Polls

Ran from 10 Nov 2021 to 15 Nov 2021

What are the challenges you face in the implementation of POPIA?

Ran from 18 Oct 2021 to 09 Nov 2021

Do you believe this is the toughest period for financial advice in many years?

Yes, it’s hard to navigate the challenges and difficult to adapt. I’m struggling. (32.14%)

No, I have managed to navigate the challenges and have adapted. I’m good. (19.05%)

50/50. I just feel like whether we like it or not, we have to ready ourselves for change… be resilient and scale for the future. It’s not about survival of the fittest anymore but survival of the quickest. We just have to move on with life. (48.81%)

Ran from 12 Oct 2021 to 31 Oct 2021

The hardening insurance market has resulted in some steep increases in brokers’ PI cover, with the results that many are finding this regulated cover becoming increasingly unaffordable. What was your experience at your latest PI cover renewal?

Results

I renewed on favourable terms (64.29%)

The increase was steep, FSCA may have to rethink this (14.29%)

The increase was steep, but expected given rising risk exposures (0%)

Whopping increase, one more like this and I am closing shop (21.43%)

Ran from 07 Oct 2021 to 11 Oct 2021

POPI and data… what are your concerns?

Results

Consent issues, direct marketing practices and data security for smaller brokerages (37.5%)

The disconnect between regulations and technology hampers innovation, which the consumer demands (12.5%)

POPI tries to limit the use of data to its intended purpose (0%)

Regulation and how data is shared with various entities within the insurance value chain, and for what purpose (50%)

Ran from 28 Sep 2021 to 06 Oct 2021

The continued regulatory push towards wider access to financial advice could result in South Africa facing a severe shortages of qualified financial advice and financial planning professionals.

Results

Ran from 21 Sep 2021 to 27 Sep 2021

South Africa’s Financial Sector Conduct Authority (FSCA) has the power to raise revenues by issuing administrative penalties and fines against non-compliant financial services providers, with this money flowing back to the Treasury… Does this, in your view, create a regulatory / government conflict of interest?

Results

Absolutely, as conflicted as it gets (58.62%)

Maybe, I’m on the fence on this (13.79%)

No, the FSCA can do no wrong (6.9%)

The guilty must pay (20.69%)

Ran from 06 Sep 2021 to 20 Sep 2021

As National Treasury mulls a two-bucket retirement system, mandatory contributions and preservation, regulation 28 is being amended to allow up to 40% of retirement fund assets to be invested in SA-based infrastructure… Which of the following retirement fund ‘tweaks’ would you consider most beneficial to your clients?

Results

Give fund members emergency access to retirement savings (30.19%)

Let fund members invest 40% in infrastructure (5.66%)

Let fund members invest 40% offshore (37.74%)

Mandatory preservation when resigning from a fund (26.42%)

Ran from 26 Aug 2021 to 05 Sep 2021

The sense we got after paging through the 2021 Old Mutual Savings & Investment Monitor survey is that financial and risk advisers are fishing in a smaller pond. How do you keep your financial practice’s nets full as the potential client universe shrinks?

Results

By expanding advice solutions to lower income groups (36.36%)

By focusing on fewer, higher net worth clients (4.55%)

By maximising our interaction with existing clients (40.91%)

Lead generation has never been a problem for us (18.18%)

Ran from 24 Aug 2021 to 25 Aug 2021

Treasury is mulling a two-bucket retirement savings system that will see the funds in one bucket remain untouched and the funds in the other being available for emergencies. Is this sensible in a country where most savers fail to save enough?

Results

Cannot say, need more information about the system (28.57%)

Maybe, it depends on what constitutes an emergency (28.57%)

No, it will further erode retirement savings outcomes (35.71%)

Yes, your capital should be available in emergencies (7.14%)

Ran from 04 Aug 2021 to 23 Aug 2021

Small businesses are just about ready to throw in the towel. In the 19-months to July 2021 they have endured pandemic, lockdown, civil commotion and now, a debilitating cyberattack on Transnet. How would you describe your SMME clients’ emotional state?

Results

Defeated, they are closing shop (19.51%)

Frustrated; they cannot take much more (51.22%)

Resigned; they must endure (8.54%)

Resilient; they will endure (20.73%)

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