After the next version of the COFI Bill, there hasn’t as much regulatory movement in the industry. With a few timeline extensions, but in principle, the ‘new normal’ is upon us. COFI in itself requires change management interventions… but that’s a blog for another day. The FSCA and SARB issued a joint media statement yesterdayContinue reading “Discontinuation of cheques”
Category Archives: Uncategorized
Data Breach
You must be following the horrifying breach of 24 million South Africans details, which was housed on Experian… if you haven’t been, we strongly suggest that you become more vigilant of your information and accounts. Here’s one of the more recent articles that’s created additional concern about the delay from the incident until South AfricansContinue reading “Data Breach”
Debarments
This is the new normal… well atleast for the next few years. COVID-19 has reiterated that change is the only constant and we need to embrace it in the most responsible way. There are opportunities but we need to be open to seeing them. Despite all the changes one must still carry themselves with theContinue reading “Debarments”
FSCA reiterates view on Business Interruption (“BI”)
The Financial Sector Conduct Authority (“FSCA”) formalised its concern initially in the Communication 34 of 2020 (“Communication”) which was drafted due to complaints from policyholders about delays and reputations by insurers when processing BI claims. The FSCA considered different BI wordings and found that there were broadly 6 categories, noted in the Communication. Based onContinue reading “FSCA reiterates view on Business Interruption (“BI”)”
Conduct Standards for Banks
The Financial Sector Conduct Authority (“FSCA”) took the financial services industry on a journey of change. A change to make the financial services industry better for all. Most businesses are well on their way to implementing the principles of treating customers fairly using a market conduct framework as the base. As Heraclitus said: “Change isContinue reading “Conduct Standards for Banks”
JUDGEMENT: Business interruption insurance
Have a look the latest judgement by the Western Cape High Court (5736/2020) on business interruption insurance claims as a result of COVID-19. Guardrisk was ordered to pay the insured (Cafe Chameleon), for business losses suffered as result of the lockdown regulations. Contact me if you need assistance with assessing your current insurance policies againstContinue reading “JUDGEMENT: Business interruption insurance”
Conduct of Business Returns (“CBRs“)
The Financial Sector Conduct Authority (“FSCA”) issued a communication (39 of 2020-Ins) extending the submission of the Insurance Conduct of Business Returns (CBRs). The FSCA granted an extension of 1 (one) month (31 July 2020) for the CBR submissions for the reporting period April 2020 – June 2020. The extension applies to all regulated entitiesContinue reading “Conduct of Business Returns (“CBRs“)”
It’s here… alignment.
You will recall there were changes in the classes of business (LT & ST) in the Insurance Act that were not aligned to the FAIS requirements which made reporting onerous and difficult. The Financial Sector Conduct Authority (FSCA) heard the concerns of the industry and published the final amendments to the General Code of ConductContinue reading “It’s here… alignment.”
Regulatory Exams
The COVID-19 pandemic forced us all to change our behaviour and approach in both personal and business environments. It is now more important (…than ever before) for organisations and individuals to be future thinkers and look for opportunities that allow them to transform and remain relevant. In so doing, the teams still need to beContinue reading “Regulatory Exams”
Let’s simplify
First there was a tsunami of legislative changes that was used to change the operating landscape for the benefit of our customers. Then came the COVID-19 pandemic and now people and businesses are learning to survive. Talk to us about ways to continue servicing your customers without breaching any requirements and ways to enable youContinue reading “Let’s simplify”
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