South Africa

Details

  • Industry: Financial Services
  • Type: Regulatory update
  • Date: 2014/08/28

Africa Regulatory Center of Excellence

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KPMG’s Financial Services Regulatory Centers of Excellence, our firms' leading global regulatory experts, can provide insights into the implications of the raft of regulatory change and the direction of developments around the world.

Retail Distribution Review ("RDR") 

The purpose of the Retail Distribution Review (‘RDR’) by the Financial Services Board (‘FSB’) effectively seeks to ensure insurance distribution models are aligned to achieving Treating Customers Fairly (‘TCF’) outcomes.

With the introduction of the binder regulations two years ago, commission structures have come under scrutiny. The RDR was first Introduced by the Financial Services Authority (‘FSA’) and implemented in the UK at the end of December 2012.


The objectives of the RDR is to:

 

  • Promote appropriate, affordable and fair advice and intermediary services.
  • Support a sustainable business model for financial advice.

 

 

Latest RDR updates and proposals:

 

Retail Distribution Review – the breakdown

The Retail Distribution Review (RDR) was initiated by the Financial Services Board (FSB) in an attempt to ensure that customers receive fair outcomes when purchasing financial products.

Retail Distribution Review - summary the 55 proposals

In November 2014, the FSB issued the Retail Distribution Review (“RDR”) paper, outlining the RDR results and the proposed reforms affecting retail customers in South Africa.

Responses to RDR document start to formulate

South Africa’s insurance industry has largely welcomed the release of the Retail Distribution Review (RDR) discussion document, which was released by the Financial Services Board (FSB) on 7 November.

Retail Distribution Review - Ride the wave with us

The Financial Services Sector is facing a ‘Perfect Storm’ in terms of the amount of Regulatory driven change required to be introduced over the next few years.
 

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Contact

Contact

Antoinette Malherbe
Director
Tel: +27 (0)83 458 8484
antoinette.malherbe@kpmg.co.za

 

Kashmira Naran

 

Kashmira Naran
Manager
Tel: +27 (0)82 710 7629
kashmira.naran@kpmg.co.za