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Notice of intention to debar

20 March 2020 Myra Knoesen

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
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Notice of intention to debar

 
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The FSCA received a complaint from a customer that 'Insurance Apprentice Brokers' have contravened the binder, outsourcing commission regulations as well as the Policyholder Protection Rules (PPRs).

As a key individual of 'Apprentice Insurance Brokers' the apprentice is responsible for overseeing the function of advice and intermediary services. During its preliminary investigations, the FSCA assessed the Policy Schedule and interrogated the fees disclosed on the form against the requirements of the regulations and rules set out above.

Notified of the intention of the Conduct Authority to issue a debarment order against the apprentice for an alleged contravention the Insurance Regulations, the PPRs and the FAIS Act in a material manner, the key individual (apprentice) is required to attend a meeting with the FSCA to discuss the findings of the FSCA which were made after preliminary investigations were conducted.

It is assumed that the key individual is non-compliant and he or she is tasked with arguing the case by demonstrating how he or she is in fact compliant. The key individual could also concede that he or she is in the wrong and advise how he or she will remediate the position in an effort to plead their cases and avoid debarment.

With a tough task at hand did they meet the mandate set out by Judge Simon Colman, Executive Head of Digital Distribution at SHA Risk Specialists, Judge Nadia Starr, Chief Executive Officer at Inseta and guest judge Caroline Da Silva, Division Executive of Regulatory Policy at the FSCA?

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The #Superfan competition

 

For every episode of The Insurance Apprentice, we have a question. Simply visit www.TheInsuranceApprentice.co.za, answer the #Superfan question, up to episode seven, to stand a chance to win R20 000, sponsored by Constantia Insurance. All the correct answers will go into a lucky draw and three people will be chosen to attend the finale where we will announce the winner of TIA2020. At the finale we will have a lucky draw between the three people and one person will win R20 000.

Superfan question
FSCA is the abbreviation for?

Family Services and Consumer Affairs
Financial Sector Conduct Authority
Field Safety Corrective Action

 

Winner and runner up prizes

 
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Winner
Trip to Lloyds of London, sponsored by Lloyds of London
R75 000 bursary, sponsored by Inseta
R20 000 cash prize, sponsored by the Graduate Institute of Financial Sciences (GIFS)
R10 000 cash prize, sponsored by Tracker
Fitness watch, sponsored by Genasys Technologies

Runner-up
GIFS bursary worth R27 500
Goodie bag sponsored by CIB

Third place
GIFS bursary worth R27 500

Top 4
Conference fee sponsored by the AIE conference organisers to attend the AIE conference at Sun City in July

All 9 Apprentices
Wardrobe items sponsored by GIFS
R1 000 Uber voucher each sponsored by Discovery Insure

Other prizes
Best Team Player, voted for by their peers in the competition, sponsored by Liberty
Audience's favourite, sponsored by Innosys
TIA Social Media Influencer, sponsored by Elite Risk Acceptances

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