FAIS Ombud Settlements
Whilst Ombud determinations receive fairly wide coverage, the same does not apply to cases where a settlement is reached between the complainant and the respondent. We extracted the cases discussed in the FAIS […]
High Court orders insurer to reconsider unfair debarment carried out in 2016
The applicant only became aware in May last year that the decision to debar her constituted administrative action.
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Digital Disruption the new Game Changer
The latest PWC study titled Insurance 2020 & beyond: Necessity is the mother of reinvention, provides important insights into how technology will empower and shape the financial services industry in future. The information […]
UK exam and bulk registrations
New UK exam date Our next UK exam is scheduled for 17 March 2016. For more information contact Marietjie at faisexam@moonstoneinfo.co.za. REs in Mauritius We received several enquiries from candidates resident in Mauritius regarding the […]
PAIA Manual Deadline Looming
The Promotion of Access to Information Act 2000 requires all public and private bodies to compile manuals that must contain information which is to be made available in certain circumstances. A copy of […]
Compliance Officer Obligation
I was reading through an earlier Ombud determination when I came across the following: Third respondent goes on to state that the Second respondent met with the clients personally to re-allocate the clients’ […]
Do your RDR plans begin with your clients?
As the implementation of RDR draws closer, financial advisers around South Africa are putting a great deal of thought and effort into their plans to adapt to the new requirements. There are ongoing […]
Clarity on Prescribed Medical Benefits
An important ruling by the Supreme Court of Appeal (SCA) brought clarity on the rights of medical schemes in terms of their rules versus what the Medical Schemes Act prescribes. Legalbrief Today reports: […]
Professionalising Financial Advice
The Minister of Finance intends introducing the Insurance Bill, 2015 in the National Assembly shortly. The Bill seeks to promote the maintenance of a fair, safe and stable insurance market by establishing a […]
Succession planning for coaches
While we await the outcome of the meeting where Heyneke Meyer’s future as coach of the Springboks will be decided, it is interesting to note the career path of Steve Hansen. The information […]
Enforcement Action against Short-term Insurer
The Enforcement Committee of the Financial Services Board levied a penalty of R100 000 against a short-term insurer, following a referral by the Registrar of Short-term Insurance stemming from a contravention of section 44 […]
Replacements going forward
The original RDR Proposal on replacements provided that “…long-term insurers would be prohibited from paying any form of commission or fee to an intermediary in respect of the replacement of life risk policies. […]
Rupert se Leopard Creek SMS aan Kallis
Altus Momberg het verlede week in Media24 berig oor hoe Jacques Kallis en Mark Boucher lewenslange lidmaatskap van Leopard Creek gekry het. Tydens die spoggeleentheid in die Cape Sun-hotel, waar Kallis vereer is […]
Fixtures and fittings when selling property
This information is placed with the kind permission of Millers Attorneys. The issue of fixtures and fittings can be very contentious, primarily because there is no law that specifies what should be left […]
Closing Loopholes under Twin Peaks
Some seriously bad outcomes for consumers of financial products resulted from products being designed in a way to circumvent regulatory supervision or action. Co-operation and collaboration between various bodies will form a cornerstone […]
Regulatory Instruments
The term “regulatory instrument” appears in the Financial Sector Regulation Act and includes, inter alia, a prudential standard, a conduct standard and a joint standard. These regulatory instruments form part of the Financial […]
RDR Phase 1 Status Update
The FSB published its Retail Distribution Review (RDR) discussion document, which contained a total of 55 specific regulatory proposals, in November 2014. A subset of 14 RDR proposals was identified for implementation in “Phase […]
