MARKET CONDUCT COMMITTEE

The scope of the Committee is matters relating to market conduct in areas in which members of ASSA are active.

“Market conduct” in relation to any entity means the entity’s pattern of behaviour in executing its product design, pricing and promotion strategies.

The objectives of the committee are:

  • To actively support the development and thought leadership of actuarial practice in the context of Market Conduct through, where applicable, the development of Standards of Actuarial Practice (“SAP”) and Actuarial Practice Notes (“APN”), and the provision of CPD opportunities.
  • To contribute to the strategic direction of the Actuarial Society from the perspective of Market Conduct and, in so doing, to support the Actuarial Society brand promise of “thought leadership”.
  • To support the Financial Services Board, National Treasury and other relevant bodies, by providing actuarial input and being a two-way conduit in the development of regulation.

 

The Committee’s work includes monitoring developments in relation to Market Conduct from the perspective of the actuarial profession and interacting as appropriate with any Practice Area Committees, the Professional Matters Board or other ASSA structures.

We are also tasked with identifying risks to the profession, proposing strategies to manage those risks and bringing such matters to the attention of Council in relation to Market Conduct.

We will communicate on a regular basis with members on issues and developments affecting Market Conduct.

Other responsibilities include developing and maintaining appropriate links with other actuarial bodies, including the relevant IAA Section, and other relevant professional and industry bodies.

The committee members are as follows:

 Committee member  Position 
 Shamiel Basadien
 Siebert Benade
 Sarika Besesar
 Harry Beyleveld
 Margaret Carey
 Peter Carsewell
 Tarryn Fahy
 Niel Fourie
 Peter Johnstone  Deputy Chair
 Tamar Lewis
 Richard Montgomery
 Christiaan Nel
 Craig Peters
 Wynand du Plessis
 Neil Savage  Chair
 Frederik van der Vyver
 Paul Zondagh

The Committee may issue newsletters on an ad-hoc basis, as well as arrange sessional meetings or convention sessions as appropriate.

The Committee was formulated during the latter half of 2016 and has recently commenced regular meetings.

None so far, the Committee was formulated in the second half of 2016 and its work has recently commenced.

The (Ombudsman ) can deal with complaints against financial institutions, which do not fall within the jurisdiction of any other ombud scheme or where there is uncertainty over jurisdiction.