|
To Subscribe please click
here |
 |
|
Moonstone Monitor - 17 May 2018 |
|
|
|
If I’m going to do something different and if I want it to meet someone’s
needs, I really need to go the distance - Hilary Swank, Actress |
| |
|
|
Distributed to 52,064 subscribers.
To advertise with us
click here |
|
| |
|
From the Crow's Nest |
|
|
Long-term Ombud gets it right |
The 2017 Annual Report by the Long-Term Ombud is a refreshingly
down-to-earth read for anyone interested in the status of the long-term
industry. Succinct and to the point, there is much to be gleaned from reading
this 40 page document.
While most of the public media articles focused on complaints resolution
statistics, the report actually touches on a number industry issues which should
impact on the formation of the new Ombud system for the industry as a whole
which is set to commence later this year. This applies particularly to an
article titled Getting the balance right which sets out the challenges
facing an Ombud scheme.
I also found the views of the LT Ombud on mediation and conciliation very
enlightening.
In the foreword to the report by Justice Leona Theron, Chairperson of the
Ombudsman’s Council, she notes:
“…the Council was satisfied that during 2017 the Ombudsman and the office had
fulfilled their mission, complied with their obligations under the scheme’s
rules and under the Act, and maintained the independence which is vital to their
function.”
In my view, this is an understatement - It did so in exemplary fashion.
Statistics tell a story
In total, 5 435 chargeable complaints were received, of which 4 336 were
considered during the year. The office managed to close 3 371 cases in the year,
85% of which were concluded within 6 months.
The Claims Declined category had the highest number of complaints with the Poor
Service category the second largest. This is the same pattern as in previous
years.
The office has started recording complaints according to the TCF outcome
categories as reflected in the new PPR and will be able to report on this in
future.
The percentage of total cases resolved wholly or partially in favour of
complainants was 36.4% which is very similar to the percentages in the last few
years.
“We wish to caution against an overemphasis of the Whole/Partial percentage,
which should not be viewed in isolation.”
*W/P refers to cases resolved wholly or partially in favour of the complainant.
West meets Africa
An excellent example of dispute resolution by adopting a pragmatic approach is
contained in the Report. It concerns a case where a traditional adoption of a
child did not quite conform to legal requirements, but after a thorough
investigation and consultation fairness prevailed.
“Section 211(3) of the Constitution provides that the courts must apply
customary law when that law is applicable, subject to the Constitution and any
legislation that specifically deals with customary law. Since the Constitution
clearly validates customary law, it is submitted that the right to practise
traditional adoption is protected by the Constitution and should be accorded the
same respect as common law.”
Quality control
The Long-term Ombud stresses the importance of the following aspects in ensuring
and improving quality:
|
1. |
The right people “are key to success”. |
| |
• |
The most important tool – well-trained, experienced,
high-quality staff with the right attitude, who can be
retained. |
| |
• |
The right people on the governance body – this can
ensure trust and quality through the oversight that is
employed. |
|
2. |
The level of transparency about the Ombud scheme’s
performance can in itself be a quality control measure.
Transparency of results and processes will keep the
scheme “on its toes”. |
|
3. |
A continual search for improvement – there is no room
for complacency. |
This is certainly a recipe that worked for the Long-term
Ombud, and should be the blueprint for the composition and
conduct of the envisaged Ombud Scheme under Twin Peaks. |
|
|
|
| |
 |
|
Your Practice Made Perfect |
|
|
Moonstone Regulatory Update Workshops |
With the first workshop only three weeks
away, three venues are likely to be fully subscribed by Monday.
Johannesburg, Cape Town and Pretoria are nearly fully booked while even
Durban, normally laid-back to the last, is two thirds full.
Bloemfontein is nearly halfway there, while the two venues in my
province of birth are lagging behind. Come on PE and East London, I
don’t want my colleagues to be disappointed in you.
You can earn 3 FSCA CPD hours by attending.
FPI members can, in addition, also qualify for 3 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:
| ● |
A concise overview of: |
| |
○ |
The Insurance Regulations, the impact thereof on your
business as well as views on what to expect next |
| |
○ |
The most important Policyholder Protection Rules
considerations will be discussed |
| |
○ |
Important changes to the Debarment process and |
| |
○ |
What is important to YOU in the Financial Sector
Regulation Act |
| ● |
The proposed changes to the General Code of Conduct and
the impact on FSPs |
| ● |
An in-depth unpacking of the 12 elements of the New Fit
and Proper Requirements and what it will take to comply. |
The workshops will run from 09h00 until 13h00 and take place on the
following dates and venues:
|
VENUE |
DATE |
|
East London - EL Golf Club |
5 June 2018 |
|
Port Elizabeth - PE Golf Club |
6 June 2018 |
|
Cape Town - The River Club |
18 June 2018 |
|
Johannesburg - Houghton Golf Club |
19 June 2018 |
|
Pretoria - Diep in die Berg |
20 June 2018 |
|
Durban - Coastlands Hotel Umhlanga |
21 June 2018 |
|
Bloemfontein - Emoya Estate |
26 June 2018 |
Cost (no increase from 2017)
Moonstone Compliance clients: R650 per person (excl VAT).
Other attendees: R1 000 per person (excl VAT).
Book your seat – register today to avoid missing out. |
|
|
|
|
|
 |
| |
|
FIC e-mail query address decommissioned
|
To improve service delivery, FIC is decommissioning its current e-mail
query address,
FIC_feedback@fic.gov.za, and replacing it with an online system
which will be housed on the organisation’s website,
www.fic.gov.za
and is accessible via the link (http://www.fic.gov.za/ContactUs/Lists/Compliance
Queries/NewForm.aspx?Source=/Pages/Home.aspx)
The online system comes into operation on Thursday, 01 June 2018.
After this date, the FIC will not be able to process queries sent via
the FIC feedback inbox.
For any further information or assistance on the upgrade, please call
the FIC Compliance Contact Centre on 012 641 6000. |
|
|
|
| |
|
| |
|
Ramaphosa delays NHI Bill presentation
|
From Legalbrief Today:
Health Minister Aaron Motsoaledi has announced the long-awaited National
Health Insurance (NHI) Bill was ready for President Cyril Ramaphosa’s
scrutiny. A Business Day report notes delivering his budget
speech to Parliament, Motsoaledi said he had planned to present the Bill
and a related Medical Schemes Amendment Bill to a Cabinet committee
yesterday morning, in the expectation that they would be recommended for
approval next week. ‘However, the President said he has taken a special
personal interest in the NHI and hence instructed that we put the Bill
in abeyance and not present it in his absence (as he is out of the
country). So I have presented the Medical Schemes Amendment Bill to the
committee. The two Bills will be released together as soon as the NHI
Bill has been dealt with, with the President leading from the front,’
said Motsoaledi.
The Business Day report notes:
The ANC resolved to implement NHI before Motsoaledi became health
minister in 2009. Progress has been slow, with the publication of
several iterations of an ambitious policy critics have described as long
on aspiration but short on detail.
This reminds me of a quip in a rag magazine in the 70’s: “The Pope
has written a new best seller titled “The Pill’s grim progress”. |
|
|
|
| |
|
Technologically Speaking
Moonstone Information Refinery
|
|
Digital marketing the answer to gain trust |
To make it in business today you have to have customers, support and
trust, plus a brilliant marketing campaign. The financial sector is
often faced with scepticism as consumers don’t trust anyone to help
them with their money. A UK study in 2017 showed that only about 4
in 10 people said they would trust a qualified financial adviser
more when seeking money advice.
In a recent Forbes article Steve Olenski, writer and content
marketer posed the question: “Why do people have such little
confidence regarding financial advisors?”
According to Olenski marketing is the solution for the financial
services industry, because it can transform perceptions and bring
together companies and the world
In his article he points out certain techniques that can help
immensely –
click here to read.
|
|
|
|
|
Regulatory Examinations
|
|
|
Important Inseta Study Material
Warning |
Inseta published the following notice on its website:
Dear Stakeholder
“It has been brought to INSETA’s attention that there are some errata in the new
regulatory exam support materials that were released earlier this month. INSETA
therefore cautions stakeholders that are making use of the guide in this
regard.”
As an alternative, Inseta suggests that candidates should use the
FSCA Prep
Guide.
We have outlined the use of the Prep Guide extensively over the past few weeks –
see below. Those who elect to use the Inseta study material, regardless, need to
follow the Prep Guide guidelines, particularly points 5 and 6 which explain how
to use a combination of the study material and the applicable legislation.
The FSCA Cancellation Clause will be strictly applied. Please note that this a
ruling made by the Regulator which we and the industry have to abide by.
Those who need/want to write before the end of June are reminded that the final
date for registering is 14 June 2018. We would advise such candidates to
register as soon as possible as these sessions are normally fully booked by the
end of May, or sooner.
|
STEP |
ACTIVITY |
DESCRIPTION |
|
1 |
Refer to the
mapping document for the exam you are planning
to write. |
This is the map of
the tasks/criteria that will be assessed in your
exam, and it contains a reference to the
relevant legislation that you are required to
study in order to understand the task /
criteria. Appendix A in the Preparation Guide |
|
2 |
Look at the number
of criteria for each task. |
These are the
knowledge and skill components you require to be
able to perform.
RE 1 has 16 tasks that will be tested
RE 5 has 8 tasks that will be tested
If you have studied all the criteria for every
task, then you would be properly prepared to
write the RE 1 or RE 5 – whichever exam applies to
you. |
|
3 |
To prepare for the
exam, you must spend time each day and study the
legislation and supporting training material.
One should systematically select one criteria at
a time. |
Group the criteria
together in groups of 3 or 4 and allocate study
hours per day to prepare. The total number of
hours will individually differ due to ones
circumstances. At least 2 hours per day is the
suggested number of hours. |
|
4 |
To start, read the
task, and then the first criteria. Then refer to
the legislation for these criteria, and read the
legislation referred to. |
It is important to
first read the legislation so that you can see
what terms are used and how the legislation is
structured. |
|
5 |
Now refer to the
additional support or training material and study
the section in the training material dealing
with those particular criteria. |
The support
material explains the particular concepts in
simple language so that it is easier to
understand what the legislation is actually
saying and what it means. |
|
6 |
Then go back to the
legislation itself, and read it again.
Where
there are discrepancies, ALWAYS regard the
legislation as being correct. |
Now that you have
gained a better understanding of what the
legislation is about, you may find reading the
legislation again will make more sense to you if
you didn’t understand it the first time around. |
|
|
|
|
| |
|
RE Deadline 30 June 2018 |
The table below indicates who has to successfully complete the RE 5 by
30 June 2018.
|
Representatives’ DOFA |
RE 5 Deadline |
|
30/06/2015 – 31/12/2015 |
30/06/2018 |
|
01/01/2016 – 29/06/2016 |
30/06/2018 |
|
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.
-
Remember
that bookings close about two weeks before the actual exam,
for logistical reasons. Today registration closes for the
examination of the 25th of May.
-
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.
|
|
|
|
| |
|
2018 RE Schedules updated |
Please note: Registration cut-off is 11 working days before date of exam. |
|
|
|
|
Careers Platform
|
|
Are you hiring? Advertise your position on Moonstone’s Career Platform
|
| • |
The Moonstone website -
www.moonstone.co.za
- enjoys an average of 20 000 visits and approximately 39 000 page views per month. |
| • |
Moonstone boasts an exclusive newsletter mailing list of over 51000
dedicated financial decision makers who receive 2 newsletters per week. |
| • |
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. |
|
|
|
|
| |
|
Featured Positions |
-
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
-
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
-
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
-
Offshore Property
Consultant:
Salesforce Recruitment Johannesburg and Durban - This is your
opportunity to offer a unique, capital growth investment opportunity to
the market without bumping heads with direct competitors.
Read More
-
International Buy to
Let Sales Consultant:
Salesforce Recruitment Johannesburg and Durban - Join this stable,
Offshore Property Investment House and elevate your sales career to the
next level.
Read More
|
|
|
|
|
In Lighter Wyn |
 |
|
Ladies and Gentlemen: David Feherty! |
David Feherty’s stand-up show is all about his life in golf, drinking
and lots of stories about life on the tour. Here's one:
It was back in the 70's and a soon-to-be prominent golfer (Ray
Floyd) was playing at Augusta in his first Masters. Back then the
players could not bring their own caddies but had to use one of the
locals. Floyd told the caddy master he wanted a big fellow who could
handle his bag, but who also would keep quiet, no advice needed.
The caddy who was assigned Floyd said, "Hello Mr. Floyd."
Floyd said "Hello" and followed that with: "That's the last I want
to hear from you unless I ask you a question."
Everything went well until the 10th hole when Floyd pushed his drive
into the right trees on the par 4. After surveying the scene he said
out loud, "I'm going to hit a low fade out through that opening to
carry and land mid green and then roll over the crest down near the
hole."
Surprisingly he pulled it off exactly and turned to his caddy and
said, "How's that?
The caddy spoke for the first time and said, "That wasn't your
ball."
And a few David Feherty one-liners:
On Tiger Woods: “I just stood there watching him walk past
and thinking, ‘I don’t know what that is, but I know there weren’t
two of them on Noah’s Ark.”
On Phil Mickelson's aggressive style of play: "Watching Phil
Mickelson play golf is like watching a drunk chasing a balloon near
the edge of a cliff."
On watching Tiger Woods hit a great shot: “Never has my
flabber been so completely gasted.”
On Jim Furyk’s swing: “It looks like a one-armed man trying
to wrestle a snake in a phone booth.”
Again, on Furyk’s swing: “It looks like an octopus falling
out of a tree.”
On dancing: “I don’t dance. The Irish don’t dance, we hold
each other up.”
Now do you understand why I love the Irish?
|
|
|
|
|
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.
|
|
|
©2015 Moonstone. All rights reserved. |
