Enforcement under Twin Peaks
A fairer dispensation for all? The second issue of the FSB’s Twin Peaks newsletter contains four sections, one of which discusses the issue of enforcement, where we experienced problems in the past, in […]
FSCA slaps Banxso and directors with record R2bn fine
The Authority says the penalties reflect the financial benefit gained from unlawful conduct and the harm to clients – handing 30-year debarments to several Banxso executives.
Automated advice and Fit and Proper
During the recent Moonstone Regulatory Update Workshops, Billy Seyffert, COO of Moonstone Compliance and Risk Management alluded to rather stringent requirements for those who plan to go this route. The FPI recently conducted […]
Sasria and Santam to Empower Municipalities
Sometimes, desperate times call for innovative ideas, rather than desperate measures. Sasria has signed an agreement with Santam to join their “Partnership for Risk and Resilience” (P4RR) programme to facilitate increased collaboration between […]
A second bite at the apple
The Groenewald determination, which just came to hand, indicates a more democratic approach by the Ombud. In the past, a determination was made, signed, sealed and delivered. This case saw the Ombud make […]
Remorse and Forgiveness
Reviews of decisions by the Registrar and the FAIS Ombud tend to take a slightly more formal and legalistic approach. In the case of the FSB, particularly, it also provides insight into cases […]
CMS Annual Report 2016/17
The Council for Medical Schemes (CMS), regulator of the medical schemes industry, released its Annual Report for 2016-2017 on 5 October, providing a comprehensive report on the status of the private medical schemes industry […]
NCR smacks BMW
Views ‘on-the-road-costs’ as not being in line with prescriptions On 3 August, we published an article on the National Credit Regulator’s (NCR) media statement, warning vehicle financiers (being registered credit providers) that they […]
Stick to the script
We receive many enquiries from readers about debarments, like this one last week: The reason why I was debarred was that I helped a customer with a loan application over the phone. I […]
Qualifications and Execution of Sales
The new Fit and Proper (F&P) requirements due for publication any day now contains reference to a new concept which aims to address a thorny issue, namely the different levels of complexity of […]
The future of financial advice in SA
The SuiteBox client engagement and support tool delivers video meeting and digital signing capabilities to financial advisers. Rapid advances in fintech provide a host of solutions that streamline the delivery of financial advice, […]
FSB Regulatory Updates
The FSB published the following information on draft documents for comment in its FAIS Newsletter 24. Conduct of Business Returns (CoBR) The draft FAIS CoBR was published for comment on 6 December 2016. Comments were received from […]
In good faith
A case study recently published by the Short-term Ombudsman reiterates the basic principle that short-term insurance is a contract entered into in good faith and that there was no obligation on an insurer […]
Trends in Motor Insurance
At the launch of the 2016 Annual Report from the Short-term Ombud, she elected to deviate slightly from the usual statistical analysis to highlight some interesting trends from the report with particular reference […]
The Demise of Churning?
The good news is that the Regulator now understands that not all replacements are bad. One must question the rationale behind making the receiving insurer accountable for assessing whether a replacement is justified […]
New steps to curb Churning
The Retail Distribution Review (RDR) of 2014 contained several comments that expressed concern about the negative effects of “churning” which it described as “inappropriate or unnecessary replacement of policies driven by intermediary incentives”. […]
Disruptive Technology in traditional insurance business
For most of us, the advent of technology in the industry is a bit like the famous saying back in the bad old army days: Hurry up and wait. A recent article in […]
Compliance audit on credit life insurance policies
Since the publication of the final credit life insurance regulations (the Regulations) that came into effect on 10 August 2017, Moonstone received numerous queries relating to the compliance requirements imposed by the Regulations. In the […]
