In Circular 48, the CMS signals tougher enforcement against exempted insurers, warning that non-compliant branding and failure to notify regulators will attract decisive action.
Medical Schemes Amendment Bill – How it might impact premiums Under the heading, Bill ups medical scheme costs for over-34s, Legalbrief Today recently reported as follows: “Medical scheme premiums may increase by more […]
Non-compliance with FICA – Failure to implement proper processes leads to fine The Prudential Authority (PA) has imposed administrative sanctions on the Johannesburg branch of HSBC Bank for non-compliance with aspects of the […]
Legalisation of usage of dagga – Currently more industry questions than answers Lots of questions are being asked as a result of a recent Constitutional Court ruling that effectively legalised personal possession and […]
FAIS Ombud Settlement – Always take clients’ needs and circumstances into account Furnishing financial advice means adhering to a set of legislative requirements as well as keeping to certain principles. One of the […]
The way we live has changed dramatically. This has an impact on the financial services industry as well. This is illustrated in a recent article written by Patrick Cairns in Moneyweb. Cairns rightfully […]
In the November 8 edition of the Moonstone Monitor, the first ground for the request to the Tribunal for a reconsideration of the decision to debar Ms X was discussed. That article dealt with […]
Learn from compliance mistakes made by FSPs An FSP’s interaction with clients must at all times meet the standards set out in the General Code of Conduct. The FAIS Ombud’s Annual report highlighted […]
When it comes to insurance, the payment of claims is top of mind for most clients. Ultimately risk cover is there to protect a policyholder when the unexpected happens. It is therefore concerning […]
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 […]
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 […]
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 […]
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 […]
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: […]
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 […]
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 […]
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 charging of fees in the Short-term space, and particularly the so-called “administration fee”, has always been a bone of contention in the industry. Many elected to simply follow the ostrich approach and […]
