Positive Industry News
In a previous article we reflected on the need for more publicity regarding the positive contribution of the financial services sector. The following information, published by ASISA, should be reassuring to both the […]
Industry News
Increase in Benefit Amount for Assistance Policies
An increase was announced with regards to the maximum value of the policy benefits to be provided in terms of an assistance policy (Financial product subcategory 1.1). As from 11 November 2013, the […]
International and Local Financial Regulatory Reforms
South Africa is very much part of the global financial world, and also one of more than 200 members of the International Association of Insurance Supervisors (IAIS). The mission of the International Association […]
FIC Request for Information Update
In a directive published last week, the Financial Intelligence Centre (the FIC) requested all institutions registered with it to update their details on the FIC’s electronic platform. In order to verify that your […]
FSB Media Release on Sharemax
“The Financial Services Board (FSB) commented on a circular dated 6 August 2013, issued by Frontier Asset Management to debenture holders and shareholders who have acquired their rights in terms of Schemes of […]
FAIS Ombud Determinations to get worse?
Blue The FSB telematics broadcast on 28 August 2013 was intended for independent financial advisors and covered a wide range of topics, including one simply titled: FAIS Ombud Determinations. The introduction states that […]
Outsurance Article Response
The following posting, by a member of the public, was recently placed on our website in response to an article we published a few months ago: What a pity I didn’t see this […]
Enforcement Committee Sanctions
We recently approached the FSB for clarity on how, and by whom, the quantum of an Enforcement Committee penalty is determined, and what options respondents, who elect not to enter into a settlement […]
Positive News from PFA
The Pension Fund Adjudicator published her annual report last week. It contains some very positive indicators, as well as concerns for the industry, and the public. In the message from the Minister of […]
New FSB Website
Problems that were experienced in accessing information on the Regulator’s website appear to have been addressed in the new version. The old one was essentially user-friendly to Internet Explorer users only. The website […]
Is Market Conduct Regulation Working?
An article entitled Regulation not crippling sector, FSB contends by Gillian Jones in Business Day provides two differing perspectives on this issue. On the one hand, there is the view of Johan van […]
Sharp rise in suspect money deals
The Financial Intelligence Centre (FIC) told Parliament that the number of suspicious financial transactions in SA in 2012-13 skyrocketed by 176% compared to the previous financial year, notes a Business Day report. FIC […]
FSP Numbers Update
The impact of regulation on the number of people in the industry remains a major source of interest for many people. It could stem from a need to know that there is safety […]
Products and fees structures need simplifying
In a competitive environment, cost disclosure enables price comparisons, leads to price competition and results in higher investor return. The practice, however, is met with an almost united “can’t do” response from the […]
How Pivotal a Role does Managers Play in Goal Achievement?
The new Premier League season in England is underway, and one of the main topics of conversation is the impact that the change in managers may have on the success of the teams […]
Funeral Industry Arrangements Under Review
Co-administration agreements (also referred to as profit-sharing or 80/20 agreements) between insurers and funeral parlours or funeral administrators are under the magnifying glass of the FSB. This is very much in line with […]
No Role Model – Insurance company under the spotlight
An unlicensed direct insurer, Model Insurance, who claims to have been doing business since 2007, is currently under investigation by the Regulator. Their activities came under the spotlight after their alleged failure to […]
