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Moonstone Monitor - 26 October 2017 |
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Paul Kruger
Author/Editor |
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Our lives begin to end the day we become silent about things that matter
– Martin Luther King Jr |
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Distributed to 49,285 subscribers.
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From the Crow's Nest |
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Credit Regulator Cracks down again
VW on the same ‘road’
as BMW after receiving a compliance notice from the NCR
by Gerrit Viviers |
The National Credit Regulator (NCR), in a media release on
24 October 2017, also issued a compliance notice to Volkswagen Financial
Services South Africa (Pty) Ltd (VW) for charging consumers an on-the-road fee,
admin fee and handling fee under its credit agreements. This followed after BMW
Financial Services (BMW) received a similar compliance notice on 5 October 2017.
In both notices, the NCR instructed the credit providers to refund the consumers
and submit an audit report to the NCR.
BMW has subsequently indicated that they will be objecting to the compliance
notice and we expect that VW will follow the same route.
This is very likely to impact on many other motor dealerships, as BMW already
indicated in a Times Live article that it will object, as the ‘on-the-road’ fee
is agreed to between the dealer and the consumer.
From a high-level analysis of section 100 to 102 of the National Credit Act, Act
34 of 2005 (NCA), the following salient information should be noted by both
dealerships and credit providers:
The limitations on the on-the-road and other fees are especially important where
the sale of the motor vehicle is to be concluded through a vehicle finance
agreement with a credit provider. Should these fees be charged under a cash
sale, the NCA will not apply to those transactions;
In terms of section 100, it is an offence for a credit provider to charge a
credit fee or charge prohibited by the NCA. It further states that a credit
provider must not charge a consumer a higher price for any goods or services
than the price charged by that credit provider for the same or materially
similar goods or services in the ordinary course of business on the basis of a
cash transaction;
Section 102 makes provision for credit providers under a credit agreement, being
among others an instalment agreement and lease, to include in the principal debt
deferred under the agreement, any of the following additional items (i) the
initiation fee, (ii) extended warranty, (iii) delivery, installation and initial
fueling charges, (iv) connection fees, levies or charges, (v) taxes, licence and
registration fees and (vi) subject to section 106, credit insurance. The NCA
does not specify any other fees that may be included in the principal debt;
The credit provider must not require the consumer to appoint the credit provider
as the consumer’s agent to arrange for the additional services. Therefore, the
consumer should have the option to arrange these services on his or her own;
The fees charged for these additional items should be the actual costs incurred
by the credit provider or at the ‘fair market’ value if the credit provider
renders these services itself; and
Where the fees for the additional items financed under the credit agreement,
exceeded the actual amount paid by the credit provider, the consumer should
receive a refund.
We feel that it is necessary to re-iterate that these on-the-road fees may
consist of various items, some of which may likely be included in the principal
debt. Dealerships and credit providers should, therefore, be diligent to ensure
that they specify these costs in accordance with the NCA, where the sale of a
vehicle is financed through a credit agreement.
With the NCR taking on a second large South African vehicle financier, the
question in our minds is not whether another financier will receive a compliance
notice, but rather which one.
Please
click here to download a copy of the media release.
Moonstone employed an NCA Specialist to render NCA compliance services to its
clients and prospective clients. As part of these services, we are able to
assist you in reviewing your ‘on-the-road-costs’ structure and practices for
compliance with the NCA. Should you have any queries, please contact Gerrit
Viviers on 021 883 8000 or by email to
gviviers@moonstonecompliance.co.za. |
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clients?
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An authorised Financial Services Provider FSP no. 731 |
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Your Practice Made Perfect |
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Mark MacSymon Financial Planner of the year |
Mark MacSymon, a wealth manager at Private Client Holdings, was named
the 2017 Financial Planner of the Year on Thursday.
The award, presented by the Financial Planning Institute (FPI), is the
highest accolade bestowed on financial planners in South Africa who are
members of the FPI and hold the Certified Financial Planner
accreditation.
The two runners-up were Janet Hugo, a director of Sterling Private
Clients, and Francois le Roux of Old Mutual Private Wealth Management.
Like a true financial planner, MacSymon already has his eye on the
future. “Changes to the regulatory framework are influencing how we
deliver financial advice to our clients and businesses have to remodel
themselves in response to these shifts. We’re not going to shy away from
these new challenges because we believe that the new regulations will
improve our industry and further protect our customers.”
It was a coup for Private Client Holdings, a Cape Town-based advisory
practice, which also this month won “Best Adviser Firm – South Africa”
at the International Adviser Best Practice Adviser Awards 2017.
Private Client Holdings also topped the charts in two sub-categories:
‘Excellence in Professional Development’ and ‘Excellence in Business
Strategy’. The “International Adviser Best Practice Adviser Awards”
acknowledge global adviser excellence and are open to authorised
financial adviser / wealth management firms around the world who compete
for the awards in their respective regions.
Well done, Marc and Private Client Holdings. Indeed a rare feat for one
group to excel on so many levels. |
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New Fit & Proper and the REs
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Market indications are that the final Fit and Proper Regulations are due
for publication any day now.
These regulations form an important part of the knowledge tested in the
Regulatory exams. Changes to the legislation will result in changes to
the study material and the questions in all the exams.
Normally, those responsible for maintaining the question data bank are
given a time limit of six weeks to two months within which to amend all
affected questions. During this time, the study material also has to be
amended.
Given the vast number of changes to the Fit & Proper requirements, this
will be no easy task.
Those who are of the opinion that they are nearly ready to write the
regulatory exams should seriously consider writing before the new
regulations affect the exams and study material.
The final date for writing in 2017 is 11 December, with registration
closing on 23 November, less than a month from today. |
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Become a Retirement Fund Professional
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Principal Executive Officers are the drivers of retirement funds in
Southern Africa.
Given the important role they play within the governance structure of a
retirement fund, including the proper performance of the board of
trustees, it is surprising that, up to now, very little was available in
the form of a duly recognised NQF level 7 qualification for those
performing this function, or those aspiring towards it.
The newly developed Professional Principal Executive Officer
Qualification is the first and currently only occupational qualification
for 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.
The Professional Principal Executive Officer Qualification is offered by
Moonstone Business School of Excellence, (MBSE), in collaboration with
Batseta, the professional body for the retirement funding profession.
MBSE is a leading provider of professional training interventions in the
financial services industry, and duly accredited by the relevant
education quality control structures.
Who Should Enrol?
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Current Principal Officers, trustees and retirement fund
functionaries.
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People working in a claims or employee benefits and compensation
environment who have access to a retirement fund.
Contact details
For more information, contact
Frans-Petrus Zeelie via email or
telephonically at 087 702 6429, or visit our
website. |
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Technologically Speaking
Moonstone Information Refinery |
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XPLAN announces integration with Suitebox |
Financial software provider IRESS and digital meeting place provider
SuiteBox have announced the integration of SuiteBox’s digital
workspace solutions with IRESS's adviser software, Xplan, as
advisers seek more ways to communicate with clients.
Some features the new partnership offers advisers include scheduling
video meetings with clients using Xplan, using screen sharing
documents and applications, recording advice discussions and
returning all records of meetings directly to the client’s file
notes in Xplan.
Speaking to financialobserver, IRESS product executive for wealth
management Emily Chen said the firm believed technology would
continue to play an important role in improving adviser business
practices.
“What is important is that advisers have the ability to record,
transact and store video meetings for client, business and
compliance needs,” Chen said.
She added clients were seeking engagement across a variety of
channels from face-to-face to an online experience.
“The integration of SuiteBox with Xplan adds a video-based
communication to Xplan. This will help financial advisers increase
their options for effective and efficient client engagement,” she
said.
SuiteBox chief executive Ian Dunbar said by integrating SuiteBox
into Xplan, the company was delivering the next generation of
engagement tools for financial advisers.
“It is exciting to work with a partner like IRESS, which shares our
vision for the way advice can be delivered,” Dunbar said.
"Busy professionals such as financial advisers do not want to be
using disparate tools with multiple, stand-alone applications.”
He said SuiteBox brought together meeting, collaboration and
transactional capabilities that would integrate with Xplan to create
an exceptional proposition for advisers and their clients.
The integration is now available to Xplan users on version 2.21 or
higher.
Suitebox Media contact
Neil Summers, Sales Manager, Moonstone Business Services
Mobile: +27729088994
Email:
neil@suitebox.com
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Regulatory Examinations
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Frequently Asked Regulatory Exam
Questions |
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What exam must I write?
Both the RE 5 and RE are Level One exams. RE 5 is for Representatives and
RE1 for Key Individuals. The RE 3 exam is for licence category II
candidates.
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How much does it cost?
The FSB determines the fee. Currently it costs R1163 per exam, also in
the case of a re-write.
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What preparation material is available?
Fully updated resources are available for those requiring access to the
legislation applicable to the regulatory examinations:
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Please make sure that you first read the
FSB’s Preparation Guide to
make sure you follow the right process in preparing. Page seven includes
a recent amendment to guide candidates in studying in the correct
manner. |
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Click on the following highlighted sections to download the relevant
updated Inseta learning material for key individuals,
RE 1, and
representatives,
RE 5. |
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LexisNexis provides a “Legislation Handbook” together with a
“Preparation Guide” containing the qualifying criteria, with a link to
the relevant legislation. |
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The
Juta FAIS Pocket Statutes also contains a CD with a comprehensive
list of updated supplementary legislative material for reference
purposes. Please click here to order this from our online shop. |
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The FSB’s telematics broadcast on the RE 1 and RE 5
provides a good introduction and overview, and can also be ordered
online in: |
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DVD format or on a
USB memory stick
MP4 direct download - 2 Gb |
| 4. |
Where can I write?
Go to:
http://www.faisexam.co.za/show_venues |
| 5. |
What dates are available?
Go to:
http://www.faisexam.co.za/view_schedule |
| 6. |
What training is available?
As an Exam body we are not allowed to recommend companies that offer
face-to-face Regulatory exam classes. You can try Google for someone in
your area.
Bear in mind that this exam tests your knowledge about the laws
applicable to the provision of financial advice and intermediary
services. The questions are based on very specific qualifying criteria
set out in the FSB preparation guide. Any training that does not have
this as a basis will not prepare you properly for the exam. Do your own
research and don’t just accept what others say. |
| 7. |
Where can I buy old question papers?
There are no genuine “old question papers” available. Be very careful
when buying such preparation aids as some of those on offer are not in
line with the high standard prevailing in the actual exams and often
lead to a false sense of knowledge which is sadly exposed when
confronted by the actual exam. Follow the guidelines provided in the FSB
Preparation Guide and you are far more likely to achieve success. |
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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:
Investment, Risk, Healthcare, Banking, Retirement, and Insurance. |
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Featured Positions |
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Broker Assistant:
Ohmni Power Financial Solutions, Broadacres in Fourways - Candidate
must have matric, life insurance industry experience and RE5 would be an
advantage.
Read More
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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
driven profession. Please only apply if you have the required insurance
sales experience.
Read More
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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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King Arthur and the Witch |
I was reminded of this story while watching the Mid-term Budget
speech yesterday.
Young King Arthur was ambushed and imprisoned by the monarch of a
neighbouring kingdom. The monarch could have killed him but was
moved by Arthur's youth and ideals. So, the monarch offered him his
freedom, as long as he could answer a very difficult question.
Arthur would have a year to figure out the answer and, if after a
year he still had no answer, he would be put to death.
The question was: What do women really want? Such a question would
perplex even the most knowledgeable man, and to young Arthur, it
seemed an impossible query. But, since it was better than death, he
accepted the monarch's proposition to have an answer by year's end.
He returned to his kingdom and began to poll everyone: the princess,
the priests, the wise men and even the court jester. He spoke with
everyone, but no one could give him a satisfactory answer. Many
people advised him to consult the old witch, for only she would have
the answer.
But the price would be high; as the witch was famous throughout the
kingdom for the exorbitant prices she charged.
The last day of the year arrived and Arthur had no choice but to
talk to the witch. She agreed to answer the question, but he would
have to agree to her price first.
The old witch wanted to marry Sir Lancelot, the most noble of the
Knights of the Round Table and Arthur's closest friend!
Young Arthur was horrified. She was hunchbacked and hideous, had
only one tooth, smelled like sewage, made obscene noises, etc. He
had never encountered such a repugnant creature in all his life. He
refused to force his friend to marry her and endure such a terrible
burden; but Lancelot, learning of the proposal, spoke with Arthur.
He said nothing was too big of a sacrifice compared to Arthur's life
and the preservation of the Round Table.
Hence, a wedding was proclaimed and the witch answered Arthur's
question thus:
What a woman really wants, she answered, is to be in charge of her
own life.
Everyone in the kingdom instantly knew that the witch had uttered a
great truth and that Arthur's life would be spared.
And so it was, the neighbouring monarch granted Arthur his freedom
and Lancelot and the witch had a wonderful wedding.
The honeymoon hour approached and Lancelot, steeling himself for a
horrific experience, entered the bedroom. But, what a sight awaited
him. The most beautiful woman he had ever seen lay before him on the
bed. The astounded Lancelot asked what had happened.
The beauty replied that, since he had been so kind to her when she
appeared as a witch, she would henceforth, be her horrible deformed
self only half the time and the beautiful maiden the other half.
Which would he prefer, for her to be beautiful during the day, or
night?
Lancelot pondered the predicament. During the day, a beautiful woman
to show off to his friends, and at night in the privacy of his
castle an old witch? Or, would he prefer having a hideous witch
during the day, but by night, a beautiful woman for him to enjoy
wondrous intimate moments?
What would YOU do?
Noble Lancelot said that he would allow HER to make the choice
herself.
Upon hearing this, she announced that she would be beautiful all the
time, because he had respected her enough to let her be in charge of
her own life.
Now....what is the moral to this story?
If you don't let a woman have her own way, things are going to get
ugly.
One could draw parallels to modern day politics from this ancient
tale, methinks?
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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
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does not endorse any opinions, conclusions, data, products, services
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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. |
