Extended family on a funeral policy

The main member can only insure his/her extended family members on a policy.  How relationships of extended members is defined.

Your spouse – where you have more than one spouse, or your spouse falls outside the age requirements for a spouse, the additional spouses can be covered as extended family members.

Parent - where you have more than four parents, the additional parents can be covered as extended wider family members.

The regulator has exempted CAT1 FSP’s, its key individuals and representatives that are authorised, in subcategory A and or Friendly Society Benefits. (If you are authorised to render service in any other category or sub-category this exemption will not apply).

The financial industry (irrespective in which field of expertise) is one the most regulated industries in South Africa. Compliance and knowledge is vital. Although exempted from CoB, attend courses and keep up to date with the various industry matters.

Liberty Group retail systems became the victim of the latest Cyber-crime last week.

We can confirm the following:

• Your data remains safe, the hack occurred on Liberty’s retail side, and none of EUM’s funeral schemes was affected;
• Policies and contracts will remain in force;
• Liberty Life’s infrastructure as a whole remains secure; and
• If any costumer has been affected they will be contacted by Liberty Life directly.

The breach however seems to only be email based information. 

Unsolicited emails and SMS’s about irrelevant promotions are sent every day to target individuals. One would wonder where the sender got their personal information. This could be the result of identity theft, where an individual’s personal information was abused or compromised. POPI hopes to stop criminal activities, by holding institutions accountable, or conduct further investigations.

Change is here!  From the 1st April 2018 the Financial Services Board ‘’FSB’’ was replaced by the Financial Sector Conduct Authority ‘’FSCA’’.

But what comes with this change?