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Tag Archives | Fees

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Annual NCR registration fees due 31 July

All National Credit Regulator (“NCR”) registrants, including credit providers, credit bureaux, debt counsellors, payment distribution agents and alternative distribution agents are obliged to pay their annual registration renewal fees by 31 July 2017. The payment of the registration renewal fees changed on 11 May 2016 when the Minister, Dr Rob Davies, published the final regulations on the determination of […]

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medical

Council of Medical Schemes – New fees announced

In a recent communication from the Council of Medical Schemes: Amendments to Regulation 31 and 32 published in terms of the Medical Schemes Act 1998 (Act No. 131 of 1998) ), the following increases were announced: Application for registration of a medical scheme will now be R8 750.00 (Current Fee: R5 000.00) Application for accreditation or renewal […]

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medical

CMS Fees Increase

The Council for Medical Schemes published Circular 57 of 2016 containing details of a number of fees increases, some of which are: Application for registration of a medical scheme: R8 750.00 (Current Fee: R5 000.00) Application for accreditation or renewal of accreditation as an administrator contemplated in Section 58(4) of the Act: R14 000.00 (Current Fee: R10 000.00) Application […]

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Medical Schemes Brokers Fee Increase

The Minister of Health has determined that the current capped maximum fee of R69 plus VAT will increase to R71,07 plus VAT with effect from 1 February 2014. This increase of 3% should go a long way in helping advisors to cover the ever increasing cost of staying in business, and being compliant. The latter […]

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Retail Distribution Review Update

Plans to review the way in which products are distributed, and specifically the way in which advisors are remunerated, took centre stage in the media recently. RDR is not only about replacing commission with fees. It is actually dangerous to separate remuneration from the rest of the envisaged changes as it creates an incorrect perception […]

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Fees for Service Redefined

The Review of Retail Distribution has certainly taken an interesting turn from where we thought the Regulator was heading with this very important issue a year ago. The term, “Fees for Service”, implied the banning of commission, and clients having to fork out amounts equivalent to the commission to an advisor before the latter would […]

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Sales, Service and Financial Advice…

Around the financial advisory world, firms are moving from product-based commission to a servicing revenue model. This underlying shift has become widely known as “fee-for-service”, hereafter referred to as FFS. In certain jurisdictions, “voluntary” conversions have taken place. In others, regulatory bodies have initiated the change. South Africa is not isolated and RDR is very […]

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