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Tag Archives | Client

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On-boarding of a client – FIC draft customer due diligence and risk assessment

The Financial Intelligence Centres recently published Draft Public Compliance Communication 108 (PCC 108) with the objective to provide clarity on certain practical application issues relating to the on-boarding of a client in terms of Chapter 3 of the FIC Act. The draft PCC 108 clearly states that each potential client of an accountable institution (AI) should be risk-rated […]

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retirement

Retirement – Guide your client to retire comfortably

Most South Africans can’t afford to retire. The fact is that the majority rely heavily on income from a salary because their pension income is insufficient to support them. According to the 2019 Old Mutual Savings and Investment Monitor, a large number of South Africans earning at least R15 000 a month were delaying retirement because […]

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reality-check

FAIS Reality Check from a Client Perspective

In April I reached that age where the company rules determine that the time has come for me to follow Paul Simon’s advice: “Slow down, you move too fast, you’ve got to make the morning last…” Turning 65 was quite a mind changing event for me. The penny finally dropped that I am, after all, […]

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cost

RA costs and client interests

 by Patrick Cairns Last year ASISA took a big step with the introduction of the Estimated Annual Cost (EAC) standard. Its implementation in the RA space has been particularly significant, as there have been concerns for a long time around the costs of these products, particularly those offered by insurers. In theory, the EAC standard […]

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