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From Monday to Thursday every week, FAnews publishes an e-newsletter dealing with news and events relevant to stakeholders in the financial services industry. Our readers are intimately involved with financial services products, compliance and advice and have strong views on issues that affect them. The Best of FAnews.co.za is a magazine feature in which we highlight a popular newsletter published online in the past 60 days. We rehash the core argument presented in the newsletter before considering some of the views raised via our reader comments.
In a previous edition of FAnews, I pointed out that the UK outlawed the right of intermediaries to earn an income through commissions paid by the product providers as a consequence of what is known as the Retail Distribution Review (RDR). I mentioned that South Africa’s Financial Services Board (FSB) plans to carry out something with the exact same name, a Retail Distribution Review (RDR).
One of the biggest challenges facing the financial services industry is the current skills crisis, which increasingly is becoming a global problem. The current generation of school graduates prefer to study degrees in order to pursue career paths in industries which they feel are more attractive than the insurance industry.
Riot Wrap insurance has been around for many years and was introduced, as the name suggests, to wrap around the Sasria Coupon and Assets Policy. This insurance also provides additional coverage in particular relating to profits, either gross or net, contingent business interruption and material damage above the Sasria Coupon within South Africa and/or for territories outside of South Africa.
If you had to hazard a guess, when do you reckon the COFI Bill will be signed into law?