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Investment Indicators - 21 May 2018 |
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“While differing widely in the various little bits we know, in our infinite
ignorance we are all equal.” – Karl Popper |
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Distributed to 51,965 subscribers.
To advertise with us
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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) |
7.080% |
6.730% |
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2 |
Clientéle Life (L) |
7.050% |
6.770% |
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3 |
Absa (L) |
6.753% |
6.408% |
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Company |
This Week |
Last Week |
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Clientéle Life (L) |
7.150% |
6.850% |
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2 |
Discovery (G) |
7.083% |
6.949% |
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3 |
1Life (L) |
7.080% |
6.730% |
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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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GAP Cover Survey - GTC study reveals huge business
opportunity |
First-ever ranking of Medical Gap Cover GTC launches
inaugural Gap Cover Survey to rank and categorise all providers in
SA
18 May 2018
Sanlam and Absa have emerged as the top-ranked medical Top-up -
often referred to as ‘Gap’ cover - providers in SA, according to the
first ever ranking of these product providers, conducted by leading
wealth and advisory firm GTC.
“Unlike medical aids, where the information is readily available via
the Medical Schemes Council, there is no central database of
providers or products, nor a way of objectively comparing the
policies available in the Gap cover market. We believe medical Gap
cover policies are likely to become increasingly important in the
South African market, especially as medical aids continue to rein in
expenditure, by reducing or limiting their level of cover, and as
the government prepares to impose more restrictions on private
healthcare insurance through the introduction of National Health
Insurance,” says Jill Larkan, Head of Healthcare Consulting at GTC.
“Despite this, our survey has found that there has been relatively
low take-up of these policies amongst medical aid members,” says
Larkan.
“We included 20 providers of Gap cover policies in our survey,
offering 84 plans covering 18 different types of products focused on
four core categories identified by GTC. These plans offer cover to
approximately 550 000 families, representing a small portion of the
potential medical aid market which has in excess of eight million
members,” says Larkan.
Core benefits identified and rated
GTC’s survey attempted to simplify the Gap cover landscape by using
core benefits provided by many of the plans. According to these core
benefits, the survey rated the various plans based on:
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Gap cover – the in-hospital gap cover and percentage cover the
scheme provides (weighted 60%);
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Co-payment benefit – the provision of a co-payment benefit
(weighted 13.3%);
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Oncology cover – the provision of additional cover for cancer
(weighted 13.3%); and
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Sub-limit benefit extender – provided to enhance sub-limits
imposed by medical aids (weighted 13.3%).
In addition to these four broad benefits, plans were further grouped
into sectors, based on the level of cover offered, namely 200%,
300%, 350% or 500%+.
“The most popular type of plan, according to the survey, is one
which offers in-hospital Gap cover, co-payment, oncology and
sub-limit, to the level of 500% +,” says Larkan.
The plans were rated based on the level of benefits provided within
these stated categories. To determine which plans performed best
amongst the top-ranked ones, the survey identified which provider
offered the best premium for different age groups and family sizes.
“Following this analysis, Sanlam’s Comprehensive Gap Cover emerged
as the top performer for individuals and families under 60, whilst
Absa’s Gold Plan is best suited for individuals and families over
the age of 60,” says Larkan.
While Gap cover may seem a luxury expense, Larkan contends that it
is the most cost-effective way of providing medical insurance,
especially for emergencies or protection against unplanned medical
expenses beyond the limitations imposed by one’s medical aid.
“Some of the entry-level policies can be had for as little as R63
per month, which adds 200% of additional In-Hospital cover to your
medical insurance.”
The survey also found that 25 plans offer a lump sum ranging from R5
500 to R50 000 for members diagnosed with cancer for the first time.
Larkan concludes: “Gap cover is likely to become an increasingly
important tool for managing medical expenses, especially as medical
aid schemes are reining in their level of cover. However, the
industry urgently needs to make an effort to simplify its offerings
and make it easier for consumers to navigate the market, before
regulators force change upon the providers.”
Click here to download GTC’s full survey.
Read the full
press release here. |
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| Your Practice Made Perfect |
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ASISA finalises standardised cost disclosure for umbrella funds |
According to the Association for Savings and Investment South Africa (ASISA),
employers will find it much easier to select the most cost effective
umbrella retirement fund solutions for their employees from March next
year when the new ASISA Retirement Savings Cost (RSC) Disclosure
Standard comes into effect.
In a news release of 16 May 2018 ASISA mentioned that the new RSC
Disclosure Standard commits members of ASISA to present all costs (based
on certain assumptions) relating to umbrella retirement fund solutions
in a standardised manner, enabling employers to compare like with like
when considering quotations from different ASISA members. This will also
make it easier for the Boards of Trustees of umbrella funds to consider
costs as part of their fiduciary duties.
Click here to read more about the ASISA announcement. |
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CPD requirements: are you ready?
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With 1 June 2018 around the corner, CPD is now a reality for certain
FSPs, key individuals and representatives. Yes, authorised Financial
Services Providers (FSPs), Key Individuals (KIs) and Representatives
(Reps) must meet certain competence requirements which are set out in
the new
Fit and Proper Requirements.
Is anyone excluded from CPD?
The fit and proper requirements relating to CPD do not apply to:
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(a) |
a Category I FSP, its key individuals and
representatives that are authorised, approved or
appointed only to render financial services or manage or
oversee financial services in respect of the financial
products: Long-term Insurance subcategory A and/or
Friendly Society Benefits; and |
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(b) |
a representative of a Category I FSP that is appointed
to only- |
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(i) |
render a financial service in respect of a
Tier 2 financial product; and/or |
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(ii) |
render an intermediary service in respect of a
Tier 1 financial product. |
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The position
regarding representatives working under supervision is
yet to be clarified. The proposed amendments to the
“supervision” Board Notice (BN 104 of 2008) is likely to
be distributed for comment by the industry at the end of
May. |
CPD cycle of 12 months
The CPD cycle runs for a period of 12 months commencing on
1 June of every year and ending on 31 May of the following
year.
How many CPD hours are required?
The minimum CPD hours is determined by the make-up of your
business.
Where you render:
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a single subclass of business within a single class of
business, you must complete a minimum of 6 hours of CPD
activities per CPD cycle;
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more than one subclass of business within a single class
of business, you must complete a minimum of 12 hours of CPD
activities per CPD cycle; and
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more than one
class of business you must complete a minimum of 18
hours of CPD activities per CPD cycle.
We suggest that you study the relevant section in the
2017 Fit and Proper Determination to assess the impact
on your business and what is required of you. |
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Moonstone Regulatory Update Workshops
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With the first workshop only two weeks away, the Cape Town,
Johannesburg, Pretoria and Durban venues are likely to be fully booked
today.
Bloemfontein, Port Elizabeth and East London venues still has space, but
please book now to avoid disappointment.
You can earn 3 FSCA Fit and Proper CPD hours by attending.
FPI members can, in addition, also qualify for 3 FPI Ethics and Practice
Standard CPD points towards their professional designation CPD
requirement. Members who know how scarce such opportunities are will
certainly make use of this double whammy.
Please note that identification steps will be implemented to ensure the
validity of your CPD claim.
The workshops will cover he Insurance Regulations, Policyholder
Protection Rules, the new Debarment process, the Financial Sector
Regulation Act, proposed changes to the General Code of Conduct and an
in-depth unpacking of the 12 elements of the New Fit and Proper
Requirements.
Staying abreast of these developments is crucial to your survival in the
industry.
The workshops will run from 09h00 until 13h00 and take place on the
following dates and venues:
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VENUE |
DATE |
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East London - EL Golf Club |
5 June 2018 |
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Port Elizabeth - PE Golf Club |
6 June 2018 |
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Cape Town - The River Club |
18 June 2018 |
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Johannesburg - Houghton Golf Club |
19 June 2018 |
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Pretoria - Diep in die Berg |
20 June 2018 |
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Durban - Coastlands Hotel Umhlanga |
21 June 2018 |
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Bloemfontein - Emoya Estate |
26 June 2018 |
Book your seat – register today to avoid missing out. |
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Regulatory Examinations |
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RE Deadline 30 June 2018 - check RE registration
date deadlines |
The table below indicates who has to successfully complete the RE 5 by
30 June 2018.
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Representatives’ DOFA |
RE 5 Deadline |
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30/06/2015 – 31/12/2015 |
30/06/2018 |
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01/01/2016 – 29/06/2016 |
30/06/2018 |
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30/06/2016 – 31/12/2016 |
30/06/2019 |
DOFA refers to your date of first appointment. For instance,
if you were appointed on 1 September 2015, you actually have
two years and nine months in which to pass the RE 5 for
representatives.
Unfortunately, time is now running out for those who are
compelled to pass in less than two months.
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Remember
that bookings close about two weeks before the actual exam,
for logistical reasons. On Thursday (24 May 2018) registration closes for
examinations on 8 June 2018.
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Not everyone passes at the first attempt. If you wish to
give yourself enough time to re-register in such an event,
bear in mind that you should allow for time for your paper
to be marked and the results sent to you. This means that
you should try and write by 8 June, given that our venues
have always been fully booked in the last few weeks of the DOFA deadline.
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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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Para-Planner:
Carrick Wealth, Johannesburg, Durban and Cape Town - The
Para-planner will be responsible for researching and analysing products
to present recommendations to clients based on a thorough financial
planning process.
Read More
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Financial Advisor:
Universal Life Brokers, Randburg - Candidates must have at least 5
years experience in the long term insurance industry and in possession
of a NQF5 qualification in financial planning.
Read More
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Experienced Financial
Advisers:
Centered Financial Solutions Pretoria / Centurion - Top franchise
with the most comprehensive product range that included risk,
investment, RA, short term & medical aid looking for dynamic financial
advisers.
Read More
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Broker Consultant:
CIA - Commercial & Industrial Acceptances, KZN Umhlanga - We are
looking for a candidate with at least 5-10 years working experience in
the insurance industry, short term insurance qualifications and RE1.
Read More
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In Lighter Wyn |
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Monday Wisdom |
The wise old Mother Superior from county Tipperary was dying. The nuns
gathered around her bed trying to make her comfortable. They gave
her some warm milk to drink, but she refused it. Then one nun took
the glass back to the kitchen. Remembering a bottle of Irish whiskey
received as a gift the previous Christmas, she opened and poured a
generous amount into the warm milk.
Back at Mother Superior's bed, she held the glass to her lips.
Mother Superior drank a little, then a little more. Before they knew
it, she had drunk the whole glass down to the last drop.
“Mother", the nuns pleaded, "Please give us some wisdom before you
die."
She raised herself up in bed with a pious look on her face and said,
“Don't sell that cow.".
Another take on minimum wages
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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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