In order to activate your buildings insurance you will need to accept the Financial Advisory and Intermediary Services (FAIS) Disclosures
The Financial Advisory and Intermediary Services (FAIS) Act was established to regulate the giving of advice and the provision of intermediary services. Overall, the act helps ensure that you our client is dealt with responsibly and professionally at all times. As an authorised FSP, Property Protector Financial Services (PPFS) - FSP No 216 is required by law to make certain disclosures in terms of the FAIS Act, which we require you to accept.
ooba Buildings Protector Insurance: Financial Advisory and Intermediary Services Disclosure
Property Protector Financial Services (FSP 216) - is a licensed financial services provider and is authorized to sell this short term insurance product. Professional Indemnity cover is in place. This product is underwritten by Guardrisk Insurance Company (FSP No 75) and Property Protector Financial Services has a contract with Guardrisk Insurance to distribute this product. Kindly note that this service is rendered without the benefit of a comprehensive needs analysis. The rights to benefits under this Policy will be ceded as collateral security against the home-loan agreement with the Lender.
Property Protector Financial Services (Pty) Ltd maintains an active Conflicts of Interest Management Policy which is available on the ooba website.
In order to prevent any conflict of interest you should know that Property Protector Financial Services has two associated companies the first, is MortgageSA Risk Services that owns shares in Guardrisk Insurance and through this shareholding, MortgageSA Risk Services earns revenue from Guardrisk Insurance based on the underwriting profits and losses achieved by Guardrisk Insurance. The second company is called ooba administration services with whom a non-mandated intermediary binder fee of 5% (Excl. VAT) of premium per annum is paid for administration services, which is already included in the premium.
Your confirmation letter and policy schedule will be sent to you and your registering attorney shortly via email, to inform them that you have ooba's Property Protectors Buildings Insurance cover in place.
It is important that you read these documents carefully and keep them in a safe place. If you decide that the policy does not suit your needs, you have 31 days from when you receive it to cancel. You may do this by contacting us.
Should you not receive the documentation within one month of this call please ensure that you inform us immediately. If we are not contacted we will assume that you have received them and you are fully satisfied with your policy.
The premiums have been calculated based on the risk information you have supplied to us during this voice recording. Important to note is that it is your responsibility to inform us of any changes which may influence the cover or premium.
Please also note that the first payment may not necessarily be equal to one month's premium as you will pay for the cover from the date the bond is registered. For example, if your bond is registered on 15th July, then you would make your first payment in the following month on the 1st August for the August cover, plus the 15 days of cover you received in July.
Should you have any questions or queries at all about your policy, or should you need to claim please call us on 0860 00 66 22.
If you are not entirely satisfied with the quality of service, you can email our compliance department at firstname.lastname@example.org or call our compliance officer on 021 - 481 7300
The telephone number for the Guardrisk Compliance department is 011 - 669 1104 and their email address is email@example.com. Guardrisk's complaints department can be contacted on firstname.lastname@example.org.
Should you not be satisfied with the resolution provided from the above two parties you may contact the Short Term Insurance Ombudsman on 0860 726 890 or email@example.com or you may contact the FAIS Ombudsman on Tel No: (012) 762 5000 or e-mail info@FAISOmbud.co.za
Should your bond be granted, you will be required in the next few days to sign the Loan Agreement documentation at the registering attorney's office. We will have notified them that you have taken out buildings insurance with us. Please ensure that you take the confirmation letter we send you with you and ensure that the documents you sign at the attorneys office don't include the banks buildings insurance policy as this would mean you would end up with double the required cover at more than double the cost.
Your privacy is of utmost importance to us. We will take the necessary measures to ensure that any and all information, provided by you is processed in accordance with the provisions of the Protection of Personal Information Act 4 of 2013 and further, is stored in a safe and secure manner.
Your Personal Information collected by us may be used in terms of the applicable laws for the following reasons:
Please refer to your policy document/schedule for our full POPIA clause which protects your personal information.
By accepting the FAIS disclosures you are giving us consent to use your personal info, as explained above.
Thank you for your time and I am sure you will have peace of mind knowing that you and your loved ones will be covered as soon as your property is transferred.