Alexander Forbes throws its weight behind bill for medical schemes regulator
Financial Sector Conduct Authority is well placed to oversee the industry, MD says
Financial services company Alexander Forbes has voiced its support for the Treasury’s plan to bring regulatory oversight of medical schemes under the same umbrella as insurance products, as spelt out in the draft Conduct of Financial Institutions Bill. The bill, which was released for public comment in December 2018, aims to regulate how the financial services industry treats its customers. It includes a proposal to move core regulatory functions from the Council for Medical Schemes (CMS) to the Financial Sector Conduct Authority (FSCA), a suggestion that has upset the medical schemes regulator. Last week CMS registrar Sipho Kabane accused the Treasury of failing to consult it on the bill and said it would be rendered a lame duck if the draft legislation is passed in its current form. Alexander Forbes Health MD Butsi Tladi said on Tuesday a single regulator will ensure better protection for consumers and the FSCA is well placed to oversee the medical schemes industry. The current r...
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