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 […]
Latest FATF review puts South Africa under a harsher spotlight
Treasury says the country already has most of the rules it needs; the challenge now is proving that institutions are using them effectively.
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. […]
Charging fees for “other” Short-term Insurance services
The charging of fees in the Short-term space, and particularly the so-called “administration fee”, has always been a bone of contention in the industry. Many elected to simply follow the ostrich approach and […]
Short-term Insurance – Latest trends
South African Short-term Insurance – what are the latest trends, drivers and challenges? A question that more than one research house asked and surveyed in the last few months. In today’s rapidly changing […]
South African Crime Stats – opportunity for consumers and insurance industry
The release of the South African crime stats lead to a lot of talk in the media, on social media as well as in public conversations. With the murder rate that continues to […]
The rise of drone usage in the insurance industry
An article on this topic was recently published on the FIA website. The use of drones is rapidly growing in popularity. Individuals, companies and even governments have come to realise that drones have […]
Competition Commission data challenged
Legalbrief Today recently reported: The Competition Commission’s preliminary report into the private healthcare industry came under fire at the Hospital Association’s annual conference recently when a lawyer described the data as flawed. According […]
Financial Soundness of Representatives
The new Determination of Fit and Proper Requirements for Financial Services Providers, 2017 (Board Notice 194 of 2017) sets out a number of new requirements relating to the financial soundness requirement of representatives. […]
Fintech triggers regulatory scrutiny in South Africa
In a recent ITNewsAfrica article Dave van Niekerk, Executive Chairman of MyBucks, a Frankfurt-listed fintech with operations in Europe, Africa and Australia, said that fintech is able to take businesses anywhere. “Fintech is […]
