They say, “understanding our history helps us prevent us from making the same mistakes again”.
Not so sure that we are learning too well when we look at some of the things, we were we talking about in March 2012?
- Binder Regulations were in their infancy, and we were investigating just how they would work. This included charging “broker fees” over and above the premium, and binder fees, and UMAs conducting business with associate broker FSPs. And was there a place in these regulations for those brokers who just issued policy schedules?
- RE exams. The year 2012 had us in a period where there was a deadline for key individuals and representatives to complete their RE training and obtain certificates, as the Fit and Proper ‘transitional period’ was running out. To quote from the Newsletter (as it was then).
The FIA released stats that “Currently (that was around the end of February as best we can tell), about 60% of representatives and 68% of key individuals have been successful in the exams and numbers are rising by the day according to feedback received from the FSB and examination bodies.
- The FAIS Ombud was busy dishing out fines because of the ‘Sharemax collapse’.
- New money laundering regulations were introduced by the FATF. Interesting quote below from the Government at the time, by no less than Pravan Gordhan, considering where we now find ourselves 12 years later,
“South Africa will be working closely with supervisory bodies, law enforcement agencies and other key partners in industry and government to ensure that the new FATF Standards are understood, and that the measures taken to meet these Standards are appropriate for South African circumstances. South Africa will therefore work hard to improve its measures to combat money laundering, terror financing and proliferation financing in line with the revised Standards.”
- Demarcation: The National Treasury had released a circular pertaining to the Demarcation between Health Insurance Policies and Medical Schemes. The document compared Health Insurance and Medical Schemes. 12 years later and the regulator is still trying to demarcate.
- SASRIA had become an SOC (State Owned Company).
Thanks to AC as always.