ASISA Retirement Savings Cost Disclosure Standard
– Aims to build trust not expose hidden costs “Big financial services companies may soon need to find new ways to pad their earnings, as a new industry standard is threatening to expose […]
AI in financial advice: where investors draw the line
Morningstar’s behavioural study shows reactions hinge on the use case and on how advisers explain, govern, and remain accountable for AI-assisted work.
Credit card fraud – Elderly the most vulnerable
The Ombudsman for Banking Services has seen an alarming spike in credit card fraud since January this year, in particular, aimed at clients over 60. In a recent interview the Banking Ombud’s, Reana […]
Continuous Professional Development – Do you have enough hours?
With less than 50 days before the end of the current CPD cycle, are your hours matching the Fit and Proper requirements? In terms of the Fit & Proper requirements (BN194), Continuous Professional […]
Suitebox now integrated with Xplan
A Customer Relationship Management System (CRM) offers an advisor a myriad of benefits including, but not limited to, sales and relationship management, marketing support and data analytics, management and security. In keeping with […]
Credit Provider fees deemed illegal – VWFS ordered to refund clients
The National Consumer Tribunal found that the “on the road fee”, admin fee and handling fee charged by Volkswagen Financial Services South Africa (Pty) Ltd (VWFS) on credit agreements are unlawful. Although this […]
Rising divorce rates – Financial advice for couples
Although getting divorced is a relatively straightforward process, at least from a legal perspective, the emotional and financial implications are often enormous. This is the view of Allan Gray’s Legal Advisor, Mlulamiu Nxele. […]
New broom sweeps clean – FAIS Ombud gives life to its core values
The statutory mandate which led to the creation of this Ombud’s office requires that it considers and disposes of complaints in a procedurally fair, informal, economical and expeditious manner, and by reference to […]
Don’t put the cart before the horse – Ensure that an insured is appropriately covered
Obtain all the relevant and available information and make a recommendation that is appropriate in terms of your clients’ needs and circumstances. If advisors fail in this basic requirement, the outcome can be […]
South African fintech in 2019 – What can we expect?
According to Wikipedia financial technology, often shortened to FinTech or fintech, is the new technology and innovation that aims to compete with traditional financial methods in the delivery of financial services. It is […]
Key trends in Medical Schemes Industry – Financial strength of the industry remain stable
Alexander Forbes Health recently published its latest edition of Diagnosis, an annual publication that analyses key trends in the medical schemes industry from 2000 to 2017. “Members can be confident that the country’s […]
Updates from Medical Schemes Council – Consolidation of smaller funds and Low-Cost Benefit Package reviewed
In September 2018, the Council for Medical Schemes (CMS) published a Draft Framework for Medical Schemes Consolidation for comment. In response to these comments the CMS has done additional analysis and as a […]
Financial Services Tribunal rules updated – Guidelines to apply for reconsideration
The Financial Services Tribunal, which replaced the FSB Appeal Board from 1 April 2018, provides a person who is “aggrieved” by a “decision” of a “decision-maker” to apply to the Tribunal for a reconsideration of […]
Class of Business deadlines – Clarity from the FSCA
The amended Fit and Proper requirements of Board Notice 194 of 2017 determined various requirements that need to be implemented and complied with before specific deadline dates. Since the release of the original […]
Tribunal decisions – Detailed information critical for proper outcome
Since April 2018, the FSR Act includes the Pension Funds Adjudicator (PFA) as a “decision-maker” and is therefore in a position to entertain appeals against determinations handed down by the PFA. In one […]
Replacing of a life risk policy – Call for comments on RPAR template
Based on the comments received through public consultation, the FSCA is of the view that the previous proposed template for the replacement advice record (RPAR) raised certain practical challenges for intermediaries and insurers […]
Tribunal case opens whole new can of worms
Since representatives have been given the right to appeal to the Financial Services Tribunal against debarment decisions, many such actions have been set aside by this appeal body. In most of these cases […]
FAIS Ombud Client Care Centre – Enhances customer experience
On 22 March 2019, the FAIS Ombud established a Client Care Centre. According to the FAIS Ombud, the Client Care Centre will ensure that the Ombud’s office is able to not only efficiently […]
