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Investment Indicators - 23 October 2017 |
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Paul Kruger
Author/Editor |
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Real stupidity beats artificial intelligence every time
– Terry Pratchett |
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Distributed to 49,700 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?
Leading Independent Financial Advisory (IFA) practices are using GTC’s
Strategic Partner solution to:
- increase time with clients
- increase earnings
- reduce costs
Shouldn’t you too?
Our staff and systems deliver exceptional service, increasing revenues
and saving costs and time for you, enabling you to build value for
succession.
With offices nationally, we are well-placed to help you.
Call us to discuss a strategic partnership.
t. +27 (0) 10 597 6831
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 |
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1Life (L) |
6.950% |
6.780% |
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2 |
Absa (L) |
6.830% |
6.648% |
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3 |
Assupol (G) |
6.330% |
6.120% |
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Company |
This Week |
Last Week |
| 1 |
1Life (L) |
6.950% |
6.780% |
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2 |
Absa (L) |
6.830% |
6.648% |
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3 |
Assupol (G) |
6.760% |
6.550% |
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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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Financial Inclusion |
When the Financial Sector Regulation Bill was sent to parliament for
final ratification, it was returned with a number of proposed
amendments, most of which related to financial inclusion.
This was also the subject of an address by the FSB at the 17th Batseta Annual Conference. Batseta is the Council of Retirement
Funds in South Africa.
Wilma Mokupo, Head of Pensions Prudential at the FSB, highlighted
the importance of reporting non-compliance by employers in paying
out such benefits. Section 13A of the Pension Fund Act, 1956 (Act 24
of 1956) requires employers to pay over monthly employee
contributions within seven days to the fund.
Where employers fail to do so, funds are required to act immediately
and report non-compliance to the relevant authorities.
The Pension Fund Adjudicator, Muvhango Lukhaimane, said the bulk of
the complaints received by her office related to the funds’
inability to pay out benefits, and upon investigation it was found
that there are outstanding contributions from employers.
“Funds should take the lead in ensuring that they recover
contributions and not leave this to members. Complaints are usually
received when a benefit has to be paid, which is too late to
sufficiently address the issue,” she said.
The conference brought together stakeholders in the retirement funds
industry to discuss new products, technologies and regulatory
amendments. An important part of these deliberations was the
education of trustees around financial inclusion.
Moonstone Business School of Excellence, in association with Batseta,
will offer the Professional Principal Executive Officer
Qualification from next year. This qualification, at NQF level 7,
provides recognition of competence in learners who wish to formalise
their education and experience with a view to enhancing their career
prospects. This includes trustees and a wide variety of other
employee benefits functionaries.
Find out more about our courses & qualifications online at
www.mbse.ac.za, or contact our offices: Pretoria: 087 702 6429|
Stellenbosch: 021 883 8000 |
learning@mbse.ac.za
“Taking regulation to the people”
After the success of a pilot project in Soweto, the FSB is rolling
out the “Taking regulation to the people” campaign to the rest of
South Africa.
The campaign, now also known as TRTTP, entails FSB staff members
going into communities to afford consumers and potential consumers
of financial products and services access to the services of the
regulator. As part of the campaign, people are able to apply for
unclaimed retirement fund benefits and retirement fund surplus
apportionments, check if the FSPs they deal with are legitimate and
even lodge complaints against these organisations.
Last year, the FSB assisted approximately 3 387 consumers in Soweto
only, with many more contacting the FSB directly. The demand for the
services of the regulator has definitely increased and as such, we
will be rolling out to the rest of South Africa.
The FSB will be rolling out the campaign to the following provinces:
Gauteng (Ekurhuleni), North West province (Brits), Eastern Cape (Mdantsane),
Mpumalanga (Barberton), Free State (Qwa Qwa), KwaZulu-Natal (Umlazi),
Northern Cape (Kuruman), Limpopo (Polokwane) and the Western Cape (Khayelitsha).
“This is a very important campaign that allows the FSB to visibly
portray its empathetic nature,” said Elliot Modisa, Manager in the
Consumer Education Department. “The FSB receives many tip-offs about
unregistered tracers of unclaimed benefits. With the Taking
regulation to the people campaign we will be able to spread the word
that the FSB renders its services for free, and that people can
contact us directly.”
“We are very excited at the prospect of rolling out such a huge
campaign and increasing the FSB’s footprint in the country,” he
concluded.
This initiative by the FSB is really very commendable, as many of
those in need of education and assistance are often not reachable
via modern communication methods. |
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| Your Practice Made Perfect |
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FIC Amendment Act Readiness Test |
The Financial Intelligence Centre recently sent a guidance note to all
Accountable Institutions to assist them in assessing their readiness to
comply with the amended legislation which came into effect on 13 June
and 2 October respectively.
If you are an accountable institution, and did not receive this
document, we suggest you contact the FIC to make sure your details are
up to date.
The Roadmap document (access here) provides details on dates on which
the specific sections in the FIC Amendment Act come into operation.
Guidance Note 7 on the implementation of various aspects of the new
provisions of the FIC Act on 2 October 2017 was published earlier to
assist accountable institutions.
Click here to access the guidance note.
Some of the sections that came into operation on 2 October 2017 relate
to the following:
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Customer due diligence measures
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Recordkeeping requirements
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Risk Management and Compliance programme
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Governance and training
This questionnaire aims to establish the readiness of your institution
to comply with the new requirements of the FIC Amendment Act.
Commentators are encouraged to complete the questionnaire to inform the
FIC and supervisory bodies of possible obstacles the institutions face
or anticipate in complying with the new requirements.
Click here to access and complete the questionnaire. Submissions will be
received until close of business on 27 October 2017. The FIC can be
contacted for further information on 012 641 6000.
Institutions will not be prejudiced or penalised for views expressed in
response to the questionnaire. |
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Debarment Guidelines Withdrawn
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The document titled “Guideline on the Determination of Reappointment of
Debarred Representatives”, published on 13 July 2011, was withdrawn in a
notice published on Friday, 20 October 2017.
No reason for the withdrawal was given, nor was any indication provided
as to whether it would be replaced by an amended guideline.
The debarment process is arguably one of the most contentious sections
in the regulations which resulted in many abuses by FSPs when trying to
get rid of representatives for reasons other than them not conforming to
fit and proper requirements. Often, when a representative left to join a
competitor, he or she was debarred without due process being followed.
Conversely, reappointments were made contrary to the requirements which
applied up to last Friday.
The fact that section 14 of the FAIS Act was scrapped in its entirety in
the new legislation bears testimony to its failure to effect the desired
outcomes.
Failure to replace the guidelines is likely to lead to even more abuse. |
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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.
DOFA - Do's and Don'ts
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 49000
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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Senior Commercial
Short Term Broker:
CC&A, Johannesburg - Do you have a minimum of 10 years experience
and happy to travel nationally to market our niche products?
Read More
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Internal Broker:
Picara, Dunkeld, Johannesburg - If you are fully FAIS compliant and
registered with the FSB for a minimum of 3 years with professional
endemnity insurance experience, then
Read More
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Wealth Management
Consultant:
Rockfin, Cape Town - As an independent Financial Advisor your role
will be to work closely with clients in their medium- to long-term
personal financial planning. This is a client facing, sales and targets
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sales experience.
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Wealth Management
Consultant:
Rockfin, Sandton - We are looking for Financial Advisors to provide
private wealth management and financial planning services to individual
& corporate clients.
Read More
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In Lighter Wyn |
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Not exactly a Mensa test |
What if my dog only brings back the ball because he thinks I like
throwing it?
Which letter is silent in the word "Scent," the S or the C?
Do twins ever realise that one of them is unplanned?
Why is the letter W, in English, called double U? Shouldn't it be
called double V?
Maybe oxygen is slowly killing you and it just takes 75-100 years to
fully work.
Every time you clean something, you just make something else dirty.
The word "swims" upside-down is still "swims".
100 years ago everyone owned a horse and only the rich had cars.
Today everyone has cars and only the rich own horses.
Your future self is watching you right now through memories.
The doctors that told Stephen Hawking he had two years to live in
1953 are probably dead.
If you replace "W" with "T" in "What, Where and When", you get the
answer to each of
them.
If you rip a hole in a net, there are actually fewer holes in it
than there were before.
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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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