Filtering the Fintech hype
A tale of old banking, new banking and the missing wallet I was travelling in the UK earlier this year and I managed to lose my wallet. That is a horrible experience at […]
Technologically Speaking
Bringing back the human element in client engagement
Here’s a novel revelation. It turns out customers are also human, after all. It fascinates me that in many industries and businesses we seem to have forgotten that customers (those folk that buy […]
Cybercrime – coming to a PC near you soon
For all you know, (or may not know), it may already be there. Our staff was recently addressed by cyber security specialists on the current status of cybercrime in South Africa. This is […]
Robo-advice: Friend or Foe?
The increasingly important role of technology in assisting survival and growth in the industry necessitates more attention than most of us has hitherto given to this aspect. The one phrase most of us […]
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) […]
Virtual Meeting Rooms
The Oosthuysen determination, published in December 2016, and discussed above, yet again highlights the importance of accurate record keeping, and the need to consider using technology to cover our backs from clients suffering from […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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. […]
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 […]
Short-term Shortcuts
New Ombud’s Briefcase The OSTI Briefcase issue 3 of 2016 contains a number of interesting case studies, including: The rejection of a claim for accidental damage on the ground that the person riding […]
Income Earners underinsured for death and disability
The families of South Africa’s 14 million income earners face a combined insurance shortfall of R28.8 trillion should these breadwinners die or become disabled. This amounts to an insurance gap – the difference between […]
