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Client
Client Address
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Dear ......
Important information about our company
The insurance industry has faced considerable criticism over recent years, and for this reason the FSB (Financial Services Board) has been working hard to ensure that the public receives professional advice and guidance which can be relied upon.
To achieve this, the FAISAct(Financial Advisory and Intermediary Services Act 2002), imposes very strict conditions on all practitioners, particularly in respect of certain qualifications they must have and the procedures to which they mustadhere.
We are very pleased to advise that this company fully complies with all requirements, so you can rest assured that the advice you receive is professional and reliable.
Detailed below are some important facts about our company and the way we work which we are sure you will find of interest.
Products and services we are licensed to provide
We are an authorised financial service provider and licensed to provide advice and intermediary services in respect of the following long and short term insurance contracts as defined in the Long Term Insurance Act, 1998 and the Short Term Insurance Act of 1998:
(This list is an example only)
- Risk policies which provide cover in respect of death, disability and health events. And which are not marketed as investment or savings policies;
- Investment policies (excluding fund member policies), as defined in the Regulations to the Long-term Insurance Act, 1998, and savings policies which guarantee a minimum return of capital invested at a specified future date or dates, and where such minimum is ascertainable in Rand terms at inception;
- Policies which guarantee a minimum return of capital invested at a specified future date or dates, and where such minimum is ascertainable in Rand terms at inception;
- Annuities which guarantee a minimum annuity for the term of the policy which is ascertainable in Rand terms at inception;
- Policies as defined in the Long-term Insurance Act, 1998, excluding fund member policies and retirement annuity poliCies, and policies issued to and/or in respect of preservation funds;
- Any policy which combines the policy features above;
- Policies that provide benefits in regard to retirement annuityand/or preservation pension and/or preservation provident funds, asdefined by the Income Tax Act, 1962, and includes such benefits providedby fund member policies, as defined in the Regulations to the Long-termInsurance Act, 1998, but excluding pension fund benefits;
- Any benefit provided by a pension fund organisation as defined in section 1(1) of the Pension Funds Act, 1956, to the members of the organisation by virtue of membership;
- Short-term insurance contracts or policies referred to in the Short Term Insurance Act 1998 purchased by natural persons acting in a personal capacity and natural persons acting in a business capacity; and
- Health service benefits
The insurance companies with whom we have agency agreements
We act as intermediary for the following insurance companies:
Zurich
Mutual and Federal
Santam Insurance
Liberty Life
Discovery Health
Discovery Life
Sanlam
Metropolitan Odyssey
Please note that any insurance contract that you enter into with any of the above insurance companies is a contract between you and them. We merely act as intermediary/broker and although we will always be available to assist you with advice and guidance, actual performance in terms of the contract will always remain the responsibility of the insurer.
Complaints and compliance
We employ an outside compliance professional to ensure that our practices and procedures are properly monitored and that we constantly comply with all relevant laws.
Their details are:
Associated Compliance (Pty) Ltd
1st Floor, Building B, RPA Center, 180 Smit St, Failands, Johannesburg.
011678 2533 (Landline)
Compliance Practice 6377
Should you believe that any advice you received from this company has caused you loss, you are welcome to make a complaint through the above compliance office. We have developed a formal complaints procedure which we will make available on request.
Professional associations
We mentioned in the previousparagraph that we ensure that we comply with the regulated code of conduct by employing an outside professional compliance practice to monitor our activities.
As added protection for all our clients,we also subscribe to the code of ethics as published by FIA (Financial Intermediaries Association) who also have complaints procedures which you can make use of should you find it necessary to do so.
A cautionary note for when you apply for insurance
In making an application for insurance, it is very important that you accurately and properly disclose all material facts, because the accuracy and completeness of all answers, statements or other information provided by you or on your behalf, is your responsibility;
If you allow us to complete or submit any transaction requirement on your behalf, you should be satisfied as to the accuracy and completeness of the details. In terms of the Act, no provider may in the course of the rendering of a financial service request any client to sign any written or printed form or document unless all details required to be inserted thereon by the client or on behalf of the client have already been inserted.
The possible consequences of the misrepresentation or non-disclosure of a material fact or the inclusion of incorrect information could result in the avoidance of liability by your insurers.
Professional Liability Insurance
You will note from the above comments that we are professionals in our field, and as such we have purchased full insurance coverage against errors and omissions that we might make, as well as losses which may arise due to the infidelity of our staff. Whilst such an event is unlikely, it does nevertheless provide our clients with the assurance that if they are affected due to the negligence of any of our staff, financial loss will still be avoided.
Conclusion
We believe that the above paragraphs clearly indicate our willingness and capability to act as your insurance advisors, and indeed highlight the professional approach we take to ensure the satisfaction of all our clients. Nevertheless, should you wish to discuss any of the above topics, or if you would like us to provide more information about our company, please do not hesitate to call us.
Yours sincerely,
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