Obama jets into Kenya
US President Barack Obama spent 48 hours in Kenya last weekend, in a visit that caused great excitement and comment. Kenyans feel a special affinity for the American leader, whose late father was […]
FSCA licenses most crypto provider applicants – as enforcement tightens
The rising number of investigations and inspections underline a shift from registration to active supervision.
Reality Check on Household Items
A broker is not expected to assist a client in determining the value of household items. Providing guidelines, however, will count in your favour should a dispute arise. In May 2015, the Short-term […]
Unaudited Financial Statements
We posed some follow-up questions to the FSB on the contents of FAIS Notices 81 and 82 of 2015 and include their response below: Are eligible FSPs, wanting to make use of the […]
Health Insurance Policies and Medical Schemes
News of the imminent release of low cover medical schemes could well return the focus to the unnecessary intervention in something that works very well. Background The First Draft Demarcation Regulations, released in […]
Try, No try?
Two major controversial incidents (the uncontested scrums and McCaw’s try) in last week’s heart breaking defeat against the All Blacks keeps being regurgitated in media reports. I find the views of Jonathan Kaplan […]
The Ernst & Young Financial Services Confidence Index
The survey for the second quarter of 2015 reflects the unweighted average confidence of four segments of financial services, namely: Retail banking Investment banking Asset management and Life insurance The EY Financial Sector […]
FAIS Notices 81 and 82 of 2015
In response to a number of enquiries, we provide some clarification on the content of these important notices. We encourage you to read this in conjunction with the actual documents which are linked […]
Structured products still offer offshore opportunities even with a weak rand
Investing abroad can be complex for South Africans. Though exchange controls were relaxed over the past few years, for the most part investing overseas requires investors to have deep pockets and a crystal […]
Special Funding Window for Skills Programmes
INSETA opened a special funding window for those wishing to avail themselves of the opportunity to get financial assistance for learners in their employ. Please complete the prerequisite survey by clicking on this […]
Nigeria – Reasons to expect some policy liberalisation
Structural factors, recent news and upcoming events give reason to believe that Nigeria is about to take a liberal turn on policy. The most important structural factors are the catastrophic state of public […]
Interesting Short-term Ombud Cases
The latest Ombud Briefcase contains a number of case studies which provides guidance on key aspects of the industry. Non-disclosure of a criminal record A direct insurer rejected a claim on the above […]
Procrastination seldom pays
The June 2015 Date of First Appointment (DOFA) deadline again saw a large number of candidates scurrying to write at the very last minute. Those who failed experienced unnecessary hardship, upheaval and a […]
Moving Clients to a new FSP
Representatives in the short-term industry who move to a new FSP, often take their clients with them. There are very specific legal requirements in this regard, and ignoring it can have a costly […]
Prescribed Medical Benefits – 'In accordance with' replaces 'paid in full' – Patricia Holburn
Since the introduction of Prescribed Medical Benefits (PMBs) in 2004, definitions, inclusions, cost and reviews, have raised concerns. PMBs were well intentioned – make sure members have cover for emergencies and big events. […]
Statistics can be misleading
As one is wont to do these days, I was almost more interested to see who the referee is for Saturday’s big match between New Zealand and South Africa, than what the teams […]
Third Party Enquiries
Our RE Department receives many enquiries from third parties, like compliance officers, for information about candidates. In line with the Promotion of Access to Information Act (PAIA), and the FSB’s mandate to examination […]
Special Audit on Sign-On bonuses and Churning
FAIS Newsletter 17 contains details of the outcome of this special compliance audit to investigate the link between the payment of sign-on bonuses and the replacing of products as a result thereof. The […]
