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We frequently receive enquiries about legislative changes, specifically regarding Treating Customers Fairly (TCF) and the Protection of Personal Information Act (POPI). Some product providers have even requested advisors to sign TCF declarations.
The long-standing battle by the Council for Medical Schemes to have gap cover and hospital plans clearly demarcated as insurance, and not medical products, is indicative of its determination to ensure that clients are not provided with confusing information.
The financial services industry is an industry which sells complex products that offer basic protection against the growing inherent risks of society. The target market of these products range from the highly educated to the uneducated, and the advice provided by brokers and advisers is key to maintaining the industry’s integrity, as well as to ensure its growth.
Seldom has one seen such disparate views on a matter of national interest as those expressed on the 2013 matric results. While the government sang its own praises based on statistical improvements, concerns were raised by others about the bigger picture, and particularly how much value one can place on a certificate when the pass rate for some subjects is only 30%.
If you had to hazard a guess, when do you reckon the COFI Bill will be signed into law?