Complex F & P Competency Requirements
The natural tendency is to approach these obligations in the same manner as we did in the past – tick the box, close the file and carry on regardless. BIG MISTAKE. Like the […]
F&I professionals urged to turn compliance into customer value
Strong engagement, clear records of advice, and a culture of ethics can help F&I professionals build trust and improve customer outcomes.
High Court sets aside Validation of Gross Income methods
On 16 March 2018, the High Court in Cape Town provided its favourable ruling on the matter brought by the retailers, Truworths Limited, Foschini Group Limited and Mr Price Group Limited (the “Applicants”) […]
Long-term Insurance Class of business Training
In terms of Board Notice 194 of 2017, class of business (CoB) training forms a compulsory part of the competence requirements for FSPs, Key Individuals and Representatives. Moonstone Business School of Excellence (MBSE) […]
Directive on Prohibition of Corruption in Pension Schemes
Directive PF No 8, issued on 8 March 2018, provides guidelines on how the Registrar intends to combat and prevent corruption and corrupt activities. Titled “Prohibition on the acceptance of gratification”, the document prescribes requirements […]
FSB Regulatory Exam update – What will be significantly impacted by Board Notice 194
The amended requirements contained in the 2017 Determination of Fit and Proper Requirements will impact on the content of the study material for the REs. Persons who registered to write the regulatory examination […]
Class of business – More about Short-term Insurance – Personal lines
In terms of Board Notice 194 of 2017, class of business (COB) training forms a compulsory part of the competence requirements for FSPs, Key Individuals and Representatives. The product categories that an FSP […]
How will the VAT increase impact short term insurance policies?
The recent announcement of the change in the Value Added Tax rate from 14% to 15% effective 1 April 2018 did not leave much time for companies across different industries to amend their systems to […]
Do what I say
Complaints handling is set to become a major measure of your commitment to the fair treatment of clients, or TCF as it has become known. The final proposals for implementation of changes to […]
Add Class of Business to your 2018 training calendar
Why is Class of Business an important 2018 training option for everyone and not only for learners who need to comply with the fit and proper requirements for financial services providers? Also add […]
Long term Insurance Industry Statistics 2017
Every year when I read these statistics, I wonder whether there is enough appreciation in government circles for the contribution made by the industry to alleviate the burden on the state. The 2017 […]
Study Material Update
The amended requirements contained in the 2017 Determination of Fit and Proper Requirements will impact on the content of the study material for the REs. Persons who registered to write the regulatory examination […]
Audenberg Appeal against FAIS Ombud
The FSB Appeal Board recently published its decision at a hearing held on 27 February 2018. The appeal was dismissed, but not before the Board expressed some very concerning comments on the office of the […]
Many Property Syndication complaints not yet finalised
The old saying that the wheels of justice grind slowly is certainly true when it comes to property syndication complaints addressed to the FAIS Ombud. With the demise of Sharemax in 2010, disgruntled […]
Technology eases Compliance Burden
Schalk Malan, CEO of BrightRock, recently shared five of the major developments that are set to change the insurance industry as we know it. According to Schalk the rise of blockchain, personalised/precision medicine, […]
SA drivers love their cars
A national client survey by Santam revealed interesting and surprising attitudes of drivers towards their vehicles, including emotional attachment and feelings of despondency if dispossessed of their much-loved cars. 64% “very or extremely […]
Proposed Amendments to Policyholder Protection Rules
The FSB published proposed amendments to the Policyholder Protection Rules (“PPRs”) made under the Long-term Insurance Act, 1998 and the Short-term Insurance, 1998, respectively, for public comment. The proposed amendments form part of […]
New Debt Counselling Fees
The National Credit Regulator recently published a circular and guideline in respect of the new fees that debt counsellors may charge consumers during the debt review process. The new fees are effective from […]
