PRODUCT PROVIDERS ON TRACK
Indications are that members are on track with implementing the Effective Annual Cost standard (EAC), the Association for Savings & Investment SA, says.
• The MMI Group (Momentum and Metropolitan), says it will have successfully implemented EAC across a number of product ranges by today. The remaining product ranges will be implemented during the month of October.
• Jean Minnaar, investment and savings general manager at Old Mutual Emerging Markets, says: “We are on track with our core middle and high-income solutions from our linked-investement services provider, life and unit trust manager licences, but are delayed with our low-income products. The roll-out of the quoting tools will happen over the weekend and will be embedded in the offices of our agents and brokers from Monday.”
• The chief executive of Sanlam Personal Finance Actuarial, Kirshan Reddy, says Sanlam is ready to implement the EAC from today.
• Discovery says the EAC will be deployed through its quotation system on Monday.
• Liberty Life had not responded by the time of going to press.