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Investment Indicators - 9 April 2018 |
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Paul Kruger
Author/Editor |
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There are many things that we would throw away if we were not afraid that
others might pick them up. - Oscar Wilde |
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Distributed to 51,757 subscribers.
To advertise with us
click here |
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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 |
Clientéle Life (L) |
6.670% |
6.620% |
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2 |
1Life (L) |
6.600% |
6.600% |
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3 |
Absa (L) |
6.234% |
6.233% |
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Company |
This Week |
Last Week |
| 1 |
Clientéle Life (L) |
6.770% |
6.720% |
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2 |
1Life (L) |
6.600% |
6.600% |
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3 |
Assupol (G) |
6.530% |
6.490% |
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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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Draft Amendments on Premium Collection Part 2 |
If you would prefer to read the article as a whole, please click here
to download a
PDF copy.
Last week, Alan noted that the requirement that any intermediary
who collects premiums on short term insurance policies on behalf of
an insurer must provide security – usually by way of an Intermediary
Guarantee Facility (IGF) policy – has been deleted. There is no
longer any requirement that collecting intermediaries need provide
any form of security. Of particular interest is the fact that the
amendments will also apply in respect of long-term insurance
premiums – including assistance business (funeral) premiums.
Management of premiums held by intermediaries
In terms of the proposed amendments to the Regulations,
intermediaries who collect premiums on long-term or short-term
insurance policies will have to operate separate bank accounts into
which all premiums must be deposited.
A premium received or deposited into a bank account may only be
transferred to the insurer for whom the premium is intended and may
not be utilised or transferred for any purpose other than remitting
the premium to the insurer concerned.
Within a period of 15 days after the end of every month, the
collecting intermediary must pay to the insurer concerned the total
amount of the premiums received during that month.
The intermediary may, subject to the insurer's authorisation, reduce
that amount payable to the insurer by the value of any refund of
premiums paid to any policyholder or prospective policyholder
represented by such independent intermediary. The intermediary may
also withhold any commission due for rendering services as
intermediary in respect of the policies concerned.
RDR Comments on Premium Collection
In the Retail Distribution Review 2014, two comments regarding
premium collection are significant.
Firstly, in Proposal E, the statement is made that premium
collection by intermediaries tends to exacerbate challenges
regarding insurer access to policyholder information and management
of conduct risks.
Secondly, Proposal F is quite definite in its intentions.
Collection of insurance premiums will not be permitted to be carried
out by intermediaries in the case of any long-term insurance
business or in the case of personal lines short-term insurance
business, unless the intermediary complies with prescribed conduct
standards for this service. Details of these standards will be
consulted on but they will include operational capability
requirements and standards relating to remuneration for the service
and mitigation of conflicts of interest.
So, What Next?
Of undoubted significance is the fact that, one week after the
publication of the proposed amendments, the Minister on the
29th March 2018 determined the effective date of almost all of the
Financial Sector Regulation Act, 9 of 2017 as the 1st April 2018.
(Strangely, the effective date for other parts of this Act was
29 March 2018 . . .)
In terms of the FSRA, the Conduct Authority (previously the FSB) is
able to “make” regulatory instruments – and this includes conduct
standards. In terms of S 108 of the FSRA, the Conduct Authority may
make conduct standards for, inter alia, any financial institution.
This includes financial services providers. A conduct standard must
be aimed at certain defined objectives, including ensuring the
efficiency and integrity of financial markets and assisting in
maintaining financial stability.
Conduct standards may be made to govern such matters as:
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Fit and proper person requirements
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The operation of, and operational requirements for, financial
institutions
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Risk management and internal control requirements
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Recordkeeping and data management by financial institutions and
representatives.
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Requirements for the safekeeping of assets
So, it is a safe bet to reckon on one or more conduct standards
being issued shortly that will, at the very least, spell out in
detail the operational ability requirements that will have to be met
by collecting intermediaries including the nature and frequency of
reports from intermediaries to insurers and data access standards.
In all probability, risk management and governance standards will
also be imposed on intermediaries who seek to be authorised to
collect premiums on behalf of insurers.
Toto, I've a feeling we're not in Kansas anymore. (Dorothy in "The
Wizard of Oz")
Alan Holton is an independent compliance officer and regular
consultant to Moonstone. |
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| Your Practice Made Perfect |
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Continuous Professional Development Update |
The legislative turbulence we forecast in 2017 became a storm in 2018.
We are currently inundated with enquiries from advisers who want to get
their show on the road.
Please bear in mind that the first Fit and Proper CPD cycle kicks off on
1 June 2018. It therefore does not make sense to start activities
related to CPD unless it is required by a professional body.
Moonstone Compliance and Risk Management’s comprehensive, practical
workshops, unpacking the Fit and Proper requirements, were scheduled to
start in May. It makes a lot more sense to run these in June, not so?
We will ensure that these workshops are duly accredited to ensure that
attendees gain the maximum number of CPD hours.
There will be other workshops, later in the year, in addition to a
variety of offerings from Moonstone Business School of Excellence, to
ensure that CPD becomes an essential part of your education, rather than
something you merely do because you have to.
More detailed information will follow shortly. |
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Funeral parlours invited to registration workshops
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The FAIS Registration department of the Financial Sector Conduct
Authority (FSCA) will be conducting workshops aimed at Funeral Parlours
who are not yet authorised as Financial Services Providers (“FSPs”) in
terms of the Financial Advisory and Intermediary Services (FAIS) Act.
The FSCA invites funeral parlours to register for workshops that will be
hosted countrywide.
Click here for more information. |
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FSCA contact details
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The Financial Services Conduct Authority made available a document
containing contact details, including telephone numbers and email
addresses, of people in the various departments of the FSCA.
In addition, it contains email addresses relating to various specific
types of enquiries to make sure that you hit the right spot first time.
Please download and save this document for future reference. |
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Softbyte shares free tax program for Moonstone subscribers
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Tony de Wijn of Softbyte Computers provided a link to a gratis tax
program for Moonstone subscribers. The program allows you to check
vital amounts such as PAYE, UIF, SDL, Medical Tax Credits and the
allowable Retirement Funding deduction on salary advices paid
monthly, daily, weekly or fortnightly.
The program uses the current “2019 tax year” tax tables and is valid
for the period from March 2018 to August 2018.
This allows the user with enough time to sort out any payroll errors
before costly end-of-year EMP adjustments. Not only is this program
useful for anyone who earns a salary, it is also a very useful tool
for financial advisers because it shows the maximum allowable
deduction against Retirement Funding contributions.
The program offers access to no less than six video tax lectures
concerning salary-deduction calculations, taxation of fringe
benefits etc.
Click here to download.
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Regulatory Examinations |
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Regulatory Exam Preparation Material – Update |
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We are inundated with requests for the updated study material. As
indicated before, Inseta provides the material, so please check their
website for availability. We will do the same, and let you know the
minute it is available. We will also download it on our website for easy
access.
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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2018 Schedules updated |
Please note: Registration cut-off is 11 working days before date of exam.
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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 20 000 visits and approximately 39 000 page views per month. |
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Moonstone boasts an exclusive newsletter mailing list of over 51000
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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Key Individual:
Destinata Capital Ltd, Faerie Glen, Pretoria & Somerset West - We
have a position for a key individual who is licensed for at least
category 1.8.
Read More
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Personal Lines
Sales/Underwriter:
Venshaw Insurance Administrators, Bellville, Western Cape - We are
looking for a candidate with 2 years' experience, RE5 and NQF4 (150
credits).
Read More
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Short Term Insurance
Representative: External Marketer/Service:
Venshaw Insurance Administrators, Bellville, Western Cape - The
candidate should be Xhosa speaking, and have completed RE5 and NQF4 (150
credits).
Read More
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Short Term Insurance
Representative: Claims Consultant:
Venshaw Insurance Administrators, Bellville, Western Cape - The
candidate should be Xhosa speaking, and have completed RE5 and NQF4 (150
credits).
Read More
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In Lighter Wyn |
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Weight loss doesn’t happen overnight |
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For the health conscious
Name the album?
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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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