Exemption of Certain Representatives from COB Training Requirements
In terms of section 29 of the Determination of Fit and Proper Requirements for Financial Services Providers, 2017 (“Determination”), representatives must, prior to rendering any financial services, complete class of business training (CoB) relevant to the financial products for which they are appointed. This requirement came into effect on 1 August 2018. Although the transitional provisions of […]
Exemption of services under supervision – part 2
Exemption of services under supervision – Differences between 2008 Exemption and the Draft Exemption (part 2) The FSCA’s discussion on the substance of the Draft Exemption is structured to highlight the significant differences between the 2008 Exemption and the Draft Exemption rather than to address each and every difference or new requirement. In Monday’s article […]
Low income earners spending more
Old Mutual Savings and Investment Monitor – Low income earners spending more Every year the Old Mutual Savings & Investment Monitor tracks the shifts in the financial attitudes and behaviour of South Africa’s working metropolitan population. This year John Manyike, Head of Financial Education at Old Mutual, pointed out that low earners (households earning less […]
New “top” Medical Aid 2018
New “top” Medical Aid 2018 – Consulta’s release of South African Customer Satisfaction Index The latest results for the South African Customer Satisfaction Index (the SA-csi) for medical schemes revealed that Medihelp has the most satisfied customers in a competitive, yet underwhelming industry. According to the 2018 results released by Consulta, there has been a […]
Exemption of services under supervision – part 1
Exemption of services under supervision – Differences between 2008 Exemption and the Draft Exemption The FSCA released the “Consultation Paper: Exemption on services under supervision” last week and mentioned that it is necessary to replace the 2008 Exemption with the Draft Exemption (the replacement) to achieve the objective of the exemption which is to facilitate […]
Who owns your LinkedIn profile?
Nowadays everyone has a social media account. In some cases employees also use their personal social networking accounts for work. The question now is: who actually owns those accounts? Even if you’ve never ever used it to manage a company page ‘your LinkedIn account’ may actually belong to your employer based on your employment contract. […]
South Africa and indebtedness – financial sector needs to step in
According to a Business Day article “the only thing that has saved consumers from a crippling increase in debt service costs is that interest rates are at their lowest level for almost 40 years.” In the article Stuart Theobald and Grant Locke reports on the increase in total debt held by South Africans. It is […]
Class of Business – make it part of your training schedule
With the Class of Business requirements that commenced on 1 August 2018 it is important to note that CoB can also be added to your training schedule if you: Wish to remain up to date with class of business product information, in order to maintain your on-going competence in terms of the fit-and-proper requirements. Wish to obtain […]
Exemption of Services under Supervision Consultation Paper released
The FSCA has released the Exemption on Services under Supervision Consultation Paper. The Consultation Paper relates to the FSCA’s proposed withdrawal of the Notice on the Exemption of Services under Supervision in terms of Requirements and Conditions, 2008 (2008 Exemption), and the replacement of the 2008 Exemption. Interested parties are invited to submit submissions on […]
How lack of understanding increases complaints and impacts rankings (part 2)
GTC Medical Aid Survey 2018 (part 2) – How lack of understanding increases complaints and impacts rankings At a media roundtable releasing the GTC 2018 Medical Aid Survey (MAS) Jill Larkan, Head: Healthcare Consulting, of leading wealth and financial advisory firm GTC, welcomed the greater medical aid diversity. The GTC survey analyses and rates medical […]