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Is the FSB truly ready for Twin Peaks?

13 December 2013

An unfortunate recurring theme this year was the fact that there are still some brokers, advisers and product providers who do not comply with the guidelines set out by the Financial Advisory and Intermediary Services (FAIS) Act. These individuals (and companies) get reported to the FAIS Ombud who has had a busy year in terms of determinations. According to the latest annual FAIS Ombud report, which was released on November 1 2013, the number of new complaints for the 2012/13 year was 9 949. This is an increase of 1128 complaints from those which were recorded in the 2011/12 year.

Facing the journey of a thousand miles

03 December 2013

As South Africa enters into the festive season, it also braces itself for the period which results in the largest amount of road deaths. This is of significant concern to the public and the insurance industry as statistics show that only 35% of vehicles on the road are insured.

Do you have what it takes to be a valued insurer?

19 November 2013

What would it take to make the perfect athlete? What would it take to make a perfect cure for illnesses? But have we ever taken a step back and asked what it would take to create the perfect insurance company?

Government considers public concerns on gap cover ban

06 November 2013

The South African medical industry is currently finding itself in a precarious position whereby quality medical cover comes at a high cost, a cost which the public increasingly has to fund privately. In order to mitigate this, many consumers have taken out gap cover which bridges the gap between what medical schemes are prepared to cover for certain procedures and what doctors and specialists are charging for these procedures.

quick poll

Question

The strongest deterrent against FSP compliance missteps is or should be:

Answer

A criminal conviction Debarment Fine or penalty Any of the above can work

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