Posted: 02 Mar 2020
The FSCA found that Channel Life concluded agreements with 168 individuals (referred to as runners) who collected insurance premiums on its behalf. These runners were not registered as representatives of Channel Life as required by the FAIS Act. Channel Life conducted financial services business with individuals who were not lawfully authorised in terms of the FAIS Act, therefore breaching section 7 (3) of the FAIS Act.
Channel Life also breached section 13 (3) of the FAIS Act which required it to maintain a register of its representatives which must be updated from time to time as well as section 13 (2) (b) of the FAIS Act which required it to ensure its representatives complied with the applicable codes of conduct and laws on conduct of business.
Please click on the below link for the full FSCA Press Release. FSCA Press Release – FSCA Fines Channel Life
The following steps contains the process of how to register reps, runners and agents at the FSCA.
The following are required of the rep/agents/runners:
1. A copy of their ID;
2. A completed and signed DOFA consent form.
3. The fully completed API (Applicant Personal Information) form.
Listed below are the final requirements for the addition of the representative to be added onto the Central Register:
The below documentation needs to be completed and sent to the underwriter.
1. The Honesty & Integrity Declaration that needs to be completed and signed by the representative.
2. A copy of the signed representative contract / mandate/ agreement between the parlor and the representative. The funeral parlour needs to provide the underwriter with a written confirmation that the rep is employed by the respective funeral parlor.
3. Certified copies of the representative’s qualifications:
– A copy of the matric certificate and/or any other qualification (if obtained).
Attached are the links to all the documentation required to register representatives under the funeral parlour’s own license. All the documentation needs to completed in full before a representative can be successfully added under a funeral parlour’s license. Please note that this is applicable to all reps, runners and agents that are employed at the funeral parlour. Once all the documents have been received and assessed, the representative will be added to the FSP and the funeral parlour will receive a confirmation email to this effect.