WEALTH WATCH
STEPHEN CRANSTON: Improvement of protection and transparency is mission possible
It doesn’t seem too logical for SA to import most of its financial regulation from the UK. With all the fuss about colonialism last year you would think it a most unlikely role model. Yet whether it is the corporate governance of the King reports; the retail distribution review, which is changing the way financial products are bought and sold; or Mifid 2, which is seen as the model for market trading; our regulators take their cue from northern climes. No sign of drawing on our Brics allies, no importing of corporate governance standards from Russia or distribution rules from China, even though these might be more suitable role models for a developing country like ours. The introduction of the retail distribution review has been slow. The headline change will be the abolition of commissions, especially upfront commissions on recurring premium savings products. There will be scope to earn commission on risk products, such as death and disability, but commission will be prohibited on ...
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