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Protecting clients against themselves

This past weekend’s Personal Finance saw a lot of cover given to the dilemma of retirees outliving their retirement savings, particularly those making use of living annuities. Old Mutual launched a new Retirement Safety Income Plan (Safety Plan), which aims to ease the dilemma that clients often face in choosing between a Living Annuity or […]

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What can we learn from the RE Process thus far?

The REs became available twenty months ago. What could have been done differently? Let me start off by saying that there is no doubt in my mind about the necessity for regulatory examinations. From numerous conversations with a wide variety of advisors, it became apparent that a huge misunderstanding exists about just what the level […]

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Compliance Report 2012: Shark scare for Sole Prop

A Moonstone Protector client received a notification from the FSB regarding the submission of his annual compliance report. The following sentence concerned him, and he contacted us: “In terms of the provisions of Section 17(4) of the Act read together with Board Notice 89 of 2012, all authorised Category I Financial Services Providers (“FSP’s”) with […]

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Hoe weervoorspellers te werk gaan

Dit is April en die Boesmans in die Kalahari vra hulle nuwe stamhoof “Spaarwater Kruiper” of dit hierdie winter matig of koud gaan wees. Omdat hy stamhoof is in meer moderne tye, het hy nooit die ou geheime geleer nie. Wanneer hy die lug bestudeer, kan hy nie voorspel hoe die winter gaan wees nie. […]

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Continuous Professional Development: Part III

In the previous two articles we discussed the reasons for the introduction of CPD, and the obligations on CPD training service providers. Today we look at what could be expected from FSPs. The specific conditions that apply to individuals (sole proprietors, key individuals and/or representatives) are: (1) Individuals who participate in a CPD programme offered […]

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Super 15 Showdown

Daar is een ding wat my meer pla as die Bulls se pienk truie. Waar is die meisies in die cowboy pakkies en Stetsons? Ek het nogal ’n ding oor hulle gehad. My kollega Deon, ’n vurige Bulls ondersteuner, is weer mal oor ’n meisie wat leer dra – dit herinner hom aan die reuk […]

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Seuntjie sukkel met wiskunde

Die nuwe juffrou hoor sy moet alles met drank vergelyk, anders verstaan die kinders in hierdie dorpie nie hoe dinge in die praktyk werk nie. Sy vra vir Jannie: “As jy 3 biere plus nog drie biere het, hoeveel het jy dan?” Hy antwoord: “6 juffrou.” Juffrou: “Baie mooi, Jannie. “En as ek 1 bier […]

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Unsustainable Growth a major concern

The latest GrayIssue from Allan Gray contains some sobering thoughts on a ticking time bomb that the government appears to be ignoring in their quest to stay in power. For some time we have been concerned about the sustainability and unbalanced nature of consumption growth in South Africa. I don’t believe you can consume, spend […]

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RE deadline for new entrants

There appears to be some uncertainty about exactly how the two year period of grace which applies to new entrants, should be interpreted. FAIS Circular 7 of 2012 issued last week refers to these individuals as follows: The deadlines in Table A above apply to candidates with a date of first appointment prior to 30 […]

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What the statistics really reveal

Shortly after the FSB released Circular 7 last week, I received a skewed interpretation from an FSP which illustrated just how prone we are to read things from our own perspective, rather than an objective one. What are the basic facts about the current status of the level 1 Regulatory Examinations? According to the FSB […]

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