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Moonstone Monitor - 6 July 2017 |
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Paul Kruger
Author/Editor |
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You cannot shake hands with a clenched fist – Indira Gandhi |
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Distributed to 46 628 subscribers.
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From the Crow's Nest |
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The future of Level 2 REs and CPD – July 2017 |
A recent “Round Table” discussion by Ms Caroline da Silva, Deputy
Registrar, FAIS of the FSB, provided a welcome update on the Regulator’s current
thinking on a number of key issues, including:
Level 1 and 2 Regulatory Exams
Those who did not bother to read the full article published in Media24 may have
come to wrong conclusion regarding the future of the current level 1 REs.
Everything is going ahead exactly as it currently stands. The only probable
changes relate to what we always regarded as unnecessary duplication, i.e. key
individuals and sole proprietors having to pass both the RE 1 and RE 5 (rep’s
exam).
As far back as 2013 the FSB placed the proposed level 2 REs on ice. It
subsequently became evident that there would be substantial changes made to what
was originally intended. This became even more evident as lessons were learnt
from the level 1 REs. One of the game changers was the cost and complexity of
managing, maintaining, updating and quality assuring of examinations and
infrastructure. If this was a problem as far as the four level 1 REs are
concerned (RE1, 3, 4 and 5), imagine the impact of 26 level 2 REs.
The new “level 2” requirements
The current thinking is to introduce both a “Class of Business” as well as a
“Product Training” to ensure that advisers are equipped to provide clients with
sufficient information to make an informed decision.
Class of business refers to a specific licence category, e.g. short-term
personal lines, while product training would focus on the specific construction
of a specific provider’s product. One would presume that this would include
accreditation by the product provider, particularly in the case of more complex
products, such as those listed in the Tier 1 category.
The following people will be exempted from class of business training:
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Reps & KIs - funeral assistance business
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Cat I Reps - Tier 2 products
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Cat I Reps - Execution of sales – all products
The “Execution of sales” referred to above is a contentious issue which still
forms part of the current discussion of new Fit and Proper requirements, and
will be expanded on in a later article.
A very important aspect of the proposed new level 2 exams is that employers and
FSPs will be responsible for compliance, monitoring and reporting on training.
Grandfathering introduced
A most welcome consideration will be recognition of prior learning for
established advisers when it comes to Class of business and Product training.
The proposed class of business and product specific training requirements will
ONLY apply to NEW ENTRANTS and persons still working under
SUPERVISION. This means that “grandfathering” will apply to persons that are
already in the industry which essentially means that everyone that is currently
in the industry will not be required to:
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Do class of business training through an accredited training provider;
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Do product specific training in respect of the products that they are
currently rendering services for UNLESS where the product has
undergone significant product changes and the persons must be upskilled on those
particular changes – this is the usual business practice in any case and will
therefore not have any significant impact on what is currently happing in the
industry.
Continuous Professional Development (CPD)
The purpose of CPD is to ensure that advisers maintain the required competence
to render financial services in line with required standards.
The FSP will be required to establish and maintain:
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policies on how to maintain, update and develop new knowledge and
skills
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training plans to ensure CPD is relevant and appropriate and
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record keeping of CPD hours and evidence of activities
Different standards and/or exemptions will apply, depending on the complexity of
products one advises on.
Please just bear in mind that all of the above are still PROPOSALS, and still
subject to change. This applies particularly to CPD, where unscrupulous training
providers have in the past used this as a means to get people to sign up for
training by offering CPD points as an incentive.
Although CPD was a requirement since 2008, a general exemption still applies,
except for those who underwent training on a voluntary basis or where they were
members of professional bodies where this is a compulsory requirement. |
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Are you experienced in providing technical support for EB
consultants? |
If you are, then there is an opportunity for you to join GTC’s leading
EB Consulting team. This role includes providing technical support for
EB consultants; management and monitoring of consultants’ tasks on GTC’s
operational systems; supporting client-facing consultants in daily
operational work; preparation of proposals, meeting packs, reports,
letters and presentations, etc.
If you are interested in this exciting role, request the full job spec
or submit your CV to
recruitment@gtc.co.za. If shortlisted, you will be contacted for an
interview. Should you not receive a response within 30 days, please
consider your application unsuccessful.
www.gtc.co.za. |
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Your Practice Made Perfect |
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Are you ready for outcomes-based regulation? |
Contestants! Are you ready????????????
To this day I shudder when I remember dear old Cyril Mitchley acting as
the starter for that silly game show “Gladiators” on TV.
This article is about a far more serious matter.
Juanita Moolman, Head: Legal and Business Assurance in the Hollard HAD
business unit, takes a historical perspective on this very important
change in approach on regulation, then dissects it into meaningful,
practical content. She discusses, amongst other aspects, the benefits,
risks and challenges for us as an industry, and finally sketches a
picture of what the future might look like in practical terms.
In discussing the current situation, she states:
“Non-compliance with these rules can result in harsh financial penalties
and therefore compliance becomes a tick-box approach to avoid financial
and reputational risk, often at the cost of meaningful interaction with
customers.”
Amen.
Click here to read her
views. |
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5 reasons you should be talking about the FPI
Professionals Convention |
The
2017 FPI Professionals Convention, themed “Lead | Inspire |
Build Trust” takes place in the Mother City on
19 - 20 October 2017 at the Century City Conference Centre.
Here are five reasons why you should be talking about this event (and
booking your seat of course!):
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Meet experts and
thought-leaders in the industry face-to-face;
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Be
inspired by the latest industry trends and how they are
implemented;
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Gain tools and practical insights to
build trust with your clients;
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Immerse yourself in exceptional content, push your
career development
to the next level and claim CPD points; and
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Experience
transformational networking and lifelong
relationship-building with industry front-runners and fellow CFP®
professionals at the FPI Awards Ceremony Gala Dinner.
Join us in Cape Town by booking your seat now or to
register visit
www.fpiconvention.co.za. |
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Employees' Tax on Termination
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We recently received a very informative article from Webber Wentzel
on what can be quite a taxing question, if you’ll pardon the pun.
Employees are entitled to certain payments upon termination of their
employment. Some are payments to which they are entitled in law while
others are payments to which employees may be entitled in terms of their
contracts of employment.
Employers are often uncertain what employees' tax deductions are
required to be made from such payments and the processes that must be
followed to determine the amounts to be deducted.
Special tax rates, based on the retirement lump sum tax table, apply
specifically to severance payments made to an employee.
What circumstances need to exist before an employee may lawfully claim
an entitlement to the tax benefit specified above?
The answers to these issues, and more, are contained in the article.
You can
click here to read the article online, or you can
download a PDF for your own records, or to share with clients. |
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Insurance Apprentice 2018 gets under way
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The fourth series of The Insurance Apprentice is set to take the
short-term insurance industry by storm once again as preparations get
under way and applications for the 2018 event take center stage. The
Insurance Apprentice is a ‘reality type’ series competition in which
eight young contestants complete various insurance related tasks while
being filmed. Applications close on 31 August 2017, so do not delay your
entry.
Who can enter?
You need to:
There are two ways to enter:
After the elimination rounds in Johannesburg, Cape Town and Durban,
eight Apprentices will be chosen. Filming will take place from 7 to 12 January 2018. The series will be aired via the FAnews and The Insurance
Apprentice websites, YouTube and Facebook.
The winner will:
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Fly business class to London for a week to visit Lloyds of London;
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Receive a bursary valued at R75 000 from INSETA; and
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A cash prize of R20 000 from Masifunde Training Centre.
So, what are you waiting for?
Click here
to read frequently asked questions. |
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Technologically Speaking
Moonstone Information Refinery |
Digital Workspace Solutions provider SuiteBox Breaks New Ground |
When New Zealand–based SuiteBox launched
six years ago, it started out supplementing annual company meetings
with online video. But a few years in, the startup had the foresight
to pivot. The new target? A market that Skype, FaceTime, Google
Hangouts, DocuSign, and WebEx had missed: virtual meetings in the
financial world, providing broad (and legal) identity authentication
via real-time digital signatures and video.
SuiteBox built a financial-grade communications and collaboration
solution on Oracle Cloud technology that makes it possible for
financial advisers to hold virtual meetings via connected devices,
record all or part of their encounters, share and digitally sign
electronic assets, and embed or white-label the interactions for any
relationship management platform.
Click here to read the rest of this article originally published
in
Oracle Magazine.
Media contact
Neil Summers, Sales Manager, Moonstone Business Services
Mobile: +27729088994
Email:
neil@suitebox.com
About SuiteBox
SuiteBox transforms customer engagement with intuitive video,
document collaboration, selective recording and real-time digital
signing, helping you accelerate and close business using the full
power of mobile and desktop devices. It is able to be fully white
labelled and seamlessly integrated with a client’s core CRM or
banking platform. SuiteBox is available via monthly subscription, is
delivered via the cloud and requires no technical expertise to use.
Visit www.suitebox.com for more information. |
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Regulatory Examinations
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Next RE opportunities in the
UK |
The next RE opportunity in
the UK will be as follows:
Date: 22 September 2017
Venue: CCT Venues-Barbican Aldersgate House London
Enquiries:
Please contact Marietjie Grant:
mgrant@moonstoneinfo.com /
faisexam@moonstoneinfo.co.za
Telephone:+27 21 883 9796 / +27 21 883 8000.
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RE Self-Help Guidelines and Frequently Asked Questions |
Self-Help Guidelines
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 QuestionsEmail 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 46000
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:
Investment, Risk, Healthcare, Banking, Retirement, and Insurance. |
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Featured Positions |
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Short Term Insurance
Junior Underwriter:
JFA Shortterm Brokers CC, Milnerton -
We require a responsible
person with NQF4 and RE5 for all relevant tasks related to client
services in our short term insurance practice.
Read More
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Sales Consultant –
Medical Scheme Brokerage:
Optivest, Durbanville - The ideal candidate is RE 5 qualified, has
medical scheme experience and is comfortable to interact by phone.
Read More
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Accounts Executive /
Broker:
Garrun, Houghton - We require a FAIS compliant and experienced
Short-Term Insurance Broker with own transport.
Read More
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Life Insurance
Compliance Officer:
Bidvest Life Insurance, Umhlanga - If you have a minimum of 3 years
experience in the life insurance industry and Compliance Officer
experience, then
Read More
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In Lighter Wyn |
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Google’s got your number |
I was seriously tempted to use this in the Technology section of
our newsletter. It very clearly enunciates the concerns many of our
older subscribers have about data abuse.
“Hello! Gordon's Pizza?”
“No sir, it's Google's Pizza.”
“Must be a wrong number.”
“No sir, Google bought the pizza shop.”
“OK. Here’s my order...”
“No problem sir, you want the usual?”
“The usual? How would you know? You’re under new management..”
“According to our caller ID, on the last 12 occasions you ordered
pizza with cheese, sausage and thick crust.”
“Right…”
“…May I suggest this time you have ricotta, aragula and dried
tomato?”
“No, I hate vegetables”
“But what about your high cholesterol?”
“My high cholesterol? How would you know?”
“Through the Subscribers’ Guide. We have the results of your blood
tests for the last 7 years.”
“I don’t care, I already take medicine. Give me my usual.”
“But you haven’t been taking your medicine. You last purchased a box
of 30 and that was 4 months ago at Drugsale Network.”
“I bought more from another drugstore.”
“It's not showing on your credit card.”
“I paid in cash.”
“But you didn’t withdraw enough cash according to your bank
statement.”
“I have another source of cash.”
“It’s not showing on your last Tax Return, unless you got it from an
undeclared income source…”
“Get lost! No more Google, Facebook, Twitter, WhatsApp!
I'm going to a deserted island with no internet, no cell phones and
no one to spy on me!”
“I understand sir, but you will need to renew your passport, your
old one expired 5 weeks ago.”
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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. |