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Investment Indicators - 17 October 2016 |
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Paul Kruger
Author/Editor |
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I must govern the clock, not be governed by it – Golda Meir |
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Distributed to 46 774 subscribers.
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Today’s 50-year olds are often at risk of inadequate retirement
provision |
Modern 50-year olds need to review their retirement provision more
regularly if they want to ensure they have an adequate pension for the
post-work lifestyle they desire. This generation is increasingly
vulnerable to changes in expenditure which may have a serious
detrimental impact on their long-term savings.
Martin Wagenaar, wealth management consultant at leading financial
advisory business GTC, believes this is due to societal and economic
changes that tend to affect people in the 50-year old range more acutely
than others. “In our experience, the problem is that most people have
not changed their retirement provision and savings strategy sufficiently
to adjust for material changes to their expenses.”
Click here to read the full article. |
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Rates Review |
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1. Secured Investment Rates |
Please note that (G) indicates a Guaranteed and (L) a Linked product. In order to understand the difference between guaranteed and linked rates,
kindly click here for an explanation. |
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Company |
This Week |
Last Week |
1 |
Assupol (G) |
7.540% |
7.370% |
2 |
Clientéle Life (G) |
7.470% |
7.320% |
3 |
Discovery (G) |
6.626% |
6.453% |
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Company |
This Week |
Last Week |
1 |
Assupol (G) |
7.730% |
7.810% |
2 |
Clientéle Life (G) |
7.650% |
7.500% |
3 |
Discovery (G) |
7.175% |
7.002% |
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2. Money Market Funds |
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Please bear in mind that our figures, though based on the actual quotations that you also use, are for information purposes only,
and can never replace the official quotation from the product house. In terms of the guarantees, you are requested
to clarify the exact extent of such guarantees with the product house prior to advising clients. |
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From the Crow's Nest |
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POPI becomes a Reality |
The proposed amendments to the Financial Intelligence Centre Act (FICA),
which is still awaiting signature by the President, takes on
significant meaning in view of the court action instituted by the
Minister of Finance on Friday for a declaratory order on government
intervention in the affairs of banks and their clients.
The protection of data and personal information is becoming
increasingly important. On the one hand, you have FICA requiring
reporting on suspicious transactions and, on the other hand, the
Protection of Private Information (POPI) Act which aims to safeguard
privacy. Then, if, unlike most of us, you have a third hand, there
is the Promotion of Access to Information Act (PAIA).
This reminds me of the rather cynical saying by George Bernard Shaw:
A government that robs Peter to pay Paul can always depend on the
support of Paul.
IT Web reported as follows on 16 September:
“The effective date for the Protection of Personal Information (POPI)
Act could be before the end of this year, following the
recommendation of Pansy Tlakula as chairperson of the newly-formed
information regulator.”
“The industry has welcomed the much-delayed recommendation of
Tlakula, as POPI will enable SA to be globally competitive on
privacy matters and international data exchange laws.”
“POPI was signed by the president on 19 November 2013 and published
in the Government Gazette on the 26 November 2013. On 10 May 2016,
the Portfolio Committee on Justice and Correctional Services
shortlisted five candidates for the office of information
regulator.”
“The National Assembly recommended the appointment of the office
bearers on 7 September 2016. As part of the process, Parliament
invited everyone to nominate people and shortlisted candidates to
appoint as members of the information regulator. The office of the
information regulator will be made up of advocate Tlakula as
chairperson, advocate Cordelia Stroom and Johannes Weapond as
full-time members, and professor Tana Pistorius and Sizwe Snail as
part-time members.”
The article, titled
Industry awaits controversial Tlakula to stir POPI, also
provides positive views from industry experts on the new incumbent’s
experience, and how this will stand her in good stead in doing her
job well.
The report also quotes Adrian Schofield, an ICT veteran, according
to the article, as saying:
"Every entity's information officer will have to register with the
regulator. This is the other side of the PAIA coin – the Promotion
of Access to Information Act required every entity to have an
information officer to whom persons could apply to have access to
information. That officer will now have to register with the
information regulator – and presumably accept responsibility for
compliance with POPI as well as PAIA.”
"Getting all that up to speed will obviously take some time but
entities that process personal information must ensure their
procedures are compliant immediately, if they are to avoid the risk
of prosecution."
In August, we published a two part article titled, POPI and your
FSP, written by Alan Holton, on how the new legislation will
impact on your business.
The introduction reads:
The Protection of Personal Information Act 4 of 2013 (“POPI” or “the
Act”) was signed into law on 19 November 2013, but the commencement
date of the Act has not been announced yet. It is important to note
that once the effective date is finalized, FSPs will have one year
before the Information Regulator will start enforcing the provisions
of the Act.
POPI is not ground breaking stuff – FSPs are already bound by the
provisions of S 3(2) of the General Code of Conduct. In terms of
that requirement, FSPs may not disclose any confidential information
acquired from a client, unless written consent was obtained
beforehand, or disclosure of the information is required in the
public interest, or under any law.
The Act was introduced in response to the perceived threat posed by
the unregulated processing of personal information. It aims to
regulate the processing of personal information, and to give effect
to the constitutional right to privacy by introducing measures to
ensure that organisations use (“process” is the word used in the
Act) personal information in a fair, reasonable, responsible and
secure manner. The introduction of a data protection law in South
Africa is in line with other jurisdictions such as the UK, where
legislation that regulates the processing of personal information
has been in place for several years.
All FSPs are bound by this piece of legislation which applies to
personal information of clients, prospects, employees, product
suppliers or any other party.
Please
click here to read Alan’s article to understand the full impact
on you and your business. |
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Your Practice Made Perfect |
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Moonstone extends its Global footprint |
On a recent sojourn, a Moonstone delegation consisting of Hjalmar Bekker,
Director of Moonstone and Bobby Londt, Digital Strategist, visited
prominent industry counterparts in the UK.
This was not the first time since the introduction of international
regulatory intervention in the financial services industry, that Hjalmar
Bekker had undertaken such forays with the intention of gaining
first-hand experience of how the industry there experienced, in
practical terms, such changes. He also conducted extensive discussions
with the UK authorities to understand the rationale behind their
thinking.
Australia and the United Kingdom embarked on the regulatory trail long
before South Africa did. Whilst each country has its own unique
characteristics, there are also many similarities, like the outcomes of
the Treating Customers Fairly approach by the FSB which absolutely
mirrors the UK version. The objective of these visits is to learn from
others, and to foster collaboration so as to not re-invent the wheel.
The SimplyBiz Group played an important role in these developments from
as early as 2004, as did ThreeSixty, more recently.
Typically, says Bobby, we would compare notes on where we are in terms
of regulatory developments. From there the conversation would shift to
synergies and experiences and the sharing of best practice ideas,
including operational and commercial considerations. At the root of all
these discussions was the intent to offer the adviser the best possible
options to choose from in the current state of affairs.
For Bobby the experience at SimplyBiz (Huddersfield) was especially
rewarding as this was the company he worked for as a start-up in 2003
and stayed with until 2011 when he returned to SA. The growth and
solutions developed in the last 5 years literally snowballed, and
contributed immensely to the company’s success. Joint Managing Director,
Matt Timmins, played host to our visit and as always had us hooked on
his thinking and philosophy regarding service excellence to their
advisers.
ThreeSixty’s Managing Director, Phil Young, hosted us in Manchester for
a couple of hours and his views on regulatory change and the environment
was of particular interest.
We also met with a few industry personalities to which we hope to
introduce you later – conversations with them was to gain their views
and thoughts on matters of mutual interest.
Moonstone, in turn, also introduced
Suitebox, and the reception of this new technology was extremely
positive.
The introduction of
SuiteBox to the South African market will commence in the coming
weeks – please have a look at the short video clip linked in the banner
below. We regard this as the future of financial advice, not only in
South Africa, but in the world.
We hope to reciprocate the welcome hospitality experienced during our
recent visit to influential players from the UK, Middle East and
Australia. They all admit to having a weakness for Stellenbosch wines,
and with the current exchange rate, coupled with the approaching summer,
cannot wait to visit us. |
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Regulatory Examinations |
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Schedules updated |
The Moonstone RE schedules containing dates and venues, have just been
updated. Please click on the link below for full details.
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Regulatory Exam Preparation Material |
Assure success by using the correct preparation material:
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The FSB's
Level 1 RE Preparation Guide for Key Individuals
and Representatives
should be your first port of call to know what you have to do, and
what to expect.
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The Inseta study material for:
Representatives (RE 5) and/or
Key Individuals/Sole Proprietors
(RE 1)
contain all the information essential for proper preparation. It is
free, and can be downloaded from our website.
It is written in plain
language, and easy to follow, with tests to monitor your progress.
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LexisNexis provides a Preparation Guide and Legislative Handbook
which is more closely aligned to the “legalise” used in the actual exams.
Many students have found this useful to bridge the gap between the study material
in layman’s language and the actual legislation.
You need to order both the Preparation Guide and the
Legislative Handbook to gain the maximum benefit. Please
click here to order directly from them.
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DVD to Aid
Preparation for Exams: Many candidates have found the DVD of a FSB
broadcast on the REs a very useful tool in preparing for the exams.
It is not a training aid, but rather a detailed extension of
what is covered in the FSB Preparation Guide. Please
click here to order a copy.
Our
website also contains a vast amount of information to assist learners
in preparing for the exams, including
Tips on writing the Regulatory Exams.
Contact details
Email enquiries should be addressed to
faisexam@moonstoneinfo.co.za. You can phone us on 021 883 8000 -
select option 2 to speak to one of our consultants .
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Careers Platform
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Are you hiring? Advertise your position on Moonstone’s Career Platform
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The Moonstone website -
www.moonstone.co.za
- enjoys an average of 15 000 visits and approximately 39 000 page views per month. |
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Moonstone boasts an exclusive newsletter mailing list of over 46000
dedicated financial decision makers who receive 2 newsletters per week. |
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Our audience is relevant and industry specific: individual and corporate advisors and brokers in the following financial sectors:
iInvestment, Risk, Healthcare, Banking, Retirement, and Insurance. |
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Featured Positions |
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RE Qualified Tele
Assistants:
Primary Miriadian Direct, Johannesburg - Experienced call centre
agents with excellent communication skills, articulate and fluent in
English and RE5 qualification, are required at our Bryanston office.
Read More
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Financial Business
Development Assistant:
St. James Global, Johannesburg - An excellent career opportunity
awaits within the offshore financial services industry to highly
motivated individuals who are looking to obtain valuable financial
services work experience and want to make a career in this industry.
Read More
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Compliance Officer:
Associated Compliance, Johannesburg - Due to
substantial growth we need another specialist compliance officer to
operate within our motor division which consists primarily of large
corporate motor dealerships, a number of which are public companies.
Read More
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Junior Operations
Manager:
St Pauls Financial Services, Johannesburg - A rapidly growing Forex
Intermediary Company is looking for a dynamic, resourceful and efficient
candidate to assist the head of forex with operations.
Read More
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Financial Adviser:
Carric Wealth, Cape Town & Johannesburg - Relevant 5-year experience
as well as RE exams a minimum requirement. Adviser must be Fit and
Proper as per the FAIS Act.
Read More
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Experienced Financial
Advisor:
ULB, Randburg - We are looking for an ethical and compliant
Financial Advisor with at least 5 years experience in the financial
industry, in particular employee benefits and medical aid.
Read More
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Experienced Investment
Advisors:
Global & Local Investment Advisors, Johannesburg & Cape Town - We
specialise in local and international investments, Forex and money
market products. Fais compliant, experienced applicants are required to
have their own reliable motor vehicle and a valid driver’s licence.
Read More
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Experienced Brokers /
Financial Advisors:
Calreg, Countrywide - We are looking for the experienced, ethical
and compliant broker seeking a long term income. Minimum Requirments are
a relevant degree, RE qualified and three years experience.
Read More
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In Lighter Wyn |
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Cartoons on current affairs |
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Distributed to 46 774 subscribers
Tel: +27 21 883 8000 | Fax: +27 21 883 8005
info@moonstoneinfo.com
www.moonstone.co.za
P.O. Box 12662, Die Boord, Stellenbosch, 7613, Republic of South Africa
Disclaimer:
Services and products advertised by external product suppliers in
this newsletter are paid for by the respective suppliers. Moonstone
does not endorse any opinions, conclusions, data, products, services
or other information contained in this e-mail which is unrelated to
the official business of Moonstone and furthermore accepts no
liability in respect of the unauthorised use of its e-mail facility
or the sending of e-mail communications for other than strictly
business purposes.
The complete disclaimer can be accessed
here. |
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©2015 Moonstone. All rights reserved. |
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