Simplified Advice
It has long been my contention that, unlike the socks I buy at Woollies, there are few products which can satisfy clients’ needs with a “one-size-fits-all” approach, particularly in the financial services industry. […]
Industry News
FSB Outlook for the next 2 years
Improved customer service and fair advisor remuneration will be key features of the new financial services landscape. Jonathan Dixon, Deputy Executive Officer of the Financial Services Board’s Insurance Division, made some interesting comments […]
Medical Schemes Brokers Fee Increase
The Minister of Health has determined that the current capped maximum fee of R69 plus VAT will increase to R71,07 plus VAT with effect from 1 February 2014. This increase of 3% should […]
Demarcation Proposals Under Fire
The proposals by National Treasury to find a solution to what it regards as a threat to medical schemes did not find favour with all in the industry. An article in the Financial […]
Update on Health Insurance Products
National Treasury (“NT”) released the Second Draft Demarcation Regulations for further public comment at the end of April. These Regulations specify which types of health insurance policies are permissible under the Long-term Insurance […]
Insurer Fees to be Outlawed
The FSB published a letter inviting comment from the industry on a practice that it intends declaring an undesirable or irregular practice. Some insurers charge policyholders a fee in addition to the premium […]
Insurance Laws Amendment Bill 2013 Postponed
The information below is taken from a media release issued on the National Treasury website. National Treasury announced on Tuesday that the Insurance Laws Amendment Bill, 2013, which was tabled in Parliament on […]
Behind the Survey
We recently came across a media release of a survey titled SA advisers unprepared for regulatory change. We approached them for clarity on certain issues, and provide our questions, with their responses, below: […]
Power of Attorney and Mental Incapacity
What happens to a power of attorney when the principal’s mental capacity starts to diminish and he/she loses the capacity to act? This is not only important for your clients – many of […]
Crime and Punishment
This article, by Paul Resnik, was published in the April edition of the FinaMetrica newsletter. UK regulator fine for unsuitable advice It seems to be inevitable that the past behaviour of banks raises […]
Client Care – how are we really doing?
Two conflicting headlines in recent industry newsletters raise the question whether clients are treated fairly by the industry. “Complaints to (Long-term) ombudsman reach record number.” “South African consumers are very satisfied with the […]
Fraud knows no Boundaries
Consumers at the lower end of the market are often more vulnerable when it comes to being defrauded. The latest Ombud determination provides details of how the Reformed Christians for Truth Church became […]
Q & A on Cambist
We regularly receive enquiries from readers about Cambist, who offers a return of 19.5% on investments. For all practical purposes, it appears that they act as an aggregator between the public and certain […]
Retail Distribution Review Update
Plans to review the way in which products are distributed, and specifically the way in which advisors are remunerated, took centre stage in the media recently. RDR is not only about replacing commission […]
Does the Penalty fit the “Crime”?
That which was termed “excessive” fines by the local regulatory authorities pale into insignificance when compared with what happened in the UK last week. The Financial Conduct Authority (FCA) imposed a financial penalty […]
CPD back in a Big Way
It is evident that the focus on continuous professional development is increasing. As noted in the article above, the FSB envisages publishing proposed new CPD requirements by the end of the year. The […]
FSB Clarifies Outcomes-Based TCF
Ms Leanne Jackson, Head of Treating Customers Fairly at the Financial Services Board recently responded to a Moonstone article published on the Insurance Gateway website: An article headlined “Not quite Treating Customers Fairly?” […]
