Fintech: regulation groundwork is being set

Fintech: regulation groundwork is being set

Financial Technology, or FinTech, brings to mind crypto-currencies such as Bitcoin, which after an initial boom and subsequent die-down, appears once again to be on the rise.  Bizcommunity reported a 20% jump in the crypto-currency in less than an hour on 2 April. “The cryptocurrency’s price crossed the $5 000 mark, touching the highest level since November 2017. All other major cryptocurrencies, including Ethereum, XRP and Litecoin...

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FIC Amendment Act comes into force this week

FIC Amendment Act comes into force this week

The FIC Amendment Act will be enforced on 2 April 2019 – are you ready? As an accountable or reporting institution you will need to be particularly diligent ­– especially when dealing with legal entities, which can be used to hide the identity of suspected criminals as well as the source of funds and the true purpose of those funds. The aim of Financial Intelligence Centre (FIC) legislation is to combat financial crimes, including money...

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FCSA to withdraw recognition of FPI

FCSA to withdraw recognition of FPI

The FSCA has confirmed that the recognition of the Financial Planning Institute (FPI) as an examination body will be withdrawn. The process of transferring all examination data, records and archives over from the FPI to the FSCA will be completed by November 2018. The FSCA investigation into the FPI examination fraud is still on-going and will not be affected by the withdrawal of the FPI’s examination body recognition or the transferring of the...

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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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An Irish experience with Claim Vantage

An Irish experience with Claim Vantage

Assent was invited to meet Claim Vantage’s CEO and Founder on 13 February in the Cape Quarter Lifestyle Village at an event hosted by John Murphy, the Business Development Manager of Claim Vantage. To celebrate the CEO’s Irish heritage, attendees enjoyed a lesson on Irish Whiskey-making and tasting. Claim Vantage provides market leading claims management software solutions to insurance companies and Third-party Administrators (TPAs)...

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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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