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finance

New advertising standards for investment policies only

Chapter 4 of the proposed new Policyholder Protection rules contains details regarding advertising standards specifically applicable to investment business. No projected benefits (including but not limited to maturity, income, death, disability or (partial) surrender benefits) may be included in advertisements, brochures or similar communications if the policy benefits depend on future unknown investment performance, unless […]

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Criticism

He said She said…

In December, the FAIS Ombud released no less than eight determinations. In a strange turn of events, one case was actually referred to the courts as the Ombud was unable to determine whether the client’s version of events was in fact true. This hinged on the fact that the client had made seven previous syndication […]

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Registration

Technology and “Obsessive-Compulsive Regulatory Disorder”

In an article titled, Rebuilding trust through digital automation, Australian Adviser Intelligence’s Jacqui Henderson writes: Trust in the financial services industry has been low since the global financial crisis of 2008, but innovative new technologies aimed at regulation and compliance could help restore consumer confidence. Damage control does not come cheap, just ask Samsung Electronics […]

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progress-report

SCoF Report on Financial Sector Regulation Bill

In its report on the Twin Peaks legislation to parliament, dated 30 November 2016, the Standing Committee on Finance (SCoF) raised a number of interesting issues. International guidelines Whilst commentators expressed criticism about certain matters where it appears that South Africa failed to adhere to international standards, the committee said the following: “In processing the Bill, the […]

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suitebox

Suitebox Assessment by Industry Experts

SuiteBox provides video business meeting software of specific benefit to modern day financial advisers. Apart from providing significant cost, productivity and client engagement improvements, it assists in simplifying record keeping. Inaccurate or insufficient documentary proof is the one common denominator in all findings against financial advisers. Moonstone became financially involved in Suitebox, as we believe […]

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burglar-alarm

Quo Vadis, Insurance Intermediaries?

When American insurance guru John F. Carroll started his successful InsuranceSplash in 2009, it was informed by direct observations which led to some profound conclusions: It’s getting harder and harder to successfully market an insurance agency every day; Insurance companies are far more concerned about their bottom line than those of agents; and Agents are […]

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case-dismissed

Board dismisses Discovery Health appeal

“On 31 October 2016, the Council for Medical Schemes Appeal Board dismissed the appeal lodged by the Discovery Health Medical Scheme (DHMS) regarding the issue of whether it is lawful for the rules of a medical scheme to make provision for the scheme to decline an application for reinstatement of membership for a certain period of time, […]

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progress-report

Twin Peaks Progress Report

Jonathan Dixon provided more information on the Financial Sector Regulation Bill which is currently in the final stages of Parliamentary consideration. The Bill provides for staggered implementation. The Prudential Authority will be established in an existing entity, the SA Reserve Bank. The Financial Sector Conduct Authority, which will replace the FSB, will be a new […]

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Material-terms

Dekking vir volle finansieringsbedrag

Die FAIS Ombud het onlangs bevind dat ‘n makelaar aanspreeklik gehou moet vir die verlies van ‘n kliënt wat betref die verskil tussen die versekerde bedrag en die uitstaande skuld aan die bank. Ons het by Santam gaan kers opsteek en die volgende antwoord ontvang. Vraag: Wat is julle standpunt rondom dekking vir ‘n voertuig, […]

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annual-report

Lessons from FAIS Ombud Annual Report

The FAIS Ombud indicates the following concern in her 2015/2016 annual report: “One of the areas that the FAIS Ombud still has to contend with is the misconception… that the FAIS Act does not apply to financial services providers in the short-term insurance business.” She points out that half of the 24 determinations issued in […]

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