Whilst we make every effort to ensure you fully understand the insurance product we have supplied, there are certain facts we are obliged in terms of legislation to ensure that you not only know but also understand. The most notable being the Financial Advisory and Intermediaries Services Act (FAIS) and in the case of clients purchasing policies in their personal capacity the Policy Holder Protection Rules.
The most important objective of these obligations is to ensure you, our client, have full knowledge about the organisations involved in delivering the service to you, as well as a full understanding of the product you have purchased. Whilst every effort has been made to ensure we have achieved this objective. If at any time you feel we have not provided you with Information required or you do not understand the information we have given you, please ask us – do not assume! Whilst this information is important it does not form part of your actual policy wording.
So what is it that we need to tell you? Let us start by explaining some of the terminology you may have heard about or may encounter in your dealings with us:
Financial Service Provider: This generally is us, your broker
Product Provider: This is your Insurer.
Underwriting Manager: They are appointed by a Product Provider (Insurer) to manage specific type of product on their behalf. This is due to the specialist knowledge of the staff of the Underwriting Manager and their ability to deliver a very focused and cost effective service to ourselves as Insurance Brokers and ultimately you the Client.
Financial Advisory: This piece of legislation was introduced to ensure there are minimum standards set within the and Intermediary financial service sector, to ensure you the
client receive the highest possible level of service and protection
Services Act (FAIS): It governs, amongst other things, the following:
- The financial stability of the Financial Service Provider.
- The Honesty and integrity of the Financial Service Provider.
- The ability of the Financial Service Provider to look after the client.
- The formal qualifications required by the key staff of any the Financial Service Providers who give you advice.
- The methods and technical content of the advice given to you.
- The need for each Financial Service Provider to be licensed before they can give you advice.
- Standards for dealing with any complaint that you may have.
- Penalties for breaches of any of the regulations required in terms of the Act; these include fines, imprisonment to carry and loss of the ability on business.
- The need for us to have a Compliance Officer to ensure we meet all our obligations in terms of the Act.
Policy Holder : These require some additional duties to be adhered to by Insurers in respect of clients purchasing
Rules: personal Insurances: Where applicable to you these will be pointed out in this document.
Ombudsman: The independent body created to further protect the client and deal with any disputes between insurers and Clients.
- Short Term Insurance Ombudsman: Deals with disputes on short term Insurance matter e.g. your personal motor, household Insurances., etc
- Long Term Insurance Ombudsman: Deals with disputes on long term Insurance matters e.g. your life, disability, R.A, etc insurance
- The FAIS Ombudsman: Deals with all disputes for all types of clients that arise out of the provision of advice as dealt with by the FAIS Act.
Financial Services Board: The body that administers the FAIS Act and other legislation relevant to Insurance.
Registrar: The body that ultimately deals with all regulation with a specific category of Insurance e.g. Short Term or Long Term.
Registered name: DT Financial Services (Pty) Ltd
Registration number: 2014 / 285563 / 07
Postal Address: P.O. Box 1756
Highlands North
2037
Physical Address: 21 Hathaway Rd
Gresswold
2090
Tel: +27 11 887 0789
Fax: 086 671 2456
Email: info@dtfs.co.za
Web: www.dtfs.co.za
Compliance Officer: We are not required to have a compliance officer at this stage
Complaints department: If you have a complaint about our service, staff or products sold to you, please contact the following department in writing, either by post or e-mail, with full details of the problem you have encountered.
Postal Address: P.O. Box 1756
Highlands North
2037
E-mail: complaints@dtfs.co.za
DT Financial Services (PTY) Ltd does not hold more than 10% shares in any of it's product suppliers.
Neither has it received more than 30% total renumeration, including commission from any one product supplier.
Categories of Licence:
- Financial Advisory Services
- Long-Term Insurance : Category A, B1 & C,
- Short-Term Insurance: Categories Personal & Commercial Lines,
- Retail Pension fund Benefits, Pension fund Benefits
- Financial Intermediary Services
- Long-Term Insurance : Category A, B1 & C,
- Short-Term Insurance: Categories Personal & Commercial Lines,
- Retail Pension fund Benefits, Pension fund Benefits