We are already almost halfway through 2017! Our newsletter updates aim to give you a brief overview of processes occurring here at TRA and in the industry in general.
Please forward this newsletter to all of your relevant intermediaries.
If you haven’t seen it already, please view our Gap Cover video here.
IMPORTANT COMPLIANCE
2017 FSB Annual FAIS Conference
The FSB recently held their annual FAIS conference. Our compliance partner, Eas-e-comply, put together a newsletter summarising the conference presentations. One thing is for sure: the financial services industry is more dynamic and challenging than ever. The FSB has many changes in progress and even more have been proposed. In fact:
• DID YOU KNOW?
In future, the Regulator will be known as the FSCA (Financial Services Conduct Authority). How does this differ to the FSB?
• DID YOU KNOW?
Amendments to the Schedule to the FICA Act will mean that Short-Term insurers and brokers will be included as accountable institutions. Will you be able to comply with the additional registration, training, reporting and recordkeeping requirements?
• DID YOU KNOW?
Changes to the ‘Fit and Proper Requirements’ will allow “automated advice”, subject to certain provisions. How will this impact your business? Is this a threat or opportunity?
• DID YOU KNOW?
In future, there will be 2 main categories of financial advisers:
- A PSA - This is a Product Supplier Agent - not licensed in their own right and only authorised to provide advice on a single product suppliers license.
- A RFA - This is a Registered Financial Adviser - a firm or individual licensed to provide advice on various suppliers’ products.
How will this change your licensing requirements and available product range mix?
• DID YOU KNOW?
The Compliance and Enforcement departments at the FSB have merged and together are responsible for: Complaints relating to contraventions of the FAIS Act; Debarments; License suspensions and withdrawals; amongst other tasks.
CLICK HERE TO READ:
The FSB presentations
Products
TRA’s products were aligned to the Demarcation regulations which commenced from the 1st of April and we have distributed information based on this. We are hoping that there is no more confusion surrounding this. Please email us if you still have queries.
Marketing and Training
We have also distributed our new marketing materials as well as links to our online platforms and videos. Please engage with us in order to keep up to date with our latest marketing materials. We have developed sufficient and comprehensive information to make selling easy. There should be no vagueness when it comes to product option benefits.
TRA is also marketing progressively - we offer electronic application forms, also known as fillable forms or Smart PDFs. Please ask us to send you a version of this form if you find that it will suit your needs.
If you require product training, please email: Warren on Warren@totalrisksa.co.za or
Pascale on Pascale@totalrisksa.co.za
Keep warm this winter.
TRA Management and Staff
Total Risk Administrators Pty (Ltd)
an authorized Financial Service Provider
Directors: FRANK THAYER (CEO), GEOFF DU PREEZ (COO)
Reg No 1999/024507/07. FSP No 40815
16 Jersey Drive, Longmeadow Business Estate East, Longmeadow, 1609
P.O. Box 1181, Parklands, 2121
TEL: 011 372 1540 | FAX: 011 372 1579 | EMAIL: info@totalrisksa.co.za | WEB: www.totalrisksa.co.za
