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The FSCA has confirmed that the recognition of the Financial Planning Institute (FPI) as an examination body will be withdrawn.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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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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