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Tag Archives | advice

financial-advisor

Most South Africans satisfied with the advice they received from IFAs

The majority of South Africans who used the services of an independent financial adviser (IFA) have told a survey that they were either “satisfied” or “very satisfied” with the advice they received. This was one of the findings of the FSCA-commissioned 2020 Baseline Survey on Financial Literacy in South Africa. The 235-page report was published […]

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objections

How intermediaries can overcome client objections

When it comes to finance, we assume people are rational, so we give people more information and longer documents and explain the actuarial principles in the hope that they will result in their making more rational decisions. However, from an insurance perspective, people do not make decisions that we would regard as rational, so giving […]

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complaint-button

Send me your complaints about healthcare brokers, says FAIS Ombud

The FAIS Ombud this week issued a media release encouraging medical scheme members to lodge a complaint with her office if they believe they have been “financially prejudiced” by a healthcare broker’s advice. The office lamented the fact that it receives “a negligible number” of complaints about medical scheme brokers, although it has the jurisdiction […]

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lawss

Replacement products – Records of Advice should not be prepopulated

A recent FSCA Communication again stressed that “a provider must always act in accordance with section 2 of the General Code which requires that the provider must at all times render financial services honestly, fairly, with due skill, care and diligence, and in the interests of clients and the integrity of the financial services industry.” The […]

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Supervisee

Adviser and Advice Differentiation

The December 2016 Retail Distribution Review update provides clarity on matters which appeared slightly confusing in earlier proposals. The Regulator did away with the “multi-tied” category of adviser – in future, you are either tied or independent, although the formal title is yet to be determined. The proposals to distinguish between various types of advice, […]

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Supervisee

Ombud Advice to Policyholders

The Short-term Ombud warned policyholders against taking premium holidays when there is too much month at the end of the money. During tough economic times, cash-strapped consumers are forced to prioritise their monthly expenses to keep their heads above water. Unfortunately, consumers often sacrifice their short-term insurance cover in attempting to save money by not […]

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