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Investment Indicators - 4 September 2017 |
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Paul Kruger
Author/Editor |
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I hope that when I die, people say about me, 'Boy, that guy sure owed me a
lot of money.' - Jack Handey |
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Distributed to 48,732 subscribers.
To advertise with us
click here |
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What if you could focus on doing what you love - looking after your
clients?
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Strategic Partner solution to:
- increase time with clients
- increase earnings
- reduce costs
Shouldn’t you too?
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With offices nationally, we are well-placed to help you.
Call us to discuss a strategic partnership.
t. +27 (0) 10 597 6858
e. info@gtc.co.za
w.
www.gtc.co.za
An authorised Financial Services Provider FSP no. 731. |
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| Rates Review |
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1. Secured Investment Rates |
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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 |
1Life (L) |
6.630% |
6.650% |
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2 |
Absa (L) |
6.202% |
6.255% |
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3 |
Assupol (G) |
6.040% |
6.260% |
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Company |
This Week |
Last Week |
| 1 |
1Life (L) |
6.630% |
6.650% |
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2 |
Assupol (G) |
6.470% |
6.690% |
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3 |
Old Mutual Wealth (L) |
6.340% |
6.280% |
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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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Addressing Assumptions about POPI
We are not Google, so why
should we care about data privacy?
By Elizabeth de
Stadler |
Let’s not beat about the bush. Complying with data privacy laws can be
expensive and POPI is no exception. So it is not surprising that
small businesses are balking at the idea of spending 5 figures on data
privacy, particularly if they don’t think that their primary
business is processing data. While I don’t blame them (nobody wants
to do compliance), their attitude is built on some pretty big
assumptions. And you know what they say about assumptions…
#1: All POPI projects are expensive
Nope. POPI is built on the notion of reasonableness. You have to
keep data reasonably secure, reasonably accurate, notify people when
you collect their data if it is reasonably practical etc. The word
is used about 80 times.
What does this mean? What is reasonable for a big business like
Google (or Alphabet as they are now called), is not reasonable for a
10-person financial planning or brokerage firm. Regulators the world
over take the size of businesses and its resources into account when
establishing what is reasonable. It also means that while compliance
with data protection undoubtedly costs Google millions every year,
it does not have to be the same for small businesses.
A risk-based approach is also advisable. This means that you choose
the biggest risks first and tackle them one by one over time.
#2: Financial services companies are not in the business of
processing data
The reality is that, these days, most businesses are built on data.
Most of us use our customer’s data to sell them products and
services and then we often use that data to develop new products and
to market to them. Some even sell the data creating a new revenue
stream (we discussed this in a previous blog).
So, everybody should pay attention to good data governance. What
happens if you don’t?
Well, obviously you could find yourself face to face with the
Information Regulator. This might lead to a fine, or she might tell
you to stop doing what you are doing or change the way in which you
are doing it.
You may have a breach. This will cost you money to address and may
cost you customers, because they no longer trust you.
Often, the biggest problem is that other companies will not be able
to do business with you unless you are compliant. In terms of POPI,
companies are not allowed to share data with other companies unless
they give a contractual undertaking that their data will be secure.
#3: This is a compliance exercise
It is no surprise that people view POPI as a compliance exercise.
That is a pity, because compliance has a PR problem. The perception
is that it costs money without adding value.
Good data governance isn’t like that, because it leads to massive
operational efficiencies if it is done right. It will fix broken
processes, streamline your application process and improve your data
quality. Without good data governance using financial technology to
its full potential (which is what your competitors are doing)
becomes impossible.
So what do you need to do?
Learn about POPI. Find a compliance expert who believes in a
risk-based approach and who will customise POPI compliance for your
business. Don’t panic. POPI will probably only be enforceable in
about 2 years. But don’t delay either, because a data breach can
happen tomorrow and will have calamitous effects on your business,
but more importantly,
without good data governance you cannot
capitalise on financial technology. Don’t be left behind!
About Elizabeth
Elizabeth is a POPI subject matter expert at Compliance Online. She
is also the founding director of Novation Consulting (Pty) Ltd. |
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How important is transformation, diversity and
inclusion for a successful business? |
Finding ways for your business to have an open, inclusive and nimble
culture, which embraces and enables diversity in all its forms, achieves
improved commercial performance and is better at transforming in highly
disruptive environments is now more significant than ever.
FPI CEO, Godfrey Nti will facilitate a panel discussion on “How to
succeed at Transformation, Diversity and inclusion” with panel members
Dube Tshidi, Isaac Rampute, Prem Govender, CFP® at the
2017 FPI Professionals Convention.
To book your seat visit
www.fpiconvention.co.za or contact
erin@confco.co.za. |
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| Your Practice Made Perfect |
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Proposed replacement of Policyholder Protection Rules |
Board Notice 153 0f 2017, published on 1 September, contains the final
proposals for comment by 2 October on the revised protection rules for
short- and long-term insurance policies.
The information is contained in 6 different documents, of which one, a
comments matrix, alone, consists of 337 pages.
Legalbrief today reports:
“Informed by a sector-wide commitment to aligning industry incentives
with the principles of fair customer treatment, according to a National
Treasury
media statement issued at the time, their purpose is to guide
short- and long-term insurance companies in providing ‘hard-working
families’ with less complex, good-value products ‘to help … with
unforeseen life events’, and the ‘uncontrollable shocks’ often resulting
in ‘economic hardship and poverty’.
To that end, both sets of revised draft protection rules deal with: the
products themselves (design, determining premiums, credit life
insurance, cooling off rights, negative option selection, void
provisions, the waiver of rights, and signing uncompleted forms);
product performance and acceptable service; advertising and disclosure;
intermediations and distribution; post-sale barriers; and
administration. A comments matrix summarises stakeholder input on the
first draft proposals. It should be read with short- and long-term
insurance policy holder protection rules supporting documents,
reflecting the line-by-line amendments envisaged.”
This is a huge amount of information to digest.
Billy Seyffert, COO of Moonstone Compliance and Risk Management,
confirmed that the latest information will be incorporated at the
Moonstone Regulatory Update Workshops being presented in September.
Click here for full details and registration. |
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FIC Amendment Act Implementation Update
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The Minister of Finance announced the implementation of different
provisions of the FIC Amendment Act scheduled for 13 June 2017 and 2 October 2017, respectively.
Legalbrief Today notes:
Comment is sought by 8 September on two sets of proposals for giving
practical effect to sections of the recently amended Financial
Intelligence Centre Act dealing with exemptions for accountable
institutions and reporting requirements. Posted yesterday (30 August
2017) on the Financial Intelligence Centre website with an accompanying
media statement, the proposals concerned are also the subject of a
Government Gazette
notice.
According to an explanatory note on
proposals for withdrawing certain
existing exemptions, most of those likely to become ‘redundant’ were
made with the intention of simplifying compliance requirements, based on
the regulators’ understanding of ‘lower money laundering and terrorist
financing risks’ at the time. With the introduction of a new, risk-based
approach on 2 October, they will no longer apply. Against that backdrop,
exemptions targeted for withdrawal affect:
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the timing of client identity verification;
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professional partnerships;
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shared due diligence;
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verifying the identity of a foreign-based client or bank;
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verifying the identity of a public company listed on a recognised
securities exchange;
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requirements in respect of low-risk clients (insurance and investment
providers, financial instrument traders, members of the JSE, attorneys,
property administrators, banks offering unsecured loans, and gambling
institutions); and
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banks offering ‘low-value products’ (including ‘pre-paid instruments’
and cross-border remittances).
According to an explanatory note on
proposed amendments to regulations
on reporting requirements, once in force they will affect: certain
definitions;
The statement also refers interested and affected parties to
revised
draft guidance notes reflecting some of the input received on a first
draft – aimed at facilitating the implementation of sections of the
amended Act scheduled to become operational on 2 October.
The above will also be covered at the Moonstone Compliance and Risk
Management
Regulatory Update workshops during September. |
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Regulatory Examinations |
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Self-Help Guidelines to make a
booking, download your certificate or view results |
Candidates who wrote with Moonstone can now view their results,
make a new booking or update their information on our website:
www.faisexam.co.za
Here is what you do:
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Click on the
Moonstone FAIS Exam website (www.faisexam.co.za)
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Click on the
second heading: “Update Your Booking/Personal Details/Get
results”.
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Key in your ID or
Passport Number used to register for the exam: click on Send
password.
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The system will
send a password to the e-mail address you provided at
registration.
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Use this password
to log in on the same address as above:
Type in the password – do not copy and paste.
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Click login.
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You will then be able to make a booking, download your
certificate or view results.
Frequently Asked RE Questions - Answers to
questions on REs and preparation material.
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 48000
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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Short Term Commercial
and Domestic Sales Consultant:
Wealth Solutions Capital Insurance Brokers, Bedfordview - We are
looking for dynamic and energetic go getters for short term commercial
and personal lines insurance, as well as for Financial Advisers.
Read More
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Compliance Officer
under Supervision:
Moonstone Compliance, Johannesburg - The role will provide a
practical internship, during which the applicant will receive on the job
training and mentorship in the provision of outsourced compliance and
risk management services to clients in the financial services industry.
Read More
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In Lighter Wyn |
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Signs of Note... |
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My personal
favourite
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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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