New ombud system proposed
The ceremony at which Jack Nicholson received his Oscar for “As good as it gets” was the same one where “Titanic” dominated all the categories. Nicolson, with that wicked smile of his, opened […]
Crypto transfers: new client information requirements coming for CASPs and intermediaries
The ‘travel rule’ means CASPs and FSPs cannot initiate a crypto asset transfer unless they can transmit prescribed information.
Read more
Technology and Compliance
A recent article by Patrick Cairns in Moneyweb provides an interesting perspective on the role of technology in the ever increasing challenge that compliance is becoming. The advent of Twin Peaks means that […]
Updating of Policy Wording
A noteworthy comment from the SAIA September newsletter: The Short-term Ombud indicated that Insurers’ policy wording and claims philosophies are not updated and aligned to changes in technology and criminal behaviour. For example, […]
Standardised Short–term Personal Lines Terminology
The SAIA published a list of standardised terminology on the SAIA website. The terms were identified by the SAIA Treating Customers Fairly workgroup on Standardised Terminology. The aim of the list is to […]
The client’s right to know
Last week, we reported on the Phoshera judgment by the FSB Appeal Board where it concurred with the view of the FAIS Ombud that the rejection of a claim was warranted on the […]
Too many eggs in one basket?
“Catch-22 is any paradoxical, circular reasoning that catches its victim in its illogic and serves those who have made the law.” One of the options in the Merriam-Webster dictionary reads: “A situation presenting […]
Benefit payments from life insurers
ASISA reports that, despite strong economic headwinds, South African life insurers honoured claims by policyholders and beneficiaries worth R458 billion in the year ended 30 June 2017. This represents a 9% increase in benefits paid, compared […]
Herman Pretorius RVAF Update
A recent article in “Die Burger” reports on the first liquidation and distribution accounts in respect of the Herman Pretorius/Relative Value Arbitrage Fund matter. In total, the RVAF handled investments totalling R2.2 billion, and […]
FAIS Ombud Actions Queried
Two issues in the recent Phoshera appeal again saw the Appeal Board ask questions about the FAIS Ombud’s decisions. “This appeal is filled with procedural anomalies. First, there is the question of condonation […]
Exemption for Compliance Officers
FAIS Notice 119, published on 13 September 2017, contains details of changes to the minimum prescribed intervals of visits and reports by compliance officers as contained in Section 4(4) of the Notice on Compliance Officers. […]
POPI Information Officer Obligations
The Protection of Personal Information Act adds yet another obligation on businesses in the financial services sector. Draft regulations, published on 8 September 2017, set out what will be required. Section 4 outlines the duties […]
Appeal Board upholds Ombud Decision
In June we reported on three new cases to be heard by the FSB Appeal Board. One of these concerned a complaint that was dismissed by the Ombud but the client, an advocate, […]
Living Annuity Statistics
The August ASISA Dispatches provided the following information on Living Annuities. The 2016 Living Annuities Survey statistics were finalised in August. The survey showed that living annuity policyholders withdrew on average 6.62% of […]
Retirement Funds Default Regulations
The latest ASISA Dispatches comments as follows: The final regulations were issued by the Minister of Finance on 25 August 2017. The effective date is 1 September 2017 with 18 months being afforded for existing default arrangements to […]
Do you offer financial advice or coaching?
Every financial adviser should be familiar with the statistics: Only 5% or so of South Africans will retire comfortably. In total, South African consumers owe R1.6 trillion in debt. There are 20 million active credit […]
Tax Ombud finds against SARS
In these times of rapidly diminishing action against wrongdoers, it is refreshing to read the Tax Ombud’s findings after an investigation into “…alleged delayed payment of refunds as a systemic and emerging issue.” […]
