Posted on 28 Nov 2017
Unregulated products, such as virtual currencies, are becoming increasingly popular. This is often because the financial rewards appear to be lucrative causing prospective investors to be less cautious in their approach than normal. However, the risks associated with unregulated products can be great and the consequences thereof can be detrimental to the financial well-being of … Continued
Posted on 28 Nov 2017
In a recent media release, the Ombudsman for Short-Term Insurance (OSTI) emphasised the importance of confirming that your clients’ vehicles are in a roadworthy condition when advising them of the appropriate insurance cover for their vehicles. Advisors must highlight to clients the requirement to maintain the roadworthiness of their vehicle. This must also be noted … Continued
Posted on 28 Nov 2017
In Circular 69 of 2017, the Council for Medical Schemes (CMS) stipulates that there has been an increase in the maximum amount which can be paid to brokers in terms of Section 65 of the Medical Schemes Act. The commission which a broker can earn on a medical aid is 3% of contribution (plus VAT) … Continued
Posted on 28 Nov 2017
The Financial Advisory and Intermediary Services (FAIS) Ombud released its Annual Report for the period 2016/2017. The Report provides insight on topics such as: a summary of complaints received by the Ombud; the settlements that were agreed to and various statistics; Financial Statements of the Ombudsman; the Accounting Authority’s Responsibility and Approval in terms of … Continued
Posted on 28 Nov 2017
FSPs are required by law to “maintain in force suitable guarantees or professional indemnity or fidelity insurance cover”. The minimum amount which an FSP is required to have in place is determined in BN123 of 2009 and differs according to the categories of FSPs and various activities, such as holding of client funds. PI Cover … Continued
A national supplier of risk management services to independent financial advisors and other licensed financial service providers (FSPs). Established in 2004, we help our clients overcome their risk management challenges so they can grow and thrive in an increasingly regulated industry. Providing professional guidance and practical support, our team of specialists is passionately committed to delivering tangible solutions.
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