Posted on 4 Dec 2018
Short-term advisors who charge clients a fee over and above that earned for “rendering services as intermediary” are reminded to implement an explicit, written fee agreement before Rule 12.4.1 of the Short-term Insurance Policy Holder Protection Rules takes effect on 1 January 2019 as per the amended Policy-Holder Protection Rules.
Posted on 4 Dec 2018
Category I FSPs that do not have a Compliance Officer must submit their Annual Compliance Reports to the FSCA on or before 28 February 2019 in terms of FSCA FAIS Notice 69 of 2018. Should you have any enquiries relating to the submission of the report, please contact the FSCA for assistance on 012 428 … Continued
Posted on 4 Dec 2018
The FSCA released a statement on the Momentum/Ganas case following the decision made by Momentum to make payment in relation to a life policy claim after Momentum initially rejected the claim of R2.4 million. Momentum refused to pay out the life cover claim to the widow of the deceased, N. Ganas, due to non-disclosure of … Continued
Posted on 4 Dec 2018
The office of the FAIS Ombud relocated on 1 November 2018. All contact details of the FAIS Ombud remain the same except for their new physical address being: Kasteel Park Office Park, Orange Building, 2nd Floor, Cnr of Nossob and Jochemus Street, Erasmuskloof, Pretoria. Other contact details of the FAIS Ombud: Phone: 012 762 5000 … Continued
Posted on 4 Dec 2018
On 3 December 2018, the FSCA published FAIS Notice 86 of 2018: Exemption of Services under Supervision. The Notice exempts certain Financial Services Providers and Representatives from provisions of the Financial Advisory and Intermediary Services (FAIS) Act 37 of 2002 as set out in the Schedule. Masthead will unpack the Exemption of Services under Supervision … Continued
Posted on 4 Dec 2018
Treating customers fairly (TCF) should be engrained in your business. This includes being able to recommend suitable products for your target market and ensure your clients understand the financial products they are purchasing. TCF Outcome 2 requires that financial services and products are designed to meet the needs of clients. To ensure the services and … Continued
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