Moonstone Monitor 15 May 2008
Paul se Perspektief/Paul's perspective
One of the demons that beset my job is that errors can occur despite one's best intentions. While it is highly embarrassing, trying to bury it is even worse, so here are my two confessions:
Firstly my colleague Paull Lawrence and four subscribers pointed out that, in respect of the amended legislation for Short-term brokers who collect premiums on behalf of insurers, the maximum guarantee amount for premium collections are to be increased (on a phased-in basis) from R50 000 000 to R100 000 000 (Millions!) not R50 000 to R100 000.
Dit is ‘n groot verskil!
The very same Paull also picked up the following regarding the new levies payable later this year:
"A minor issue with you figures of the Levy calculation for a Sole Proprietor. If the person has no representatives and is a Sole Proprietor and not a one person CC, then the levies do not include the Rep/KI fees. So the total for a Sole Proprietor will be R1863 + R482 = R2345.00 (an increase of R 180 or 8.3%)."
At least for some this is good news as it entails a R41 reduction in the amount I quoted.
I do apologise for any inconvenience caused. The one and only good thing about it is that it keeps me on my toes.
Luckily it seems that I am not the only one prone to mistakes. One of my regular correspondents, Janet Harding in Plett, sent me the following story:
"You may be aware that I am a diabetic. I recently purchased an insulin pump and sent an e-mail to my short term insurer requesting that they add a "Minimed 722 Insulin Pump" to the policy. This they did, but included it under swimming pool and borehole machinery!"
Perhaps Janet should consider suing them for defamation of character. How can they list a an item meant for personal use under borehole machinery?
De kube yiveki ezayo /Till next time /Tot volgende keer
Paul Kruger
Selfs die FSB maak ook soms foute, soos onlangs in ‘n brief aan FSP’s waar personeel nog nie, volgens hulle rekords, voldoende opleidingskrediete het nie. Die brief lees as volg:
An applicant, any key individual and any representative must within a period ending 31 December of the fourth year from the date of licensing or first appointment, as the case may be, and not later than 31 December 2009, complete a minimum of-” and then continues to provide specific details.
This means that Key Individuals who were appointed between 30 September 2004 and 31 December 2005 now all have until 31 December 2008 to meet the requirements, as specified in column 4, which applies to them.
Francois Meintjes, een van Moonstone se nakomingsbeamptes in Pretoria, skryf as volg na aanleiding van sy kliënt wat bogenoemde skrywe ontvang het:
"My kliënt is op 7 Februarie 2005 as “Key Individual” aangestel. Volgens my interpretasie sal bogenoemde keerdatum van 31 Desember 2008 dus net geld vir diegene wat voor Desember 2004 aangestel is. In my kliënt se geval sou die finale datum dus 31/12/ 2009 wees, en nie die datum soos deur die FSB aangedui nie."
Die hoof van Moonstone Compliance se regsdienste, Cobus Gresse, reageer as volg:
Dit lyk soos ‘n administratiewe of interpretasie fout van die FSB.
Alle FSP’s wat gelisensieër is, of KI’s en verteenwoordigers wat vir die eerste keer aangestel is voor of op 31 Desember 2004, het tot 31 Desember 2008 tyd om die vereiste krediete te behaal.
Baie FSP’s het natuurlik eers gedurende die loop van 2005 hulle lisensies ontvang waarvoor hulle reeds gedurende 2004 goedgekeur is. Hulle is in terme van die FSB se spesiale vrystelling toegelaat om reeds besigheid te doen, maar hulle lisensie sal aantoon dat hulle effektief reeds vanaf 30 September 2004 gemagtig was.
Die datum van lisensiëring of eerste aanstelling is dus die bepalende faktor, nie die datum waarop die lisensie uitgereik is nie.
Wees baie versigtig hiervoor.Training Options
There appears to be a large number of Key Individuals and Representatives who still have to obtain the required number of credits before the final dates set out above. While there are a number of options on how to obtain this, do not allow analysis paralysis to freeze you into doing nothing, or sit back and think "I'll double cross that bridge when I get there." Time is not on your side despite what the Rolling Stones said.
As much as I hate the expression, literally "as we speak" the FSB is discussing the changes to the Fit and Proper requirements, and how to measure the competence of FSP's. You will eventually have to have a full qualification, so wasting timeby going through the motionstoonlyget the minimum number of credits is merely a case of postponing the inevitable.
We know of two options currently available:
Recognition of Prior Learning (RPL)
Depending on your line of business, anything from 30 credits to a full qualification can be obtained via this method. Please contact Albert Marais or Ronel du Toit of Moonstone at 021 883 8000.
Facilitated Training
There are a number of service providers, including Damelin and Imfundo, who provide study material and examinations. Moonstone will provide classroom training, using their study material, for those not comfortable with self-study. Please contact Albert or Ronel if you are interested.
The Imfundo study material will only be available on 27 May, literally a few days before the assessment (exam) registration date of 2 June (exam scheduled for 21 June). The second (and final) assessment is set for 8 November.
Other Options:
As soon as the study material is available, we will make it available on our e-learning platform. This will be of specific value to those people in the outlying areas for whom attending training centres is a problem. We also intend obtaining permission to provide examinationfacilities to offer students more of a choice than the limited options currently available.
Afrikaans-sprekende lesers wat Engels net vir self verdediging gebruik is baie welkom om ook met Albert of Ronel van Moonstone kontak te maak by 021 883 8000. Ons het 'n RPL opsie waar die meeste van die werk in Afrikaans gedoen word.
