A Regulatory Paradigm Shift
The FSB has a new approach to regulation, in line with its additional obligations under Twin Peaks. Mr Jonathan Dixon, Deputy Executive Officer: Insurance at the FSB, reiterated the Regulator’s stance as late […]
TCF
Governance of Ombud Schemes
The Short-term Ombudsman’s 2013 annual report contains an interesting perspective on regulation of the various Ombud schemes. The Financial Sector Regulation Bill originally proposed a so-called single Ombudsman’s structure. This envisaged that all […]
TCF in Practice
Treating customers fairly may be the new buzzword, but it has been applied in the industry for quite some time now. A perfect example of this comes from a formal ruling made by […]
TCF in your practice
The FSB published guides for small FSPs and asset managers on the practical impact of treating customers fairly (TCF) on their businesses. The harsh reality of TCF is, of course, that you could […]
FSB Outlook for the next 2 years
Improved customer service and fair advisor remuneration will be key features of the new financial services landscape. Jonathan Dixon, Deputy Executive Officer of the Financial Services Board’s Insurance Division, made some interesting comments […]
TCF and Causal Event Charges
The Pension Fund Adjudicator (PFA) recently ruled on an investor’s complaint regarding the excessive causal event charges. The PFA found in favour of the product house, but was rather scathing in her comments […]
How Productive are you?
The results of two surveys in the financial services industry were recently published by CoreData, a firm who conducts research in banking, mortgages, retail saving, pensions, asset management and the financial advisory sector. […]
Client Care – how are we really doing?
Two conflicting headlines in recent industry newsletters raise the question whether clients are treated fairly by the industry. “Complaints to (Long-term) ombudsman reach record number.” “South African consumers are very satisfied with the […]
Consumer Expectations from TCF
There was a time when actuaries at product houses spent endless hours developing a product, packaging it, and then sending it to the marketing division with the message: “Go out there and find […]
FSB Clarifies Outcomes-Based TCF
Ms Leanne Jackson, Head of Treating Customers Fairly at the Financial Services Board recently responded to a Moonstone article published on the Insurance Gateway website: An article headlined “Not quite Treating Customers Fairly?” […]
Compliance Monitoring
This topic is covered in FAIS Newsletter 16, published on 13 December 2013. It is of particular importance to FSPs who tend to think that complying with the FAIS Act and the General […]
Introducing Ethics into your Practice
Managing your practice in terms of the FAIS Act and the General Code of Conduct may be time-consuming, but at least there is a set of rules to guide you. The advent of […]
Treating Customers Fairly and Complaints Management
Sometimes, something that appears insignificant can have rather important ramifications. The Regulator recently requested all registered short-term insurers who are members of the Short-term Ombudsman (OSTI) to provide full details of personal lines […]
Not quite TCF?
The fair treatment of clients by certain product providers was recently questioned by Bruce Cameron in an article on causal event charges. A key part of ensuring proper market conduct is a new […]
Treating Customers Fairly in 2014 and Beyond
We predicted earlier that 2014 would be a bit of a water-treading year in so far as new regulations and changes relating to financial advice and intermediary services are concerned. This was based […]
Whereto with POPI and TCF?
We frequently receive enquiries about legislative changes, specifically regarding Treating Customers Fairly (TCF) and the Protection of Personal Information Act (POPI). Some product providers have even requested advisors to sign TCF declarations. As […]
FSB Reaction to Excessive Charges on Endowments
Last year, we published an article titled Charges in Respect of Investment Policies. I referred the matter to the FSB for comment, particularly in view of the following opinions expressed by the Long-term […]
