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Fairness in Debarment Procedures

In a recent (5 October 2018) matter heard before the Financial Services Tribunal, the applicant, Ms X, applied for a reconsideration of a decision taken by the respondent, Y (the FSP). The FSP had taken the decision to debar the applicant based on the recommendation of the chairperson who presided at the debarment hearing. The […]

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Key Individual Workshops – back by popular demand

Due to high demand for the KI workshops in October 2018, Moonstone will run more workshops in the next few months. More about the workshop The new Fit and Proper requirements published in December 2017 introduced a whole new set of requirements for Financial Services Providers (FSPs), key individuals and representatives. From 1 April 2018, the Key Individual is […]

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Low cost medical insurance plans outlawed

Under the heading, Discovery may go to court after CMS bans products, Legalbrief Today reports as follows: “Discovery Health (Pty) Ltd may turn to litigation after the Final Board of Appeal of the Council for Medical Schemes (CMS) banned two of its medical insurance products, says Rapport. The appeals board ordered Discovery to cease its […]

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Dormant retirement funds – Unpaid Benefits Campaign takes action

Alexander Forbes is one of the administrators of the dormant retirement funds that were cancelled by the Financial Services Board (now the Financial Sector Conduct Authority, or FSCA), between January 2007 and December 2013. The FSB cancelled dormant retirement funds, transferring beneficiaries’ money — estimated to be R42billion and affecting 4-million beneficiaries — into “unclaimed benefit funds” […]

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NHI project on backburner – a return to sanity

National Health Insurance project on backburner – a return to sanity It appears that rational thinking is making a slow but sure comeback, judging by a recent Fin24 report summarised in Legalbrief Today: National Health Insurance (NHI) projects will be put on the back-burner as the Health Department has to reprioritise its budget, Health Minister […]

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FAIS Ombud Annual report

How did the FAIS Ombud fare against its goals in the 2017/2018 financial year? Nhlanhla Nene, previous Minister of Finance, states in the Foreword of the FAIS Ombud Annual reports that “the overhaul of the country’s regulatory architecture for the financial sector reached a major milestone in April 2018 with the launch of the Financial Sector […]

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Re-energise customer relationships

Accenture survey – be digital and re-energise customer relationships One of the major findings of the Accenture Short-term insurance survey was the identification of five strategic imperatives that will help insurers meet changing customer demands and leverage new opportunities. These will also help create a foundation for participation in a fully digitalised business environment. 1. […]

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Client Confidentiality

Client Confidentiality when transferring business A recent Moneyweb article highlighted the importance of treating client information with great circumspection. A product house included personal client information in court documentation in an urgent application. The article pointed out that these documents are available to the public, and could have been used for the wrong purposes. Fortunately, […]

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