Chatbots and the Future of Insurance
If your insurance business or brokerage does not have a digital component to its overall strategy you are what we would call a sitting duck. The fact is, tomorrow’s insurance is here. It […]
Why few taxpayers report eFiling profile hijackings to the police
Low-income earners fear being ignored, while high-income earners and large businesses find the police to be inefficient.
Regulator to probe insider trading allegations
The FSB confirmed that it is investigating unusual trading in foreign exchange futures contracts after receiving a report from the Johannesburg Stock Exchange (JSE). The Regulator’s Department for Market Abuse (DMA) is currently […]
Fica Bill finally signed
It sometimes seems that the old colonial approach of “Divide and rule” was replaced in Africa by “Delay and rule”. Almost a year after the Bill was first passed in Parliament, the President […]
Future Product Training
The latest proposed amendments regarding intermediary proficiency stem from a review of the competency framework, and aims to build on the existing requirements by establishing an effective and proportionate regulatory framework to ensure […]
Qualification and RE DOFA Deadlines Clarified
This article, published in September last year, is even more relevant today. A reader recently wrote: My query relates to the article headed “Qualification deadline at hand – 30 June 2016 is a very important […]
A Fallacy called FAIS Credits
FAIS Newsletter 22 from the FSB, published in December 2016, contains a very important section to assist the industry in understanding the “Credit” requirements. The following paragraph is printed in bold and highlighted: There […]
Reporting Requirements for OTC Derivatives
The Registrar of Securities Services published a draft Trade Reporting Obligation Board Notice on Over-the-Counter (OTC) Derivatives for a second round of public consultation. “Establishing a harmonised reporting framework is an important aspect […]
Important FICA Reminder for Motor Dealers
Motor dealers are reminded that if they receive a cash payment from a customer of more than R24 999,99 – and here cash means coins, banknotes or travellers cheques – that this must be […]
Illegal Incentives
Despite regular reminders, payments to advisers outside of what is legally permissible continue to make the news. This topic was covered in some detail in FAIS Newsletter 23, published in March 2017. Although the article […]
SAIA on Ratings Downgrades
In reaction to recent downgrades by rating agencies, the South African Insurance Association, the representative body for the short-term insurance industry expressed its grave concern about the immediate and long-term negative implications for […]
Amendment Notice on Recognised Qualifications
Board Notice 51 of 2017 is a 31 page addition to the current list of recognised qualifications for FSPs and compliance officers. We note that all the qualifications are now marked as “G” […]
The Digital Revolution in Insurance
The future is not out there, somewhere in the, um, future. It is here. A recent posting by Forbes of a blog by Bain Insights contains the following examples of where we are […]
Potential June UK Exam Date
30 June 2017 is the so called DOFA date for candidates who are obliged to write and pass the Regulatory Examinations (REs) within the prescribed period. A candidate’s date of first appointment (DOFA) refers to […]
Advanced Medical Scheme Broker Training
The Council for Medical Schemes (CMS) will be hosting a one day consultative “Advanced Broker Training workshop for accredited healthcare brokers. This initiative is in response to a request by healthcare brokers who […]
Yay or Nay to Demarcation Regulations?
The demarcation between health insurance and medical schemes has a long history, going back as far as 2000 after the enactment of the Medical Schemes Act no. 131 of 1998. The basis of the […]
Miserable Countries
No, this has nothing to places to avoid when travelling around the globe. In fact, it may well be places you wish to go to, given the poor exchange rate because of the […]
Regulatory Exam Seats Filling up Fast
As the end of June draws near, availability for seats to write the exams before the DOFA deadline are becoming increasingly scarce. It is not only those who have to write before 30 June. […]
