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Moonstone Monitor - 1 March 2018 |
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Paul Kruger
Author/Editor |
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You can motivate by fear and you can motivate by reward, but both these
methods are only temporary. The only lasting thing is self-motivation
– Homer Rice |
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Distributed to 51,458 subscribers.
To advertise with us
click here |
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From the Crow's Nest |
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Class of Business Training Now Available |
Registration for Class of Business training by Moonstone Business School
of Excellence (MBSE) opens on 15 March 2018.
What and When?
The Act stipulates that a FSP and representative must complete the class of
business (CoB) training relevant to those financial products for which they are
authorised prior to rendering any financial service in respect of such products.
A key individual must, likewise, complete the CoB training in respect of the
classes of business for which he/she is approved to act as key individual prior
to managing the rendering of any such financial services.
Who should attend Class of Business training?
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All FSPs, Key Individuals and Representatives
appointed after 1 April 2018.
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FSPs, Key Individuals and Representatives who seek authorisation, approval or
appointment for new financial product categories after 1 April 2018.
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Representatives working under supervision as at 1 April 2018, or appointed
under supervision after 1 April 2018.
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Certain exemptions apply, depending on the type of business one does, and how
it is conducted. Please contact your compliance officer if in doubt.
Who is exempt from Class of Business training?
- FSPs, KIs and Reps, authorised prior to 1 April 2018 are considered to have
completed the CoB training in view of their past experience and are therefore
exempt from CoB training, unless they add new products to their licence.
By when?
A Rep working under supervision on 1 April 2018, or who is appointed under
supervision between 1 April and 31 July 2018, has until 31 July 2019 to meet the CoB training requirements.
As things currently stand, appointees from 1 August 2018 onwards are not
included in this transitional arrangement, and will not be allowed to conduct
business prior to the successful completion of the CoB training.
Who may offer training according to the Act?
Training must be provided and assessed by a Quality Council accredited
educational institution. It is therefore very important that you verify this
prior to contracting with any training service provider.
Moonstone Business School of Excellence (MBSE) is a duly accredited institution
and will provide training in all nine
CoB modules stipulated in the Act. This
link also contains details of the various sub-classes of business.
Format of Training
In order to keep costs down, and cause the least amount of interruption in your
business, CoB training will initially be conducted in e-learning format.
More information
If you require more information regarding the fees and implementation dates
please contact
Veronica Grobler on 087 702 6429 or at
veronica@mbse.ac.za.
For information on Corporate Packages, please contact Sheila Olckers on 021 883
800 or
SheilaO@moonstoneinfo.com. |
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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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Your Practice Made Perfect |
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Are you running unnecessary risk? |
Far too many FSP licences are suspended purely as a result of someone
being, quite frankly, slapgat.
Updating your contact details is not a favour you do the FSB - it is a
condition of your license to inform the FSB of any changes within 15
days. Outdated information leads to the FSP not receiving important
communication from the FSB.
Many FSPs originally indicated the contact details of an administrative
assistant or general query email address such as “info@fsp.co.za”. We
urge all FSPs to provide the contact details of the Key Individual for
purposes of communication from the FSB, thereby not only ensuring that
important information is received by the Key Individual, but also
ensuring that emails are not left unattended due to staff resignations
or unmanned email addresses. After all, you are not only responsible and
accountable for the compliance of your business – you are also the one
carrying the risk and cost of non-compliance.
Remember that the FSB will contact you using the information you
supplied. If, for instance, the FSB sends a letter of its intention to
suspend your license for whatever reason and you don’t react thereon, as
you are unaware of its contents, the FSB will proceed to suspend your
license, which will impact severely on your business.
Rectifying the situation takes quite a while. Until this happens, you
are not allowed to do business and, in fact, you are obliged to inform
your clients that your authorization has been suspended. Nie iets wat jy
graag wil doen nie, of hoe?
In this instance, it really is the right thing to do.
Updated contact particulars can be sent to
faispfc@fsb.co.za. |
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To fee, or not to fee?
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The right to charge additional fees, and particularly “admin” fees, has
long been a bone of contention, particularly in the short-term industry
where it is particularly prevalent.
The latest draft General Code of Conduct (GCoC), which closed for
industry input yesterday, contains three new paragraphs which aims to
provide clarity on this thorny issue.
3A. Financial Interest and conflict of Interest management policy
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(1) |
(a) |
A provider or its representatives may only receive or offer the
following financial interest from or to a third party – |
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(i) |
commission authorised under the Long-term Insurance Act, 1998 (Act
No. 52 of 1998) or the Short-term Insurance Act, 1998 (Act No. 53 of
1998); |
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(ii) |
commission authorised under the Medical Schemes Act, 1998 (Act No.
131 of 1998); |
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(iii) |
fees authorised under the Long-term Insurance Act, 1998 (Act No.
52 of 1998), the Short-term Insurance Act, 1998 (Act No. 53 of 1998) or
the Medical Schemes Act, 1998 (Act No. 131 of 1998); |
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(iv) |
fees for the rendering of a financial service in respect of which
commission or fees referred to in subparagraph (i), (ii) or (iii) is not
paid, if – |
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(aa) |
the amount, frequency, payment method and recipient of those fees
and details of the services that are to be provided by the provider or
its representatives in exchange for the fees are specifically agreed to
by a client in writing; and |
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(bb) |
those fees may be stopped at the discretion of that client; |
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(v) |
fees or remuneration for the rendering of a service to a third
party; |
Our view has always been that administrative costs form part and parcel
of commission, and that charging an additional fee is in contravention
of the above. What the above additions to the GCoC appears to aim to
achieve is to ensure that the client has to specifically agree to such
fees, and has the right to cancel it at any time.
This issue is also contained in in the Retail Distribution Review,
where further discussion will hopefully bring clarity.
If in doubt about whether you are legally entitled to charge an admin
fee or not, consider these other words from the Bard of Avon: “To thine
own self be true”. |
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Technologically Speaking
Moonstone Information Refinery
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To tweet or not to tweet
by Janine Geldenhuys |
The world of social media can be overwhelming for some. How do you
keep up with the latest trends and social media platforms? Do you
have to have a presence on all? What is better - Facebook or
Twitter?
One of the main differences is that Facebook allows likes and
friends while Twitter's call to action is to follow.
“To follow” – this is a good starting point for a new Twitter user
as Twitter is a great way to get news and to stay up to date with
the industry. Follow industry experts, publications or bloggers you
find interesting. Follow clients and prospects – in this way you can
keep up to date with what is happening in their lives.
But what do all those symbols and terms mean? Let’s look at a few
basic terms (from
Twitter’s glossary):
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@ - The @ sign is used to call out usernames in Tweets: "Hello
@twitter!" People will use your @username to mention you in Tweets,
send you a message or link to your profile. A username is how you’re
identified on Twitter, and is always preceded immediately by the @
symbol. For instance, Moonstone is
@MoonstoneInfo
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# – This symbol is known as a “hashtag.” A hashtag is also any word
or phrase immediately preceded by the # symbol. When you click on a
hashtag, you’ll see other tweets containing the same keyword or
topic.
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like (the heart sign) - Tap the heart icon to like a Tweet and the
author will see that you appreciate it.
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Retweet – The act of sharing another user’s Tweet to all of your
followers by clicking on the Retweet button. |
Set up your Twitter account today. Twitter isn’t only about what you
say to others; it’s about what they say to you!
Janine Geldenhuys is a communication officer at Moonstone
Information Refinery.
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Regulatory Examinations
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2018 RE Schedules updated |
Please note: Registration cut-off is 11 working days before date of exam. |
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FSB Regulatory Exam Update |
The amended requirements contained in the 2017 Determination of
Fit and Proper Requirements will have a substantial impact on
the content of the study material for the REs.
The FSB’s
FAIS Information Circular 1/2018 confirms a number of
matters we discussed since the publication of the new Fit and
Proper Determination, which comes into effect from 1 April 2018.
Certain questions in the RE 1 (key individuals) and RE 5
(representatives) will change to align with the new regulations.
Current Version of RE 1 and RE 5
Persons already registered to write the regulatory examination
BEFORE or on 29 March 2018, will still write the current version
of the regulatory examination (without the updated questions
included).
The last date for registration to write on 29 March 2018 is
close of business on 13 March 2018.
Updated Version of the RE 1 and RE 5
Persons who registered to write the regulatory examination ON or
AFTER Tuesday, 3 April 2018 are obliged to write the new
version of the regulatory examination, which will contain the
updated questions. It is very important for these candidates to
ensure that they use updated preparation material that is
aligned with the qualifying criteria in Annexure Four of Board
Notice 194 of 2018.
Study Material
The updated FSB Preparation Guide for RE 1 and RE 5, together with
the relevant legislation, and the relevant Training Manuals from BANKSETA/INSETA
may not be available at the time that the
updated RE 1 and RE 5 roll out on 3 April 2018 in which case
candidates will have to incorporate BN 194 of 2017 in their
study material. |
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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 50000
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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Financial
Advisor/Planner:
KDO Group Johannesburg - The role involves selling of Hollard
MyLifeandMore products to mainly government employees and private
clients.
Read More
-
Senior Client Liaison
Officer:
Vunani Fund Managers (Pty)LTD - We are a fund management company
looking for a suitably qualified EE candidate.
Read More
-
Short Term Insurance
Representative:
JFA Shortterm Insurance Brokers, Milnerton, Cape Town - If you have
at least 3 years of experience and preferably live in the vicinity of
the brokerage then
Read More
-
Experienced Short Term
Underwriter:
The Insurance Center, Westville, KZN - Vacancy for an experienced
short term commercial and domestic underwriter.
Read More
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Jnr Compliance
Administrator:
Saxo Capital Markets (Pty) Ltd, Sandton - Seeking Jnr Compliance
Administrator to assist internal Head of Legal & Compliance in
conjunction with external Compliance Officer.
Read More
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In Lighter Wyn |
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Golf lessons |
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The home of golf
Here is an actual sign posted at a golf club in Scotland:
- Back straight, knees bent, feet shoulder width apart.
- Form a loose grip.
- Keep your head down.
- Avoid a quick back swing.
- Stay out of the water.
- Try not to hit anyone.
- If you are taking too long, let others go ahead of you.
- Don't stand directly in front of others.
- Quiet please...while others are preparing.
- Don't take extra strokes.
Well done. Now, flush the urinal, go outside, and tee off.
Grammatically speaking
The schoolteacher was taking her first golfing lesson. "Is the word
spelt p-u-t or p-u-t-t?" she asked the instructor. "P-u-t-t is
correct," he replied. "Put means to place a thing where you want it.
Putt means merely a vain attempt to do the same thing."
That bad?
Two golfers were sitting at the 19th hole discussing their games this
year when one says to the other, " My game is so bad this year I had
to have my ball retriever regripped!"
Nothing worse
What are the four worst words you could hear during a game of golf?
It's still your turn!
Ouch
The other day I was playing golf and I hit two of my best balls.
I stepped on a rake.
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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. |
