' best interests – Patrick Cairns
Last month’s article, on whether there is still a place for endowments, drew a range of responses. Given some of the strong opinions expressed, it is worth considering how IFAs can ensure that, […]
Consumer Education: A Joint Responsibility
Education is possibly the single biggest challenge facing South Africa. Current issues like poverty and unemployment can never be eradicated unless there is a major about-turn in the farce currently being dished out […]
Retail Hedge Funds Coming to SA
In February, the Minister of Finance declared hedge funds as collective investment schemes with effect from 1 April 2015. All South African hedge fund operators are required to apply for registration as a hedge fund […]
Wheels of justice grind slowly
The latest decision by the FSB Appeal Board concerns a case where the Registrar debarred the appellant for a period of three years from rendering financial services in terms of Section 14A(1) of […]
RAs in the world of simple and cheap – Patricia Holburn
You can be young without money, but you can’t be old without it. Tennesse Williams Retirement reform, RDR and TCF all speak to better outcomes. Old style, conventional retirement annuities have been singled […]
Likelihood of Financial Prejudice
We discussed the importance of when a client’s right to lay a complaint with the FAIS Ombud expires in last week’s Moonstone Monitor. To recap: a client has three years to approach the […]
Is there still a place for endowments? – Patrick Cairns
For many younger investors and IFAs, the idea of endowment policies seems a little old fashioned. These were vehicles that our grandparents used before collective investment schemes effectively democratised investing. Their reputation was […]
Time Barring on FAIS Ombud Complaints
A recent appeal tested whether the FAIS Ombud was correct in finding that the appellant’s complaint was time-barred in terms of section 27 of the FAIS Act. The appellant lodged a complaint, claiming […]
Moonstone Training Extended
We are proud to introduce a major new player in the financial services training field. After the acquisition of PSG Academy earlier this year, Moonstone merged its existing training offering, Moonstone Intellectual Capital, […]
