Oops

Yesterday was a good and bad day.

On the bad side we made a mistake by showing that the FSB would be making a fair amount of revenue from the representatives, which it licences.

Gerry Anderson, at the FSB and a reader quickly corrected the mistake.
 
The fact is that in terms of a board notice on the 2007 levy payments, there is a cap of R650 000 for the FAIS levy and R77 405 for the Ombud levy. Which means that we couldnt simply multiply the number of representatives by the new levy.

And then there was my comment about who funds the PFA. Well, Gerry tells me that the FSB funds the pfa, and not the Minister of Finance.

On the positive side the LOA announced their new board, including the second women to take over the helm of the product provider body.

The new LOA Board members for 2007 are:

Liz Lambrechts (chairman) - CEO: Sanlam Personal Finance,
Nazeer Hoosen (deputy chairman) MD: Regent Life,
Willie Lategan - MD: ABSA Life,
Gert Wessels - MD: Assupol Life,
Herschel Mayers - CEO: Discovery Life,
Nicolas Kohler - MD: Hollard Life,
Bruce Hemphill - CEO: Liberty Life,
Peter Doyle - CEO: Metropolitan Life,
EB Nieuwoudt - MD: Momentum,
Paul Hanratty - MD: Old Mutual (SA),
Mike Jackson - CEO: PPS,
Desmond Smith - Chairman: RGA Reinsurance.

The new LOA board has an interesting year ahead of it, monitoring that its members adhere to the statement of intent and the implementation deadlines.