Liquidation of Saxum Insurance
On Friday, 28 October 2016, the FSB published a five page document to inform policyholders of the liquidated insurer and how this will affect them. Whilst most of the questions and answers deal […]
RAF faces claims surge if form falls
SCOPA says the RAF 1 form may have kept claims out of the system, leaving the Fund exposed to a wave of unrecognised liabilities if it is set aside.
Draft Demarcation Regulations tabled in Parliament
On Friday, 28 October 2016, draft Demarcation Regulations were published on which types of contracts are regulated under the LTIA and STIA as health policies and accident and health policies, and accordingly excluded […]
Of captains and Indabas
Protea Captaincy The inevitable withdrawal of our world class cricketer, AB de Villiers, due to injury following his sustained presence in all formats in the game, may be a blessing in disguise. We […]
The Future of Level 2 REs and CPD
Product knowledge requirements via the level 2 Regulatory Examinations and CPD requirements were originally introduced in Board Notice 106 of 2008. Subsequent to the effective date of these requirements, the Registrar granted general […]
Silly Season is upon us
The Wikipedia definition reads: In Australia, New Zealand, and South Africa, the silly season has come to refer to the Christmas/New Year festive period on account of the higher than usual number of […]
Representatives also at Risk
In a recent Ombud Determination (JJ & GH Carstens and Paarl Financial Advisors CC & JA Bartman) dated 12th October 2016, the Ombud made reference to the Appeal Board determination in the first (2013) appeal […]
Liquidation of SaXum Insurance
The Registrar of Short-term Insurance’s application to place SaXum Insurance Limited under final liquidation, was granted. The Court ordered that SaXum be placed under liquidation for final winding-up in the hands of the […]
Sign-on bonus and other Penalties
Section 3A of the General Code of Conduct came into operation on 4 December 2014. It decreed that “… No person may offer or provide a sign-on bonus to any person, other than a new […]
Amended Draft Proposals for Fit and Proper Requirements published
The Registrar of Financial Services Providers intends to repeal the current regulations and determining new fit and proper requirements for financial services providers, key individuals and representatives. The proposed amendments, previously published on […]
Application for Liquidation of Saxum Insurance
Should the FSB’s application be upheld, and this order is granted and made final, it will effectively mean that that any policyholder with a current claim will become a concurrent creditor of the […]
Insurer pays for Flawed Application Form
It is interesting to note that an insurer’s failure to provide for a key exclusionary clause resulted in payment of a claim it initially rejected. The most recent Short Term Ombudsman Briefcase contains […]
Avoiding Unintended Consequences
While we await the publication of the proposed new Fit and Proper requirements, it is time to assess our own approach to change. Die Burger’s editorial comment, on 19 October 2016, raised the issue of […]
Springbok Rugby Indaba
All eyes and ears of rugby lovers were focused on Newlands this week as the cream of South African rugby converged to plot and plan the resurrection of the ailing patient. Perhaps I […]
Moonstone extends its Global footprint
On a recent sojourn, a Moonstone delegation consisting of Hjalmar Bekker, Director of Moonstone and Bobby Londt (pictured above left), Digital Strategist, visited prominent industry counterparts in the UK. This was not the […]
POPI becomes a Reality
The proposed amendments to the Financial Intelligence Centre Act (FICA), which is still awaiting signature by the President, takes on significant meaning in view of the court action instituted by the Minister of […]
POPI and your FSP
Despite a lot of early fanfare, little mention was recently made of this important piece of legislation which is bound to impact on each FSP. This overview is, by its nature, very brief […]
Levy Reminder
By now you should have received invoices for the FSB levy and one for the FAIS Ombud. If you have not, it may be that your contact details at the FSB are incorrect. […]
