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Investment Indicators - 26 September 2017 |
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Paul Kruger
Author/Editor |
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How does a project get to be a year behind schedule? One day at a time
– Fred Brooks |
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Distributed to 48,750 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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e. info@gtc.co.za
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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 |
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1Life (L) |
6.650% |
6.490% |
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2 |
Absa (L) |
6.511% |
6.346% |
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3 |
Assupol (G) |
5.950% |
5.890% |
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Company |
This Week |
Last Week |
| 1 |
1Life (L) |
6.650% |
6.490% |
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2 |
Absa (L) |
6.511% |
6.346% |
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3 |
Assupol (G) |
6.390% |
6.320% |
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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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New ombud system proposed |
The ceremony at which Jack Nicholson received his Oscar for “As good
as it gets” was the same one where “Titanic” dominated all the
categories. Nicolson, with that wicked smile of his, opened his
acceptance speech by saying: “All night long I had that sinking
feeling.”
When I downloaded the introductory document on the proposed new
ombud system, and saw that it had the same red cover as “A safer
financial sector to serve South Africa better”, published in 2011,
my heart also skipped a beat, knowing what change that publication
had wrought.
Below is a summary of the media release on the discussion document.
The policy document “A Known and Trusted Ombud System for All” forms
part of the comprehensive financial sector regulatory reform
programme underway as South Africa shifts toward a Twin Peaks model
of regulation.
The Treating Customers Fairly outcomes underpin South Africa’s
market conduct framework under Twin Peaks. The reforms aim to
significantly improve consumer protection in the financial sector by
promoting customer-centric financial institutions on the one hand
and empowered consumers on the other. Empowered consumers are able
to make informed financial decisions and can hold their financial
institutions to account for poor service or broken commitments.
Accountability measures available to consumers should include the
ability to have complaints against a financial institution resolved
fairly and effectively by the institution, and in instances where
such resolution isn’t possible, the availability of an alternative
impartial third party to resolve the dispute.
This consultation policy document addresses measures to improve the
alternative dispute resolution environment in South Africa, which is
provided through the ombuds system. Effective financial sector ombud
schemes are needed to drive the financial sector to serve South
Africans better.
There are currently six different financial sector ombud schemes in
South Africa, each providing a dispute resolution platform that is
free to consumers and external to financial institutions. There are
many differences in how these ombud schemes are established and how
they operate, including the fact some are established through
statute while others are established through industry initiative.
While the system has provided vital assistance in resolving the
disputes of many customers, it has been identified that there are
weaknesses, inconsistences and inefficiencies in its operation that
may be hampering the achievement of good customer outcomes.
As explained in the document, the Financial Sector Regulation Act
(Act 9 of 2017) takes the first step toward addressing shortcomings
in the ombud system. The Act establishes an Ombud Council as a
full-time statutory body, tasked with ensuring that customers are
able to access effective, independent, fair and affordable dispute
resolution processes. The Ombud Council will set rules for the ombud
schemes to follow, to drive consistent approaches and adherence to
minimum best standards.
The Act also requires that all financial institutions belong to an
ombud scheme if a suitable one exists. It is anticipated that the
Ombud Council will be established alongside the Prudential Authority
and Financial Sector Conduct Authority in 2018, and provisions
relating to the ombuds system implemented thereafter.
Options for future further reform to the ombud system are proposed
in this document for further discussion. Such options include:
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Enhancing the hybrid model of statutory and industry ombuds,
building on FSR Act provisions
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Moving toward a centralised model, establishing a single statutory
ombud scheme
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Moving toward exclusively industry established ombuds with strong
oversight by the Ombud Council.
Each option carries different advantages and disadvantages, and
future reforms will have to be carefully considered.
This document lays the basis for future research into and engagement
on ombud system reforms by the National Treasury and the Ombud
Council, once it is established.
At the launch of the 2016 annual report of the Short-term Ombud
Kershia Singh, Acting Director, Market Conduct at National Treasury
addressed the audience on the same theme.
The main change to the current operation of the ombuds system is the
creation of an Ombuds Council to replace the current Financial
Services Ombud Scheme Council.
The Ombud Council will be a full-time operational body, in contrast
to the current part-time Board structure of the FSOS Council. It
will be able to appoint staff, and will have an executive head,
known as the Chief Ombud. The Ombud Council will continue to
recognize ombud schemes. It will also be able to set rules for all
ombud schemes to follow, and importantly, will now be able to take
enforcement action should these rules not be followed. The rules
will be aimed at ensuring a more harmonized and consistent approach
to complaints resolution across the sector, in line with the
objective of ensuring that customers have access to affordable,
effective, independent and fair alternative dispute resolution
processes.
Other key functions of the Ombud Council will be to:
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promote public awareness of ombuds and ombud schemes and the
services they provide;
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take steps to facilitate access by financial customers to
appropriate ombuds; and
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publicise ombud schemes, including publicising the kinds of
complaints that different ombud schemes deal with.
Comments on the
discussion document are invited until 30 November
2017 and can be sent to:
marketconduct@treasury.gov.za
The National Treasury will also host stakeholder workshops on the
document, and further information on this will be communicated in
due course. |
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| Your Practice Made Perfect |
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Information Regulator Update |
The Regulator held a media briefing on 20 September to bring the media
up to speed on developments in her department.
Regulations
Draft Regulations were published for public comments on the 8 September 2017 with a closing date of 7 November 2017.
The Regulator did not make provision for regulations relating to the
processing of health information by certain responsible parties such as
insurance companies, medical schemes and pension funds as provided for
in section 32(6) of POPIA. She is of the view that interested parties
should make submissions in this regard.
Comment
Pam Saxby, for Legalbrief Policy Watch, is of the view that this is
“…presumably in the hope that this will improve a document clearly
requiring a great deal more work given the sensitivities entailed. The
statement tends to suggest that these ‘parties’ are more likely to draft
something suitable than the Department of Justice and Constitutional
Development, in which the Information Regulator is located.”
Saxby notes that a Government Gazette
notice announcing the imminent
availability of the draft regulations for public comment specifically
referred to insurance companies, pension funds (and the employers or
institutions working for them), managed healthcare organisations,
medical schemes and their administrators. It also noted that the
information concerned is used to: assess risk; enforce contractual
rights and obligations; implement legislation; ensure compliance with
collective agreements conferring ‘rights dependent on the health or
personal
life’ of a data subject; and support those entitled to sickness- or
incapacity-related benefits. Yet, confusingly, the draft regulations
themselves are completely silent on these complex issues other than in
one or two annexures – and even then, rather superficially.
It is envisaged that the draft Regulations will be submitted to
Parliament for tabling in February 2018 with an anticipated date of
publication of the final Regulations in April 2018.
The remaining sections of POPIA will commence once the Regulator is
fully operational, which is expected to be sometime in 2018. All public
and private bodies will be expected to be compliant with its provisions
within one year of its commencement. |
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Dilemma Facing Retirees
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A recent article in Fin24 titled “Retired investors face a dilemma”
discusses the challenge facing retired people of either maintaining a
current lifestyle or adjusting it in order to preserve savings. This is
particularly relevant in the economic phase we currently find ourselves
in. You may want to share this with your clients too.
Click here to read the full Fin24
article. |
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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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Featured Positions |
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Business Development
Manager:
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In Lighter Wyn |
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You came here to die… |
I recently had the pleasure of watching Allan Hughes relating one of
his stories about Namakwaland, and more specifically one about his
hometown, Nababeep. The yarn explains how language could, at times,
be a problem for some. This is my recollection of the story, so if
there are pieces missing, blame it on my memory which is slowly but
surely turning into a forgettery.
It so transpired that a klerk at the old Suid-Afrikaanse Nasionale
Weermag head office in Pretoria one day discovered a long lost file.
This contained details of all the troepe living in Nababeep. They
had not been called up for any camps for more than ten years after
doing their nasionale diensplig, so Doep de Klerk, put it right by
issuing the necessary instructions.
One dusty Sunday morning, those called up were driven to
Bitterfontein, which was as far the railway line from Cape Town ran,
in terms of an agreement between Mr Jowell, transport mogul, and die
Suid-Afrikaanse Spoorweë- en Hawens.
Later that afternoon, in Cape Town, they were issued with standard
army overalls, boots and mosdoppe.
After supper they retired to their allocated bungalows, dreading the
feared army awakening the following morning, followed by an even
bigger threat, the army breakfast.
After successfully passing both these challenges, they were assembled on the paradegrond. As they were idly smoking
their pipes and minding their own business, they saw a trail of dust
approaching them at a rate of knots. As it got nearer, they saw that it had
a thick red
moustache, a ruddy complex, a shiny uniform and a big stick tucked
under its right armpit.
When it reached them, it came to a halt. The stamping down of the
right foot was so firm, the windows in the surrounding buildings
rattled.
Then it spoke: “Attennnnnnshin!”
Long forgotten memories kicked in, and al die manne van Nababeep
pulled themselves towards themselves.
The Samajoor gazed intently at each troop individually, almost
hypnotising them, then shouted:
“You all came here to die!”
To which an appy at the back retorted, rather timidly:
“Nee, Samajoor, we came here yesterdie.”
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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
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The complete disclaimer can be accessed
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