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In 2000 the Policyholder Protection Rules [PPR] were added to the Long-term and Short-term Insurance Acts in South Africa. For the first time Insurance Companies were required to appoint compliance officers, as the Banks have had for many years. The PPR was however a bit different from the banking situation in that it focused on fair consumer practices and compulsory disclosures to prospective clients of insurance products. It is significant that both the Life Offices Association of South Africa [LOA] and the South African Insurance Association [SAIA] respectively representing the long-term and short-term industries, came to the party. Under the PPR the ‘fair consumer practice’ was aimed at advising prospective clients of information that the insurance companies were obliged to provide to prospective clients in order for clients to make an informed decision on the product that they were interested in. In this developing environment of consumer protection, Robbie Stutterheim, the controlling member of Compliance Systems Development, was appointed by its then employer, Anchor PSG Life, as then Head of Training, to head up a compliance function. The choice was partly due to Robbie having served as the Deputy to the Executive Officer of the Life Underwriters Association of South Africa [LUASA] a broker affiliated industry body, during the time that the new Financial Advisory and Intermediary Services Act [FAIS] was being developed, and debated amongst all concerned parties, including the Financial Services Board [FSB] being the official regulator of Financial Services in the RSA. At that time South Africa also implemented the National Skills Development Act. During 2000 to 2003, Robbie was actively involved in setting training and assessment standards for the industry through the Sector and Education and Training Authority [INSETA]. During 2000 to 2003 Robbie presented many informative sessions at national industry seminars throughout the RSA on implementing the Skills Development and Financial Services Acts. Compliance Systems Development came about when Robbie was approved by the Financial Services Board [FSB] during November 2003, as an outsourced compliance officer for financial serves providers who, in terms of the FAIS Act, had to have compliance officers. It started operations on 1 January 2004 and has since advised its clients on compliance with the FAIS Act as well as the Financial Intelligence Center Act [FICA] |