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The Stage
Fast-food and the consequences of collective bargaining

Government’s long-term support of collective bargaining and multi-year wage agreements is under question as the full impact of global pandemic on the domestic economy becomes clear. The first tremors of unease were felt when the minister of finance announced cuts to the private sector wage bill during his February 2020 budget address. He said that the three-year deal concluded with public sector workers in 2018 could not be met and proposed restricting total cost increases for the sector to just 1.8% for 2020/21. Public-sector unions were having none of it. They rejected government’s revised wage offer out of hand and headed to the Labour Court for redress.

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Straight Talk
2021… respond, recover and thrive

Looking at the financial services industry, and how organisations can remain resilient, a report from the Deloitte Center for Financial Services titled ‘2021 Insurance Outlook… Accelerating recovery from the pandemic while pivoting to thrive’, explored key issues that could have a significant impact on the market and your business in 2021, with 200 industry leaders weighing in on their companies’ COVID-19 recovery efforts.

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Featured story
Rule 19 and the replacement advice record

Compliance professionals working at / for insurers and financial advice practices have their hands full keeping up to date with the changes introduced under South Africa’s twin peaks regulatory framework. They have to monitor both the Financial Sector Conduct Authority (FSCA) and Prudential Authority (PA) for the publication of amendments, regulations and standards that will have an impact on the financial services providers (FSPs) they serve. They must also ensure that their FSPs are aware of the commencement dates for amendments to existing regulations. These dates are usually set out in a schedule accompanying amendments or new regulations, though it is common to allow the responsible minister to determine the date at a later stage.

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latest quiz
Medical scheme cover… just what are clients looking for?
Medical scheme cover… just what are clients looking for?

The medical scheme environment is under pressure. Aside from downgrading, customers are complaining about their medical scheme cover, what is covered, what is not, the fees and out of pocket costs.

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Quick Polls

QUESTION

How to give affordable and appropriate financial advice to the low income market segment. There is little room on a R50 pm policy for advisers to be remunerated for the time it would it would take to educate & fulfil admin function. What is the solution?

ANSWER

[a] Eliminate non-advice sales / telesales
[b] Implement industry standards for non-advice information
[c] Introduce an insurer-funded pro-bono advice network to low income earners
[d] Reinforce the Policyholder Protection Rules
fanews magazine
FAnews November 2020 Get the latest issue of FAnews

This month's headlines

Customer experience in the ‘now’ generation
Is our industry a tainted industry?
How to keep brokers out of the firing line
Getting to grips with contractual versus delictual liability
International trusts and tax consequences
The COVID-19 pandemic and medical schemes
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