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THE CURRENT LEVYING OF PENALTIES BY THE FSB |
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Written by Henk Heath
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Saturday, 07 March 2009 |
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Whilst this article will be very critical of the FSB’s reasons for and conduct in their current process of levying penalties against FSPs under the FAIS Act, the following must be stated categorically:
- In terms of the FAIS Act the FSB is the Regulator of financial services providers and have to apply the Act to ensure that FSPs comply with the Act. I have no problem with this!
- The Act does allow the FSB to impose penalties on FSPs for contraventions of the Act and or not meeting certain requirements of the Act. I also have no problem with this!
What I do have a problem with is that it seems that the FSB has no idea what its regulatory role should be and why, and under what circumstances penalties (read “fines”) should be applied under the Act. To shed some light on this one has to consider the purpose of the Act.
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Last Updated ( Saturday, 07 March 2009 )
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THE ROLE OF PRODUCT PROVIDERS AND AGENCIES IN THE COMPLIANCE OF INDEPENDENT FSP |
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Written by Robbie Stutterheim
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Wednesday, 07 January 2009 |
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INTRODUCTION
To my mind, compliance with the FAIS Act is simple: - Do everything possible to ensure that one provides the best possible service to one’s client (the ultimate purpose of the Act) and record every aspect of one’s service delivery and the client’s response. This is the essence of compliance with the FAIS Act. I certainly do not want to imply that compliance with the regulatory and / or administrative requirements of the ACT is any less important however, these are a given and one should not be in the Industry if one neglects this aspect, plain and simple! It could cost one one’s license!
However, what worries me from my experience as a compliance officer is the apparent lack of what I would like to call an “integrated compliance strategy” where there is a multiple of service providers involved in a single transaction. For the purpose of this article however, I will be focusing on the short-term insurance industry.
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Last Updated ( Friday, 27 February 2009 )
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NOTES ON A COURSE HELD FOR THE FSB, COMPLIANCE SUPERVISION DEPARTMENT ON THE SHORT-TERM INSURANCE |
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Written by Robbie Stutterheim
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Wednesday, 22 October 2008 |
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THE PURPOSE OF THE TRAINING.
The purpose of this training session is firstly to explain how the Short-term Insurance industry is structured and to identify the different role-players; secondly to explain the day-to-day operation of each role-player referred to as the operational profile, and thirdly it will try to indicate compliance application, monitoring and supervision for each of the different role-players in terms of their operational profile.
THE CONCEPT OF INSURANCE.
Simply put insurance or also called assurance, is to provide for an unforeseen future occurrence that may be detrimental to a person or entity. In this sense both long-term and short-term insurance is identical but there are significant differences in the way that each type works in practice.
Also interesting are types of insurance that do not really fall strictly within one of the two categories like medical aid schemes, credit insurance, shortfall insurance and other types of warranties or guarantees. It is important to take note of these as they are also regulated under the different Insurance Acts and the FAIS Act.
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Last Updated ( Wednesday, 15 April 2009 )
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