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 […]
Draft AML/CFT amendment Bill tightens regulatory net
The Bill proposes that arrangements yielding outcomes similar to traditional financial products be treated as financial services.
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 […]
Catastrophes and the Bottom Line
Using attention-grabbing adjectives in news headlines to describe life-changing events has been the preserve of news offices around the world for years. Over the course of the past few weeks, news reports have […]
Information Regulator Update
The Regulator held a media briefing on 20 September to bring the media up to speed on developments in her department. Regulations Draft Regulations were published for public comments on the 8 September 2017 with a […]
New ombud system proposed
The ceremony at which Jack Nicholson received his Oscar for “As good as it gets” was the same one where “Titanic” dominated all the categories. Nicolson, with that wicked smile of his, opened […]
Technology and Compliance
A recent article by Patrick Cairns in Moneyweb provides an interesting perspective on the role of technology in the ever increasing challenge that compliance is becoming. The advent of Twin Peaks means that […]
Updating of Policy Wording
A noteworthy comment from the SAIA September newsletter: The Short-term Ombud indicated that Insurers’ policy wording and claims philosophies are not updated and aligned to changes in technology and criminal behaviour. For example, […]
Standardised Short–term Personal Lines Terminology
The SAIA published a list of standardised terminology on the SAIA website. The terms were identified by the SAIA Treating Customers Fairly workgroup on Standardised Terminology. The aim of the list is to […]
The client’s right to know
Last week, we reported on the Phoshera judgment by the FSB Appeal Board where it concurred with the view of the FAIS Ombud that the rejection of a claim was warranted on the […]
Too many eggs in one basket?
“Catch-22 is any paradoxical, circular reasoning that catches its victim in its illogic and serves those who have made the law.” One of the options in the Merriam-Webster dictionary reads: “A situation presenting […]
