Statutory Disclosure in terms of the Financial Advisory and Intermediary Services (FAIS) Act, 2002, Financial Intelligence Centre Act, 2001 (Act no. 28 of 2001), as amended and Data Privacy

 

This document contains important information regarding Standard Bank Insurance Brokers (Proprietary) Limited (SBIB, our, we, us). When you agree to the insurance cover, it becomes a legally binding agreement between you and us. Please read it carefully and ensure that you understand its contents.

Disclosure and declaration

As a client of The Standard Bank of South Africa Limited (we/our), which is a juristic representative of SBIB, you have the right to the information in this document.

Your financial services provider

Name Standard Bank Insurance Brokers (Pty) Ltd (SBIB)
FAIS licence 224
VAT number 4040108880 Service fees earned includes VAT at the prevailing rate
Street address 4 Ellis Street, Constantia Kloof, Roodepoort 1709 (Head Office)
Postal address PO Box 31435, Braamfontein, 2017
Telephone number 0860 123 999
Fax number 0861 113 289

 

Legal status of SBIB and SBSA

Professional indemnity insurance

We hold professional indemnity and fidelity insurance

Complaints

If you have a complaint, please contact our Complaints Resolution Centre, which will record and acknowledge receipt of your complaint.

The contact details are as follows:

Telephone number: 0860 101 101

Email address: complaint.resolutioncentre@standardbank.co.za

A copy of our complaints handling process is available on request or can be viewed at: www.standardbank.co.za, by navigating to the bottom of the page, clicking on regulatory and then on Complaints Process.

FAIS Registered Compliance Officer

Name Sue Chetti
Title FAIS Compliance Officer
Telephone number 011 547 1183
Email address GroupFAISComplianceofficer@standardbank.co.za

 

FAIS Ombud

You can request assistance from the Ombudsman if you believe that your complaint has not been resolved satisfactorily by us within six weeks after you have lodged your complaint. You need to refer the dispute to the Ombud within six months of the issue remaining unresolved.

The details of the Ombud

Street address: Kasteel Park Office Park, Orange Building, 2nd Floor, c/o Nossob and Jochemus Street, Erasmus Kloof, Pretoria, 0048
Postal address: PO Box 74571, Lynnwood Ridge, 0040
Telephone number: 012 762 5000 / 012 470 9080
Fax number: 0867 641 422 / 012 348 3447
Email address: info@faisombud.co.za
Website: www.faisombud.co.za

 

Conflicts of interest

The Standard Bank of South Africa Limited and Liberty Holdings Limited are subsidiaries of Standard Bank Group Limited (“SBG”). Liberty Holdings Limited in turn comprises various subsidiaries, including Liberty Group Limited and Stanlib Limited (Stanlib Collective Investments RF (Pty) Limited; Stanlib Asset Management (Pty) Limited; Stanlib Wealth Management (Pty) Limited)

The profits from the distribution of products of Liberty Group Limited and Stanlib Limited are shared with SBG through preference shares in Liberty Group.

We subscribe to the Group’s FAIS Conflict of Interest Management Policy, which can be found at www.standardbank.co.za by clicking on the FAIS Conflicts of Interest Management Policy. Our employees are salaried and may also be motivated through a variety of performance-based incentives.

 Products suppliers

SBIB is licensed under the FAIS Act to provide intermediary services in respect of the subcategories listed below. SBIB has contractual relationships with various product suppliers.

In terms of the juristic representative agreement, SBSA is authorised to market financial products from the following product suppliers:

Liberty Group Limited

FSP Name is authorised to market the following products in terms of a written agreement:

Name of Product Supplier: Liberty Group Limited

Name of Compliance Officer: Chief Compliance Officer Nazir Goolam Hoosen

Contact details: Tel: 011 408 4706

Email: nazir.hoosen@liberty.co.za

Complaints Telephone | E-mail address (if not FSP name complaints contact details): Telephone: 086 0456 789

Email: info@liberty.co.za/relations@liberty.co.za

List products that are provided:

SBSA is licensed under the FAIS Act to provide intermediary services in respect of the product categories listed below:

Long-term Insurance: Category A

Long-term Insurance: Category B1

Long-term Insurance: Category B2

Short-term Insurance: Personal Lines

Short-term Insurance: Commercial Lines

SBIB earns more than 30% of its remuneration/commission from Liberty Group Limited in respect of long-term insurance products and Standard Insurance Limited in respect of short-term insurance products.

Further to this, SBIB has contractual relationships with a number of other product suppliers, a list of which can be obtained by calling SBIB during office hours on 0860 123 999.

Representative FAIS status and products

SBIB has no limitations or restrictions on its FAIS licence. A copy of the general conditions applicable to SBIB’s licence can be made available on request. SBIB’s licence is displayed at all business premises of SBSA where financial services are rendered. SBIB is licensed under the FAIS Act to render intermediary services in respect of the class of business and product categories listed below:

SBIB has no limitations or restrictions on its FAIS licence. A copy of the general conditions applicable to SBIB’s licence can be made available on request. SBIB’s licence is displayed at all business premises of SBSA where financial services are rendered. SBIB is licensed under the FAIS Act to render intermediary services in respect of the class of business and product categories listed below:

COB 1 1.2 Short term Insurance Personal Lines
COB 1 1.23 Short term Insurance Personal Lines A1
COB 2 1.6 Short term Insurance Commercial Lines
COB 3 1.1 Long term Insurance Category A
COB 3 1.3 Long term Insurance Category B1
COB 3 1.22 Long term Insurance Category B1-A

Details of our representatives can be found on https://www.fsca.co.za/Fais/Search_FSP.htm. Enter our licence number 224, click on the submit button and proceed to the details.

 

 Financial Intelligence

SBIB is an accountable institution in terms of the Financial Intelligence Centre Act, 2001 (Act No. 28 of 2001), as amended, and as such SBIB is required to comply with the Financial Intelligence Centre Act and its subordinate legislation, (e.g. Prevention and Combating of Corrupt Activities Act, Prevention of Organised Crime Act and Protection of Constitutional Democracy against Terrorist and Related Activities Act). SBIB is required to conduct sanctions screening on all policyholders, beneficiaries and other parties involved with the policy. SBIB has the right to immediately terminate the relationship with the policyholder or refuse to pay out the proceeds of any policy, should SBIB suspect or become aware that the policyholder, beneficiary or any other party involved with the policy is a sanctioned person or entity, involved in terrorist activities, money laundering and/or any other activities which are subject to sanctions according to any applicable laws or as decided by any sanctioning body recognised by SBIB from time to time.

 

 Termination

SBIB may terminate its appointment to act as a financial services provider of the policyholder for any reason whatsoever by giving 31 days written notice at the latest email or postal address that SBIB has on record for the policyholder. The policyholder must inform SBIB about any changes in the contact details where the policyholder wants SBIB to send all letters about their relationship.

Upon termination of SBIB's appointment as a financial services provider, SBIB shall not be entitled to continued payment of commission for the services rendered in terms of this appointment. The policyholder may at all times terminate its relationship with SBIB by giving 31 days written notice to SBIB

Data Protection

Group

Standard Bank Group Limited, its subsidiaries and their subsidiaries.

Personal Information

Information about an identifiable, natural person and where applicable, a juristic person, including information about: race; gender; sex; pregnancy; marital status; nationality; ethnic or social origin; colour; sexual orientation; age; physical or mental health; well-being; disability; religion; conscience; belief; culture; language; birth; education; medical, financial, criminal or employment history; any identifying number, symbol, e-mail, postal or physical address, telephone number; location; any online identifier; or other particular assignment to the person; biometric information; personal opinions, views or preferences of the person or the views or opinions of another individual about the person; correspondence sent by the person that is implicitly or explicitly of a private or confidential nature or further correspondence that would reveal the contents of the original correspondence; and the name of the person if it appears with other personal information relating to the person.

Process

Any operation or activity, automated or not, concerning Personal Information, including: alteration, blocking, collation, collection, consultation, degradation, destruction, dissemination by means of transmission, distribution or making available in any other form, erasure, linking, merging, organisation, receipt, recording, retrieval, storage, updating, modification, or use. Processing and Processed will have a similar meaning.

We, us, our

The Standard Bank of South Africa Limited; Standard Bank Insurance Brokers (Proprietary) Limited and Standard Insurance Limited (where Standard Insurance Limited is the insurer), its successors and assigns.

  1. You consent to our collecting your Personal Information from you and where lawful and reasonable, from public sources for credit, fraud prevention and compliance purposes, as well as the purposes set out below.
  2. You acknowledge and agree that it may be necessary for us to share your Personal Information from time to time with certain industry bodies (such as the South African Insurance Association), regulatory bodies (such as the Financial Sector Conduct Authority or the South African Reserve Bank), insurers and/or reinsurers, service providers (such as a panel-beater), agents and internal and external assessors (such as a car assessor) and that we will only do this when appropriate or necessary, in order to provide the products and/or services to you and to comply with the laws and our policies and procedures. You expressly consent to our providing your Personal Information to the above third parties for these purposes
  3. You confirm that, if you give us Personal Information about or on behalf of another person (including, account signatories, shareholders, principal executive officers, trustees and beneficiaries), you are authorised to: (a) give us the Personal Information; (b) consent on their behalf to the Processing of their Personal Information, specifically any cross-border transfer of Personal Information into and from the country where the products or services are provided; and (c) receive any privacy notices on their behalf.
  4. You consent to our Processing your Personal Information:
  5. or the purpose of providing products and services to you in terms of this agreement and providing any other products and services for which you may apply.
  6. for the purpose of carrying out statistical and other analyses to identify potential markets and trends and evaluate and improve our business (which includes improving existing and developing new products and services).
  7. in countries outside the country where the products or services are provided. These countries may not have the same data protection laws as the country where the products or services are provided. Where we can, we will ask the receiving party to agree to our privacy policies.
  8. by sharing your Personal Information with the insurers, our service providers and any other third parties, where necessary, so that we can provide the products and services to you, locally and outside the country where the products or services are normally provided. As far as possible, we ask people who provide services to us to agree to our privacy policies if they need access to any Personal Information to be able to provide their services.
  9. within the Group.
  10. You will find our Processing practices in the Group’s and our privacy statements. These statements are available on the Group’s websites or on request. If you are unsure about your tax or legal position because your Personal Information is processed in countries other than where you live, you should get independent advice or ask your consultant to guide you on how you can get independent advice.
  11. Acknowledgement of receipt, declaration and confirmation

Acknowledgement of receipt, declaration and confirmation

You declare that:

You confirm that: