The FSB’s Information Letter 3 of 2013, published on 1 July, provides further clarity on:
- What activities constitute binder functions
- Defines some activities which the FSB considers to be incidental to binder functions
- The Registrar’s interpretation of the regulations.
- Defines what the FSB considers to be a binder function
- Elaborates on each of the five binder functions
The defining of the incidental activities will have major practical implications for binder holders, specifically in the area of remuneration for the performance of these activities. The FSB intends to standardise remuneration, and those operating outside the required parameters can expect enforcement action.
The FSB also aims to investigate appropriate regulation in the funeral business space, and the possible implementation of a standard activity based fee model, as well as the reporting of fees paid to binder holders by insurers.
If you are currently a binder holder, or performing outsourced administration on behalf of an insurer or binder holder, we strongly recommend that you attend the workshop to ascertain whether your practices toe the line or not. Please see venue and registration details below
- Binder and outsourcing agreements – the next chapter
- 17 September 2013 – Cape Town – Book now!
- 18 September 2013 – Durban – Book now!
Click here for more information on the events and to register.