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Digital transformation helping businesses to thrive

Published: Fri, 26 May 17

By John Tadman, Country Manager for Avanade South Africa   Digital transformation is no longer hype. Companies now realise that in order to keep up with their competitors, streamline their costs and improve their employees’ efficiency, digital transformation needs to be at the top of their agenda. ...
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FSB Appeal Board and powers of the Registrar to debar

Published: Fri, 26 May 17

The decision in the Hlumbane case by the Appeal Board of the FSB provides very interesting information about the Board’s powers in terms of decisions made by the Registrar of Financial Services Providers, particularly its discretionary powers. The appeal stems from a decision by the Registrar to debar the appellant ...
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What keeps the LT Ombudsman awake at night? Part 2

Published: Wed, 24 May 17

Following on from Part 1. From the Long-term Ombud’s 2016 annual report: The Assessors and Adjudicators in the Long-term Ombud’s office were canvassed about the issues that currently fall into this category. Complainant behaviour The LT Ombud wrote about difficult complainants in the 2015 Annual ...
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Unlocking the blockchain

Published: Fri, 19 May 17

By Norton Rose Fulbright   Chapter 3: Using intellectual property rights to protect distributed ledger technology A significant amount of attention is being paid to the disruptive potential of distributed ledger technology (DLT) and many businesses are making huge investments in DLT-enabled products ...
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FAIS Regulatory Exam Fraud

Published: Fri, 19 May 17

We encounter a variety of attempts by a limited number of candidates to cheat the system. As evidenced by the example in a recent Appeal Board case, crime really does not pay. The transgressor appealed against a three-year debarment. The Appeal Board found that the person should actually have been debarred for much ...
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The FSB Appeal Board

Published: Fri, 19 May 17

Twenty-four determinations were issued by the FAIS Ombud in the 2015/2016 financial year, half of which concerned short-term insurance products. Settlements, where respondents “pleaded guilty” amounted to a staggering 1 150. So far, the 2016/2017 statistics reveal 65 determinations of which 37, or 57%, ...
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Social media and insurance

Published: Thu, 18 May 17

      Patrick Bracher, Director Norton Rose Fulbright South Africa Inc.   The mining of social media and the use of big data (vast amounts of available internet data that can be analysed and exploited) by insurers to analyse consumer behaviour will change the face ...
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Finalists announced as the 2017 FIA Awards contenders hit the home stretch

Published: Wed, 17 May 17

      Lizelle van der Merwe, CEO Financial Intermediaries Association of Southern Africa                 Excitement is mounting as the financial services brands ‘in the running’ for the 2017 FIA Awards ...
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What keeps the Long Term Ombudsman awake at night? Part 1

Published: Wed, 17 May 17

From the Long-term Ombud’s 2016 annual report: The Assessors and Adjudicators in the Long-term Ombud’s office were canvassed about the issues that currently fall into this category. The following are some of the matters raised. Bad bargains These include products that do not provide value for money ...
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Insurance Bill to get transformation emphasis

Published: Wed, 17 May 17

Legalbrief Today reports: The Treasury has agreed to changes to the Insurance Bill in a bid to accelerate the transformation of the industry. A Business Day report says this follows criticisms made during hearings on the Bill. Black business said it would reinforce barriers to entry in the sector, and MPs across ...
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Tier 2 Insurance Products – yesterday, today and tomorrow

Published: Mon, 15 May 17

By Peter Veal, Risk Consultant Associated Compliance (Pty) Ltd Although assistance insurance products (particularly funeral) have been around for a long time, the first we heard of ‘simplistic’ or ‘less-sophisticated’ general products, which the FSB now refers to as ‘tier 2’ ...
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Beneficiaries of underwritten life policies receive more than R13 billion in 2016

Published: Mon, 15 May 17

Life insurance companies honoured 99. 3% of claims against fully underwritten life policies in 2016 to a record value of R13. 1 billion, delivering much-needed financial support to beneficiaries following the loss of a loved one. Fully underwritten life policies are only issued if the policyholder has completed ...
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Non-disclosure of information leading cause of non-payment of life insurance claims

Published: Mon, 15 May 17

Most customers do not realise the importance of providing all required information to insurers at the onset of signing up for cover. What they don’t realise is that dishonesty and fraud result in significant costs to the industry which will ultimately be borne by other customers through higher premiums. Henk ...
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New licensing framework likely for financial advisors

Published: Wed, 10 May 17

Uncertainty over the future of financial advisors in South Africa is gradually lifting - and it’s clear that change is in store. “It’s inevitable that currently authorised financial services providers are going to have to change their business models to adapt to a revised licensing framework,” ...
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Ombudsman highlights recovery of R187.7m for complainants of long-term insurance

Published: Wed, 10 May 17

Ahead of the release of the 2016 Annual Report of the Ombudsman for Long - term Insurance, Ombudsman Ron McLaren reveals highlights, challenges and concerns. For 2016, 9 871 written requests for assistance were received of which 5 284 became chargeable complaints. 7m for complainants and awarded a further ...
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FIA National Partners

Published: Fri, 05 May 17

Joining forces to promote the value of financial advice and intermediated distribution   Johannesburg: The Financial Intermediaries Association of Southern Africa (FIA) hosted an informal cocktail function at the Johannesburg Country club to introduce its 2017 National Partners. “On 4 May ...
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FAIS and Future Product Training

Published: Thu, 04 May 17

The latest proposed amendments regarding intermediary proficiency stem from a review of the competency framework, and aims to build on the existing requirements by establishing an effective and proportionate regulatory framework to ensure that financial services providers: have the right levels of product related ...
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Swiss Re reports solid first quarter 2017 net income of USD 656 million

Published: Thu, 04 May 17

Zurich, 4 May 2017: Despite expected insurance claims from Cyclone Debbie in Australia and pressures from a challenging business environment, Swiss Re generated a solid Group net income of USD 656 million in the first quarter of 2017. 5% demonstrates Swiss Re is able to generate positive returns even when challenged ...
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Digitizing the insurance value chain

Published: Tue, 02 May 17

      Patrick Bracher, Director Norton Rose Fulbright South Africa Inc.   If you are interested in using hi-tech to get your insurance or other financial services business to the front of the curve, you should read this. The Norton Rose Fulbright global team, in ...
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Associated Compliance Newsletter – April 2017

Published: Tue, 02 May 17

The April 2017 Associated Compliance Newsletter has been published in the Insurance Gateway® Knowledge Base. With a compliance flavour, these newsletters provide a comprehensive overview of happenings within the overall regulatory environment for FSPs, and are a must read for FSP executives who need to keep their ...
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Partial Loss:

A loss of less than the entire value of the property insured.
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