Liekeland Postcard "Hug" by Rosenblatt und Fabeltiere
'Liekeland Postcard "Hug"'
Dimensions: 14.5 cm x 20 cm
MIDI SLIP DRESS CAPRI LEMON of JAN`N JUNE
MIDI SKIRT SIENA LILAC by Jan`n JUNE
MIDI DRESS TRIANGLE BLACK by JAN `N JUNE
Longsleeve for kids with mermaid
Lip balm from HYDROPHIL Collin Koortzen - English to Afrikaans translator. Translation services in Advertising / Public Relations
Local time: 08:15 SAST (GMT+2)
English to Afrikaans: What does existing legislation say?
The new FAIS Conflict of Interest legislation will ultimately change the face of financial services and financial advice in South Africa. The implementation has already commenced.
It addresses concerns the FSB has about conflicts of interest between financial services providers, representatives and clients and will severely impact the practice of incentives that financial services providers like insurance companies use to reward both tied and independent financial advisers for achieving sales objectives. Incentives such as overseas trips, weekends away, hospitality at sports events etc. will now no longer be allowed.
The legislation requires industry to avoid any practice that might make it impossible to render an unbiased and fair financial service to a client. Further the code requires that financial services providers and representatives disclosed to clients any actual or potential conflicts of interest.
Where a conflict between ethics and economics arises, economics typically wins, unless something forces people to choose differently. The amendment is that “something” as it compels industry to take a hard look at the issue of conflicts of interest and make the ethical choice. Conflict of interest is difficult to measure and their impact on a client may only be revealed years later. The amendment is a mixture of principles- and rules-based legislation, which the industry should approach by observing both its spirit and letter.
According to Wendy Hattingh, Head of Department: FAIS Supervision of the Financial Services Board; “South Africa has an over-riding culture of non-compliance, so it was important to include sufficient detail in the amendment, such as a lengthy list of definitions of conflicts of interest, while still making it broad enough to capture apparent exceptions. This means that industry will need to focus on the principle of avoiding conflicts of interest when applying the new legislation.”
Many companies are still trying to find loopholes in the detail, for example, the amendment states that a financial services provider and its representative must avoid and where this is not possible, mitigate any conflict of interest. Some companies have pounced on the phrase “where this is not possible” as a way of ameliorating the impact of the legislation, hoping that they’ll get around it by a superficial attempt at mitigation. “You can’t just disclose yourself out of a conflict” Wendy Hattingh said.
The FSB is currently demanding companies investing resources on compliance while remaining committed to choosing ethics over economics.
Die nuwe FAIS Konflik van Belange-wetgewing sal uiteindelik die voorkoms van finansiële dienste en finansiële advies in Suid-Afrika verander. Die implementering hiervan het alreeds begin. Dit fokus op besorgdhede wat die FSB dra oor konflikte van belange tussen finansiële dienste verskaffers, verteenwoordigers en kliënte en sal die praktyk van insentiewe ernstig beïnvloed wat verskaffers van finansiële dienste, soos versekeringsmaatskappye, gebruik om beide vaste asook onafhanklike finansiële adviseurs vir die bereiking van verkoopsdoelwitte te beloon.
Dié wetgewing vereis van die industrie om enige praktyk te vermy wat dit onmoontlik maak om ‘n eensydige en regverdige finansiële diens aan ‘n kliënt te lewer. Die kode vereis voorts dat verskaffers van finansiële dienste en verteenwoordigers enige werklike of potensiële konflikte van belang aan kliënte bekend maak.
Waar ‘n konflik tussen etiek en ekonomie ontstaan, sal die ekonomie tipies as wenner seëvier, tensy iets mense forseer om ‘n ander alternatief te kies. Die amendament is daardie “iets” as dit die industrie noodsaak om die kwessie van konflikte van belang sterk in oënskou te neem en dan die etiese keuse te maak. Konflikte van belang is moeilik om te meet en hul effek op ‘n kliënt mag eers jare later te voorskyn kom. Die amendament is ‘n mengsel van beginsels- en reëlsgebaseerde wetgewing wat die industrie behoort te benader deurdat sy gees en letter eerbiedig word.
Volgens Wendy Hattingh, Departementshoof: FAIS Toesighouding van die Finansiële Raad, het Suid-Afrika “‘n heerssugtige kultuur van geen inskiklikheid”. Dit was dus belangrik om genoegsame detail in die amendament in te sluit soos ‘n lang lys van definisies van konflikte van belang, terwyl dit steeds wyd genoeg oopgestrek word om waarskynlike uitsonderings in te sluit. Dit beteken dat die industrie sal moet fokus op die beginsel om ander konflikte van belang te vermy wanneer die nuwe wetgewing toegepas word”.
Baie maatskappye probeer steeds om kykgate in die detail op te spoor, bv die amendament vermeld dat ‘n verskaffer van finansiële dienste en sy verteenwoordiger enige konflikte van belang moet vermy en waar dit nie moontlik is nie, dié konflikte te verlig. Sommige maatskappye het hulle op die sinsnede “waar dit nie moontlik is nie” toegespits as ‘n manier om die impak van die wetgewing te verlig. Hulle hoop om hierdeur die wetgewing te omseil deur middel van ‘n oppervlakkige probeerslag om dit te verlig. “Jy kan jouself nie uit ‘n konflik blootlê nie,” sê Hattingh.
Die FSB vereis tans dat maatskappye hul hulpbronne op inskiklikheid fokus terwyl hul toewyding aan die keuse van etiek bo die ekonomie steeds hoogty vier.
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