Ombud Settlement Cases
The FAIS Ombud’s annual report contains a list of trends picked up during the course of the year. The golden thread which runs through all of these, concerns insufficient disclosure across all sectors […]
FSCA slaps Banxso and directors with record R2bn fine
The Authority says the penalties reflect the financial benefit gained from unlawful conduct and the harm to clients – handing 30-year debarments to several Banxso executives.
Italy no Walk-over
Padova, where the Springboks play Italy over the weekend is apparently a beautiful city, boasting the largest square in Europe, the Prato della Valle. Hopefully, the South Africans will not approach the match […]
South Africa – Smoke and mirrors hide power agendas in Cosatu’s faltering house of cards
The role of the African National Congress (ANC) in the labour movement’s disintegration remains something of a mystery. While it is not clear what role the ruling party and the South African Communist […]
Financial Planning under RDR
Contrary to what many appear to think, the Retail Distribution Review is not about abolishing commission and forcing brokers to negotiate fees directly with clients. It is in fact a far wider process […]
Priority RDR Proposals
The FSB proposes to implement the RDR proposals in three broad phases: Phase 1: Changes to be effected within the existing regulatory framework, using existing subordinate legislative and administrative powers. These changes will […]
Bok Barometer
One gets a more balanced perspective on your team’s performance when you see what the opposition has to say. We copied the comments in the UK Telegraph, and inserted Sunday’s rating by Rapport […]
RDR and Short-Term Insurance
The discussion on the retail distribution review conducted by the FSB provides for the following proposals specifically as it relates to the short-term industry: Remuneration for selling and servicing short-term insurance policies It […]
Consider the Bigger RDR Picture
After attending the FSB’s seminar on Monday, I was actually at a loss as to where to start with conveying the contents of the Retail Distribution Review proposals. We will cover the proposals […]
RDR and Healthcare Advisers
Under the heading “Scope Limitations”, the discussion document on the retail distribution review states: Where distribution of medical schemes is concerned, certain aspects of the distribution model are regulated by FAIS, while the […]
Twilight at Twickenham
Both sides are desperate to win, and we can expect a tough, gruelling confrontation up front, while the English backs are likely to try and use their speed out wide. The Boks will […]
Claiming Reading Points for Continuous Professional Development
After the FSB announced the indefinite postponement of the Level 2 Regulatory Examinations and with it the adherence to Continuous Professional Development, a large portion of the industry is relieved that they “don’t have […]
Complaints Management Part 3
Last week, we discussed the first two specific findings on the effectiveness of complaints handling systems and the need for root cause analysis and corrective action stemming from this. Today, we share details […]
Retail Distribution Review Discussion Paper
While the general expectation is that this document’s sole intention is to replace commission with fees, it is far more encompassing than that. We publish below some of the aspects contained in the […]
End of Year Tours Overview
One very clear message emerged after the feast of rugby we enjoyed over the weekend – the Northern hemisphere teams are no longer the pushovers they were in the past. They were always […]
Tanzania – GDP rebasing raises size of economy
Tanzania is now the latest African country to have released rebased GDP figures. The base year was changed from 2001 to 2007, and this resulted in the estimate for GDP increasing from TSh20.95trn […]
PoPI is not a Flower – Part 2
As we pointed out last week, PoPI is yet another brick in the wall being built to safeguard the privacy of the public. Today we look at some important definitions. Purpose of POPI […]
Direct Marketers and Aggregators
Steven W writes: It seems that direct marketers of insurance, and those who actually meet with the public, have dissimilar disclosure requirements, with the direct marketers having considerably less of an obligation than […]
