Variation of Licence issued under Financial Advisory and Intermediaries Act

Variation of Licence issued under Financial Advisory and Intermediaries Act

If you have been on the FSCA website lately you may have noticed that the categories on your licence seem somewhat different. This is as a result of the changes that have been brought about with the publication of Board Notice 194 of 2017. In short, if you were licenced for Licence category – Short Term Insurance Personal Lines, Long Term Insurance subcategory B1 and Long-Term Insurance Category B2 on 1 April 2018, then your licence would...

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Policy holder protection rules

Policy holder protection rules

The replacement PPR was published on 15 December 2017 and became effective 1 January 2018. The rules give effect to a number of business reforms and although mainly applicable to Insurers and their business practices, the provisions impact on FSP’s either directly or indirectly. Below is a very short summary of what you need to know. We have not included all the rules and by no means are they complete. Rule 1:  Fair treatment of policyholders...

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Why compliance counts

Why compliance counts

Our regulatory environment has necessitated that each business unit has to re-evaluate how they do business and in particular how their supporters do business as part of their risk management. Not only must each representative of a Financial Services Provider satisfy the “fit and proper requirements”, they also have to conduct their business adhering to the FAIS Act, its regulations, the General Code of Conduct as Board Notices...

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Amendments to regulations

Amendments to regulations

On the 15th of December 2017, substantial amendments to the regulations were published.  These amendments are effective as of 1 January 2018. Below is a quick summary of what you need to know. How does this affect you? If you have not entered into a binder agreement with one or more Insurer, then the answer is “not too much” as the amendments to the regulations mostly affect binder arrangements and the insurer’s obligations when entering into...

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Treating Customers Fairly

Treating Customers Fairly

Treating Customers Fairly (TCF) is an outcomes-based regulatory and supervisory framework that aims to make sure consumers or clients in the financial services industry are treated fairly, that they understand fully what the service/product tendered is, and that the appropriate products and services are offered to them, and that they are satisfied with the purchase. TCF principles need to be applied throughout the product/service life cycle,...

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