We recently started developing a tracking system which will enable you to track the expected outcome of your investment online. If you are investing towards a future target amount, this functionality will also illustrate whether you are on track or not.
We hope to launch this shortly, here is a sneak peak!
In addition to our new investment tracking functionality, we have also launched the following over the last couple of months:
- Online switch functionality, which allows you to change the unit trust within which your goal is invested at no cost. We also have a new advice system to help you make the right decision!
- Biometric log in functionality with our App. We have heard our app users and we hope this new functionality will make it easier to log-in to your account.
- For existing OUTsurance clients, you will soon have the option to have your OUTbonus paid directly into an OUTvest investment account.
Quite a lot! Let’s start off with the regulator, last year we still had the FSB, now we have two authorities (or the twin peaks as we call them in the industry), the Prudential Authority (now housed in the South African Reserve Bank), and the FSCA (Financial Sector Conduct Authority). So how does this impact you?
It won’t really, the main take away for you as a client is to looking out for the names mentioned when dealing with financial service firms to see whether they are reputable or not.
The implementation of the Twin Peaks model in South Africa has two fundamental objectives:
- to strengthen South Africa’s approach to consumer protection and market conduct in financial services – this will be the FSCA’s mandate
- to create a more resilient and stable financial system – under the mandate of the SARB.
The FSB has a new name and a new mandate. It's now called the Financial Sector Conduct Authority (FSCA), its objective will be to protect financial customers by:
- ensuring that financial institutions treat financial customers fairly.
- enhancing the efficiency and integrity of the financial system, and
- providing financial customers and potential financial customers with financial education programs, and otherwise promoting financial literacy and financial capability
The new FSCA is in the process of reviewing its structures, frameworks and resources in preparation for the shift to its new Twin Peaks focus. We have been expecting this change for quite a while and therefore do not foresee this having a huge impact on the way we do business.
We are however delighted that consumer protection and market conduct are getting extra attention, as this is a core part of our DNA at OUTvest– to make sure that solutions we build are solving real world problems for our clients.
Keeping up with the changes, you can now invest more of your pre-retirement investments in an offshore instrument.
Your exposure to Africa can also be increased, which means you can have as much as 40% invested outside of South Africa.
The future is an exciting place!