04 December 2018 Archives

Short-term advisors to implement fee agreements before 1 January 2019

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.

Category I FSPs without a Compliance Officer – Submitting your Compliance Report to FSCA

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

FSCA statement on the Momentum/Ganas case

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

FAIS Ombud – Change in physical address details

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

Exemption of Services under Supervision 2018

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

Know your client and understand your products

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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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.

Mastering Compliance Newsletters

04 December 2018

Short-term advisors to implement fee agreements before 1 January 2019

Category I FSPs without a Compliance Officer – Submitting your Compliance Report to FSCA

FSCA statement on the Momentum/Ganas case

FAIS Ombud – Change in physical address details

Exemption of Services under Supervision 2018

Know your client and understand your products

EARN CPD HOURS

Mastering Compliance Newsletters

04 December 2018

Short-term advisors to implement fee agreements before 1 January 2019

Category I FSPs without a Compliance Officer – Submitting your Compliance Report to FSCA

FSCA statement on the Momentum/Ganas case

FAIS Ombud – Change in physical address details

Exemption of Services under Supervision 2018

Know your client and understand your products

EARN CPD HOURS

MASTHEAD IS

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+27 21 686 3588

info@masthead.co.za

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