On 24 May 2016, Volume 20 of the FAIS Newsletter was published by the FSB. Two important matters in the newsletter that we would like to draw your attention to are:
- Ensuring that the FSB is informed of any changes in the business of the FSP within 15 days, as prescribed in the FAIS Act and the licencing conditions of the FSP. The FSB has warned that it will impose penalties where FSPs fail to adhere to this requirement. (Read more in the article “The Registrar issues a warning: Comply with the “15 days” notification requirement”)
- The concerns and contraventions in relation to the bulk transfers of policies between FSPs and/or Insurers without the express consent and/or knowledge of the policyholders. (Read more in the article “Bulk transfers by FSPs and Insurers”)