Services under Supervision Proposals
This is the time of year when a vitamin B jab becomes obligatory if you want to make it to the festive season. To make matters worse, the burden of budgeting for 2019 […]
Life insurers top R5 trillion as growth masks rising risk pressures
Strong market performance lifts assets to record highs, but lapses and protection gaps persist beneath the surface.
Medical Schemes Amendment Bill – How it might impact premiums
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
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
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 […]
Client needs and circumstances
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 […]
Retirement – Products need to adjust to stay relevant
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 […]
Debarment – what does the characteristic of honesty and integrity imply?
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 […]
FAIS Ombud Settlements
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 […]
Underwriting at claims stage – National Treasury raises concerns
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 […]
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 […]
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 […]
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 […]
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 […]
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: […]
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 […]
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 […]
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. […]
