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Financial Advisory and Intermediary Services Act: progress report
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Finance Standing Committee
15 August 2003
Meeting Summary
A summary of this committee meeting is not yet available.
Meeting report
15 August 2003
Chairperson: Ms B Hogan (ANC)
Documents handed out
Financial Advisory and Intermediary Services Act
Financial Services Board Presentation on Implementation
Draft Committee Programme for Third Quarter - as of 13 August 2003 (Appendix)
The presentation by the FSB focused on the important definitions in the FAIS Act, the recognised bodies, the fees charged to applicants, the exemptions granted, the FAIS Code of Conduct, the Office of the Ombud for financial services providers, the regulations for the FAIS Act and the determination of the Section 7 date.
Members questioned the definition of the term "undesirable practice", who exactly the "recognised bodies" are and who they represent, whether the fees charged by the FSB would actually be a barrier to entry into the market, whether the FAIS Act Code of Conduct would undermine the Policyholder Protection Rules and whether steps are in place to limit the non-cash incentives and to regulate commissions. Members also sought clarity on the functions and current status of the Office of the Ombud, the protection currently granted by the FAIS Act to those compliance officers who alert the Registrar to cases of non-compliance within their institution. The Committee raised concerns with the serious problem with the insurance industry's failure to grant life insurance to persons living with HIV, and asked whether the FSB and Treasury have devised plans to address this issue.
Presentation by Financial Services Board
Mr Gerry Anderson, FSB Deputy Executive Officer: Market Conduct and Consumer Education, conducted the presentation (document attached), which outlined the important definitions in the Financial Advisory and Intermediary Services Act (FAIS Act), the advisory committee on financial services providers, the recognised bodies, the fees charged to applicants, the exemptions granted, the FAIS Code of Conduct, the Office of the Ombud for financial services providers, the regulations for the FAIS Act and the determination of the Section 7 date.
Undesirable practices
Dr G Woods (IFP) asked whether the FSB has found it necessary to add greater clarity to the term "undesirable practices" in Section 34 of the Act, because concern was raised with the wide scope of the definition.
Dr Franso Van Zyl, FSB Head: Legislation and Research, responded that a concern was raised with the constitutionality of the term. This is not a unique provision because many of the laws administered by the FSB grants the Minister the power to declare an activity an "undesirable practice". There were some court cases on this matter in 2002, particularly on the boundaries of these "undesirable practices". The FSB has since introduced benchmarks or factors that have to be taken into consideration when declaring an activity as an "undesirable practice". For this reason phrase such as "harming the relationship between the supplier and the clients" was introduced, as well as "prejudicing clients" or "deceiving clients". In fact the actual wording used in the judgment of the court cases were inserted into the legislation. It is thus not an open-ended term, and in this sense the FSB has framed the definition of this term so that it is not as open-ended.
Recognised bodies
The Chair requested a break-down of the recognised bodies and who they will be licensing. Who, for example, would the Arcay Group be responsible for?
Mr Anderson replied that the Arcay Group is a network which represents about 300 independent financial insurance brokers, who subscribe to their services. The Arcay Group would then provide assistance to its members to assist with the processing of the application for a licence, and to make a recommendation to the FSB on the application.
The Chair contended that the Arcay Group is thus both assisting businesses to draw up a licence, and then also approve that licence.
Mr Anderson answered in the negative. The approval of the licence remains the task of the Registrar.
The Chair asked whether there is not a possible conflict of interest here in assisting with the drawing up of the licencee and then also making recommendations on that same licence to the FSB?
Mr Anderson responded that this is a possible interpretation, but the fact of the matter is that every single body is aware that it is performing a regulatory function. The entire "recognised body" concept was introduced to assist the structure being put in place and, in an effort to avoid this possible conflict of interest, the issue of the licence has been retained by the FSB itself. Before the FSB issues the licence it would first ensure that the recognised body that has processed the application has done so as though it were part of the FSB.
The Chair asked whether the Compliance Institute, another recognised body, would also assist compliance officers to register businesses and then also make formal recommendations on that application?
Mr Anderson replied that the Compliance Institute has approximately over 1000 members, consisting of compliance officers of banks and other institutions. The Compliance Institute will process the application to ensure that it is complete, and will also make a recommendation that the application is complete and that the applicant meets the stated requirements. It is important to note here that the requirements are set by the FSB.
The Chair asked whether Mr Anderson is saying that the Arcay Group is not sitting down with each individual applicant and advising them as to how to fill out the application form. The Arcay Group only checks that the requirements are met.
Mr Anderson answered in the affirmative.
The Chair asked who Price Waterhouse Coopers represents.
Mr Anderson responded that Price Waterhouse Coopers represents about 500 independent brokers. They have been approved because they have met all the criteria for authorisation. They should be seen in the same vein as networks that provide services to their clients, their consultancy arm in any event.
Dr Van Zyl added that it is a public function that recognised bodies would perform on behalf of the Registrar. The entry requirements, or the "fit and proper" requirements, are determined by law, and this would thus be the benchmark for applicants. Recognised bodies do play an important role, as they may even be in a better position than the Registrar to determine whether their members meet the stated requirements. It is in this respect that they would make a recommendation to the Registrar.
The Chair stated that the content equally could hold. If they are a representative body they have to provide a service to those clients, and there might then be an interest in over-looking certain "fit and proper" requirements.
Dr Van Zyl replied that the representation must not be the focus here. The question should be whether the applicant has the necessary infrastructure, the know-how and the operational ability to check compliance with entry requirements.
The Chair stated that she struggled to view Price Waterhouse Coopers or the Arcay Group as representative bodies. The Compliance Institute has nominal autonomy and a form of commercial independence, whereas this does not seem to be the case for Price Waterhouse Coopers.
Mr Anderson responded that the FSB is aware of the potential conflicts of interest. The Act provides that the basis of the authorisation of the recognised bodies is as follows: they are requires to show a measure of representation as the first hurdle, but they must also perform this function as an arm of the FSB. It would then be the role of the FSB itself to ensure that the function in carried out in this way. The assistance of the recognised bodies will be controlled very strictly to ensure that any conflict of interests, preference or the like does not arise.
The Chair asked the FSB to forward to the Committee the motivation for certain associations being appointed as recognised bodies and whether, in the FSB's view, this does not cause any conflict of interests.
Mr Anderson agreed.
Ms S Nqodi (ANC) asked whether the emerging brokers are represented in the recognised bodies, and whether they also have to register with these bodies.
Mr Anderson replied that an applicant for a licence may approach as recognised body, or it could approach the FSB directly. Mr Modikwe, from the Black Brokers Forum, is a member of the FSB's Advisory Committee. Mr Anderson stated that he has been informed that Mr Modikwe has reached an arrangement with the IDC for assisting his members, that his association would not apply for recognised body status. Alternative arrangements with one of the recognised body have been made.
Dr Woods asked whether these are annual fees.
Mr Anderson answered in the negative, and stated that it is a once-off fee only.
Dr Woods stated that one of the major concerns at the time of the passing of the Act was whether the fees would create a barrier to entry to the market, thus making it a bit of an elitist industry. Was this part of the reasoning behind introducing the once-off fee rather than an annual fee, and how would the FSB revisit this argument now?
Mr Anderson responded that the FSB believes that the categorisation to such an extent has alleviated some of the fears regarding the fees. The lower end of the market or the independent brokers are mainly engaged in the selling of funeral insurance. The categories and total requirements for "fit and proper" are flexible, and are structured in such a way that the fees are not necessarily seen as a barrier to entry. An insurance broker, whether long-term or short-term, has to pay a basic licence fee of R1000. There are also a number of additions depending on the size of the business, such as for the approval of the compliance officer and for each key individual. The fees illustrated by the consultant employed to do the Cost-Benefit Analysis were set at a higher average.
There will be a requirement of a very small levy to cover the FSB's costs, as far as the annual fees payable is concerned. This is the case with other industries, such as the Government Employees Pension Retirement Fund and the insurance industry.
Dr Woods stated that there are two conflicting sides to this issue. The first is that high fees could make the market too elite, and the second is that fees that are too low could create problems for the FSB because it could become too costly an exercise. Has the FSB attained the best balance of this debate?
Mr Anderson replied that Australian and United Kingdom example was a "one size fits all" approach, yet it did not make use of the extensive categorisation and flexibility of the South African model. The fees are only one issue in the approach, and the requirements are the bigger issue. Mr Anderson stated that his understanding is that the approach adopted by Australia and the United Kingdom is partly what is to blame for what happened in those industries. The South African model involves more of a building blocks approach, and is designed to be so flexible that the FSB does not foresee the same results as the Australian and United Kingdom models, not by any means.
The Chair noted that the presentation indicates that businesses that apply via a recognised body pay a reduced fee.
Categories of Financial Service Providers (FSP's)
The Chair asked how the categories would actually work, and what is the usefulness in having the categories.
Mr Anderson responded that the categories are basically aimed at the requirements of experience and qualification, and there are thus lower and higher categories. Under this approach the FSB has also included the concept of "services under supervision". This means that a new entry into this market joins an institution or an IFA, that person will become an apprentice or receive a mentor for a certain period. The mentorship period for the lower categories would be six months, whereas the period for higher categories may be twelve months. The aim is to enable the person that will be involved in the selling or providing of advice to gain knowledge of the environment within which s/he is to operate.
The Chair asked whether the FSB had to draw up qualifications and experience requirements in terms of what it saw as the appropriate requirements, which the person would then have to comply with in order to pass those tests.
Mr Anderson answered in the affirmative. He stated that this is what the recognised body or the FSB itself, depending on who gets the licence application, would have to check.
The Chair asked whether an applicant that has been turned down by the recognised body would then be allowed to apply directly to the FSB.
Mr Anderson replied that the applicant has a right of appeal. The recognised body cannot turn the applicant down, it can only recommend that the licence not be given. The FSB would then have to provide reasons, and it would thus have to check every one of those.
The Chair asked whether all the categories have been finalised.
Mr Anderson responded that that the categories and criteria requirements for experience and qualification are generally called the FSB's "fit and proper" requirements. These go hand-in-hand with the application form, and these are part of the last four pieces of this process that have not yet been finalised. They have reached the stage where they could probably be finalised in a week or two.
Exemptions and Code of Conduct
The Chair asked how the two parallel processed between the Act and the Policyholder Protection Rules (PPR) have been reconciled, to ensure that one does not undermine the other.
Mr Anderson replied that his colleagues are busy revising the PPR, and as soon as that draft is ready the intention for it to be submitted simultaneously with the Codes of Conduct in the Act to the Minister. There is thus absolute co-ordination.
The Chair asked whether it is anticipated that any of the PPR provisions will be diluted.
Mr Anderson answered in the negative. He stated that, in his view, the requirements of the FAIS Codes are more extensive as the current PPR, as far as consumer protection is concerned.
The Chair asked when this legislation will be approved.
Mr Anderson responded that it is expected in November 2003, more or less.
The Chair asked whether matters relating to the disclosure of commission are adequately dealt with.
Mr Anderson replied that this is dealt with extensively, and it is required that this be disclosed in "specific monetary terms".
The Chair asked whether provision is made for disclosure in percentage terms.
Mr Anderson responded that the provision goes further to provide an exemption from this strict monetary term, if it is impossible to write down the Rand value upfront. In this case it may be reflected as a percentage. In most cases it would however be disclosed in monetary terms.
The Chair asked whether it would not be required for it to be disclosed in terms of the impact on the investment itself. Perhaps a basic assumption such as a basic percentage growth could be employed.
Mr Anderson replied that no provision is made for the impact it would have, because some of these products do fluctuate. The assumption of a basic percentage growth would have to be disclosed, but it is a consideration.
The Chair asked whether non-cash incentives have to be disclosed.
Mr Anderson responded that this is dealt with in the Code of Conduct, and it states that a non-cash incentive is regarded as a conflict of interests.
Dr Van Zyl added that there is a specific provision on non-cash incentives, which requires the disclosure of the extent to which non-cash incentives have been received to the FSB.
The Chair asked whether "kick-backs" are included here as well.
Dr Van Zyl replied that this is included in the general Code of Conduct.
The Chair asked whether the FSB has any intention to shut down or limit the amount of kick-backs that brokers can receive, as is the case in the United Kingdom.
Mr Anderson responded that there is a very comprehensive disclosure provision in the Code of Conduct. He stated that it is his view that FAIS cannot regulate this. It is a matter which needs to be addressed in the primary legislation, be it the Collective Investment Schemes (CIS) legislation or the two insurance Acts. Mr Anderson stated that he would be raising this matter with his colleagues. FAIS, which deals with the intermediaries, provides that everything has to be disclosed, and the need to regulate that needs to be addressed in another piece of legislation.
Mr Louis Wessels, FSB: Legal Department, stated that he was wondering whether this could not in fact be addressed in the FAIS Act. He stated that he is sure that the real abuse, like exorbitant fees and kick-backs, could be fitted into the wide formulation of the Code of Conduct. The evil often comes from the product supplier, as suggested by Mr Anderson.
Dr Van Zyl responded that this is part of the bigger issue regarding the regulation of commissions. These incentives could be viewed as one way to circumvent the ceiling limits. The FSB is currently revising this in terms of the contemporary South African insurance laws. South Africa is one of the few countries in the world that still regulates the capping of commissions, and it is part of the bigger investigation.
The Chair stated that the problem here is that no attempt is even being made to regulate this, because it only deals with non-cash incentives. A wide field for potential abuse is being opened up here.
The Chair stated that it would be beneficial for this Committee to go through the Code of Conduct in much more detail when then have been finalised, because it will be at the heart of the protection offered to consumers.
Dr Woods asked Dr Van Zyl to explain the point he made in a recent article that the South Africa Code of Conduct does not differentiate between institutional and non-institutional clients.
Mr Anderson replied that he believes Dr Van Zyl means that the client can be a corporate body, as well as an individual client.
Dr Van Zyl explained that in that article he compared the United Kingdom and United States models with the South African model, and the South African model has learnt from the mistakes made by foreign jurisdictions. The United States is currently experiencing a major problem because it wants to expand its consumer protection to not only the man in the street, but also to institutional entities. This is because the institutional entities are also in need of this kind of protection. South Africa has the benefit of hindsight and it has in this point in time made it applicable to persons as well as corporate bodies.
The Chair agreed. An institution will focus on the product supplier that gives the biggest kick-back, and this abuse has to be addressed.
Dr P Rabie (DA) asked why South Africa is one of the few countries that still regulates the capping of commissions. He stated that it seems sound practice, especially in view of the Anderson scandal.
Dr Van Zyl replied that there is a modern trend to move away from capping commissions. One of the problems lies with monitoring this, because there are incentive schemes that circumvent these ceilings. The insurance laws do allow the Registrar to declare it an "undesirable practice", if these non-cash incentive schemes do lead to circumvention of the limit on the capping of commissions. This area has to be flagged for possible investigation as an "undesirable practice".
The Chair stated that South Africa seems to be in the worst of both possible worlds here. It is lifting regulation on commissions, but it has not gotten rid of non-cash incentives. People will have a field day here. What kind of protection is ultimately available to the consumer here?
Dr Van Zyl responded that the big difference between FAIS and PPR. PPR is all about disclosure, whereas FAIS goes a step further and requires the service provider to act in the interests of the client. Failure to do so could result in the service provider being reported to the Ombud, or s/he could lose the licence.
The Chair stated that requiring the service provider to act in the interests of the client is a bit vague, when there is no regulatory environment for non-cash incentives. This issue has to be returned to in greater detail, to examine whether clients are in fact being protected in the absence in any kind of cap on incentives.
Mr Anderson stated that he would take this matter up with his colleagues.
The Chair proposed that a small working group of this Committee perhaps be established to look at Codes of Conduct here.
Office of the Ombud
Dr Woods asked Mr Charles Pillay, the newly appointed FSP Ombud, to comment on how comprehensive and how useful he finds the Code of Conduct.
Mr Pillay responded that the interpretations of the Codes of Conduct will depend on the facts of each and every case presented to the Ombud. His opinion is that it is necessary and it will be given flesh and meaning as and when the actual interpretations are engaged in.
Mr Wessels replied that he believes it is a very comprehensive Code of Conduct bearing in mind that it is not only the general Code, but that there are various specific Codes as well. For a "kick-off" the Codes are good, and they are up to standard with any foreign Code the FSB has looked at.
The Chair related her recent experience at a bank where she was asked to sign a form stating that she is satisfied that she has been given all the information available on a specific product, yet she was not given an explanation of what she was signing. Is this part of the manner in which the industry must conduct itself? This has to be investigated.
Mr Wessels responded that this is definitely not part of the Code of Conduct. He contended regrettably that this is not unique to banks alone, but to other parts of the industry as well. A culture of compliance has to be developed.
Dr Woods asked the FSB to explain its plans to educate consumers on the Code of Conduct.
Mr Anderson responded that this is a two-pronged approach. After the FSB Act was amended in 2000 a new Section 3 was added, which requires the FSB to promote consumer awareness of financial services. The FSB has since approved a strategy to be followed in this regard. The launch of an extensive consumer education campaign will kick off in the next few months. At the same time the Ombud and Mr Anderson himself are responsible for making consumers aware of his office and his role, and perhaps road shows could even be employed here. It is a long-term approach, but there will be a joint short-term public awareness campaign.
Dr Woods asked Mr Pillay to explain whether he would become involved in any grievances that may be lodged by industry players or service providers.
Mr Anderson replied that the rules of the Ombud provided for in Section 26 has also been approved by the FSB Advisory Committee and gazetted, and is available on the FSB website.
Mr Pillay responded that the Ombud has just taken office on 1 August 2003, and staffing is an issue. Although the offices are very nice, the staff currently consists of only the Ombud and an assistant. The taking on of some staff should at least on an administrative level is on the cards in the short-term, and in the slightly longer term the taking on of perhaps one or two professional staff.
Consumer education is part of the role of the Ombud. But the role of the Ombud here would be to make consumers aware in as simple a way as possible of the rules of the office. This would include the way complaints are received, how they are handled and the processes through which complaints can be channeled. At the end of the day the independence and impartiality of the Ombud has to be made quite clear, both to the consumer and the industry representatives. There is a call even now for the Ombud to go out and talk to industry representatives, and this can also be crafted to ensure the impartiality and independence of the Ombud.
Dr Woods asked whether he is correct is stating that the Ombud would make a decision on the complaints he receives, and which he will forward to other existing Ombudsmen.
Mr Pillay replied that he is actually in Cape Town to visit other ombuds offices, which is fairly instructive education in the short-term to get to know how other offices are handling issues. He stated that during his meetings with the banking ombud and the short-term and long-term ombud was primarily to find areas of commonality in which the work could be shared. This will be an organic arrangement of course within the parameters of FAIS. Mr Pillay stated that he would only be in a position to comment on the Codes of Conduct once he has studied them fully.
The Chair asked whether the ombud for the long-term and short-term insurance industry has been asked to comment on the Code of Conduct and, if not, why so.
Mr Anderson answered in the negative. The FAIS Codes are the territory of the FAIS Ombud. The FSB has of course consulted with both those industries, but it has not consulted with those ombuds offices specifically.
Mr Wessels stated that these Codes of Conduct have been developed along with the FAIS Act. The FSB has indeed consulted with those Ombuds, and they are both currently on the FSB mailing list for comment. He stated that he remembers vividly that Judge Jan Steyn/Stein, the former Ombud for the long-term insurance industry, was very active in assisting the FSB. Very valuable contributions were received from Judge Stein/Steyn, especially in drafting the rules of the Ombud.
Dr Woods asked how many compliance officers the FSB envisages employing? Will they be new employees, and how did the FSB arrive at this number?
Mr Anderson replied that it is the responsibility for every licencee to instill a compliance function in his or her business. This can be either and in-house or outsourced function. There are entities that are willing to provide a compliance function probably for a very small business, but perhaps it would be more cost-effective to outsource this. The FSB has put up a FAIS structure to monitor that the compliance function is properly deployed and carried out, on a risk-based supervision type approach.
The Chair asked whether there is any facility for a compliance officer to have whistle-blowing powers, and to report any deviation to the FSB.
Dr Van Zyl responded that the Registrar would have to liaise with the compliance officer, who is responsible for informing the Registrar of cases of non-compliance. Thus the whistle-blowing role of the compliance officer is very important. The same duty to report falls with the auditing unit. There is a provision in the FAIS Act that grants protection to compliance officers. It provides that if a compliance officer has been dismissed because s/he has alerted the Registrar to incidences of non-compliance, reasons for the dismissal have to be provided to the FSB.
The Chair asked what happens in the case of a dispute between the compliance officer and the institution around the compliance officer's report, who mediates this dispute. This would be a very brave compliance officer.
Dr Van Zyl replied that the compliance officer would have to report to the FSB and to the Registrar, and also to the Board of the institution involved. The role of the compliance officer has increased worldwide because the regulators rely on the whistle-blowing duties of the compliance officer, and it is for this reason that the compliance officers have to have access to information.
Mr Anderson added that in this instance the FSB would look into the matter without breaching confidentiality.
Dr Van Zyl stated that it is this type of boldness that is expected from a compliance officer. It is for this reason that the compliance officer should rather have a senior status and have access to information, and should also receive the requisite protection.
Dr Woods contended that the compliance officer is very vulnerable in this setting from two angles: he can be bought off in a very discreet way, and can also be threatened in a discreet way. Is this workable?
Mr Anderson responded that the FSB realises that it is a difficult issue, and this is universally acceptable by all regulatory authorities. The FSB introduced the compliance officer concept into the South African regulatory framework for the first time in the mid 1990's. The whole culture has developed, especially with the advent of the Compliance Institute of South Africa, and more recent laws have been introduced which require that the compliance officer explain his ability to act independently.
The whole culture has changed in that the compliance officer today is usually a senior person in the institution. It is usually part of his job description that the institution will not interfere in the functions of the compliance officer, because those institutions realise that it is their reputability that is at stake. It does not always work and it is very difficult, but the FSB is placing more and more requirements on the compliance officer, because the FSB sees the compliance officers as its extended arm into the institution.
Section 7 date
Mr Tarr questioned the FSB's capacity to adequately perform this function.
Mr Anderson replied that the FSB is stepping into the unknown here. It has setup a FAIS department along similar lines and size as the FSB's retirement fund department. The FSB is training its staff and it hopes to open the licensing process soon. As soon as this large task has been completed within the window period mentioned, the FSB would have the core structure to perform the basic roles of compliance and supervision. If necessary, the FSB would have to expand.
Dr Woods contended that if the problem is that South Africa is a much under-insured society, one has to be mindful of the possibility of FAIS ultimately exacerbating that situation. Issues here could be the cost for the licences which would ultimately be passed on to the clients, the "client-hassle factor" referred to by the Chair and failure to encourage new entries into the market. These matters have to be looked out for.
Dr W Odendaal (NNP) questioned whether the regulation system being proposed would not over-regulate the financial services industry to such as extent that would destroy the small entrepreneur, and remove it from the industry..
The Chair stated that the concerns raised by both Dr Woods and Dr Odendaal properly belonged with the discussions engaged in at the passing of the Bill, and certain concessions were raised on those matters. The primary concern here has to be the protection of consumers. Today's discussions should however be focused on the implementation of the FAIS Act.
Mr Anderson responded that the FSB is very aware that for the kick-off, as stated earlier by Mr Wessels, the FSB is in unknown terrain. The FSB believes that it has done much preparation to especially cater for the small broker, but it is also relying on the nature of complaints and their quantums to be evaluated so that the framework can be improved, if necessary. The FSB is currently conducting a comprehensive market research exercise into the client's experiences with his intermediary, the proposals are being sent out today to all the major research companies. The FSB then did a sample of all 9,5 million households in South Africa, and it intends to repeat this exercise in three years time.
The object of this research is two-fold: the first is to ascertain the client, so that the impact of the client awareness and client education programmes can be ascertained. The second is to assess the impact of the FAIS Act, so as to gauge whether it has produced a better environment for the consumer.
Funeral services industry
The Chair stated that the funeral services market is probably the main industry in which the FSB has to take action and root out the illegal operators, especially the licensing of operators. It is one of the worst abused industries in the financial services market. Furthermore, the quality of the product being offered has to be looked at by Treasury, as well as the exclusion clauses that exclude people living with HIV/AIDS from receiving funeral benefits. In this day and age this is like a "macabre joke". Is the FSB intending to take a much greater look at this industry, perhaps together with the Group Administrator's Forum (GAF).
Will Treasury and the FSB also look at creative solutions that look at the possibilities of the State being in a position to provide some kind of benefit fund, because it appears that the "death in a family is now increasingly becoming the event that finally forces a family into permanent poverty". This process has to be taken forward, because the needs of these people are clearly not being met.
Mr Anderson replied that FAIS will go a long way in helping to clear up the industry. FAIS and the consumer awareness campaign will not address the illegal operators, because the consumer in the funeral industry are primarily from lower-income households. They are not usually reached by conventional media and community radio, but they are the biggest purchasers of funeral insurance. If they are made aware that they must ensure they purchase their funeral insurance from a licenced insurance company, this will go a long way in clearing up the industry.
The fact that the intermediary must also be licenced would also cause consumer resistance to "cowboy operators". The FSB has only recently been successful in getting industry players to form their own representative body, and this has been a great step forward. The FSB believes that this body will also assist in clearing up this big problem.
A joint working group has also been established with the Life Offices' Association (LOA) and other important players to look specifically at this problem, and it is due to make its final report and recommendations available in the next six weeks or so.
The Chair asked whether this Committee could be supplied with a copy of that report, because it will allow Members to begin to get an idea of the problem.
Mr Anderson answered in the affirmative.
Mr Malan (Treasury) responded that the issues are quite far-reaching and complex, especially those relating to the burial industry. The issue is actually more complex than setting up a joint working group, as stated by the FSB. A discussion was engaged in by this Committee during its hearing on the State providing funeral benefits, which could be argued as a public good, but there a many implications to this.
Although the Minister of Finance would have to give thought to this matter and commence discussions on it in Cabinet and amongst government departments, it is not a Treasury issue. Perhaps an appropriate starting point would be to investigate an intergovernmental response to this problem, and from there a plan can be devised to deal comprehensively with this issue. It is a complex issue, and Treasury does not have any answers at this stage. Mr Malan stated that he would convey the guidance of this Committee to his principals in Treasury.
The Chair clarified that she is not necessarily saying that the State needs to add another benefit, which goes beyond the current old-age and pension benefits. It does however appear that a financial product is needed that would provide an affordable funeral benefit, but it does not necessarily have to be a State-sponsored fund.
The other issue is the provision of life cover for persons living with HIV/AIDS. Players in the insurance industry have stated that they are now looking at proving cover for HIV positive people that are on an Anti Retroviral (ARV) programme. But the problem here is that people only go on ARV programmes when their CD4 count drops below a certain point, and it is only at the end when this programme is engaged. The provision of being on ARV's as a qualifier to get life cover does not really help those who are still in the HIV phase of the disease, which could go on for about ten years at least.
The Chair stated that she is aware just how difficult this issue is, if one looks at the levels of profitability in the insurance industry and how complex the issue is. But some kind of research has to be conducted to look at this problem.
Mr Malan replied that various concerns have to be balanced if the issue of HIV/AIDS is to be tackled effectively. The primary concern from the insurer would be that some sort of risk premium would have to be attached to the fact that the client has a disability. There would also somehow have to be some cross-subsidisation of the healthier people, and there are a host of issues and counters involved in that type of situation. The answer does lie somewhere in between.
As far as the research is concerned, Treasury has been in consultation with the Finmark Trust which has proposed undertaking such as study. It has sent the terms of reference to Treasury, which Treasury is currently looking at, and it is an issue that Treasury would like to take further than just South Africa. The aim is to have a regional analysis of the response of the insurance industry to the "HIV factor" in the region, how the regulatory regimes are coping with it and what specifically can be done in each country to deal with the issue. But it is still early days for the study.
The Chair stated that the additional problem is that one cannot maintain a mortgage bond if one does not have life insurance. The result is that if both parents are to die and the house has a mortgage bond, the children would not only lose their parents but their house as well. Unless this issue is addressed the social problems arising out of HIV/AIDS would just be compounded. The Chair stated that she is pleased that a study has been initiated on this matter.
The Chair requested Mr Nico Marais, from Treasury's Parliamentary Office, to provide the Committee with copies of the FAIS Act regulations that have already been passed.
The meeting was adjourned.
Appendix : Draft Committee Programme
Portfolio Committee on Finance
Draft Programme
Third Quarter
(Dated 13 August 2003)
Friday, 15 August 2003 E 249
09:30 - 13:00 Progress Report of the implementation of the FAIS Act
Tuesday 19 August 2003 GHC
09:30 - 17:00 Joint briefing with PCOPLG on the Municipal Systems Bill
Wednesday, 20 August 2003 GHC
09:30 - 17:00 Joint Deliberations on the Municipal Systems Bill
Thursday, 21 August 2003 E249
09:30 - 17:00 Joint Deliberations on the Municipal Systems Bill
Friday, 22 August 2003 E 249
09:30 - 13:00 Joint Deliberations on the Municipal Systems Bill
Monday, 25 August 2003 E249
09:30 - 13:00 Joint Deliberations on the Municipal Systems Bill (to be confirmed)
Tuesday, 26 August 2003 E249
09:30 - 13:00 Formal consideration of the Municipal Systems Bill (to be confirmed)
Wednesday, 27 August 2003 E249
09:00 - 13:00 SOCPA - Hearings of the Auditor - General on the Accounts of STATS - SA
Tuesday, 2 September 2003 E 249
09:30 - 13:00 Deliberations & Formal Consideration of the GEPF and Special Pensions Bill
Formal consideration of the MFMB
( Monday, 1 September 2003 - Friday, 12 September 2003 - NO MEETINGS )
Tuesday, 16 September 2003 E 249
09:30 - 13:00 Briefing on National Treasury Annual Report (to be confirmed)
Briefing & Formal Consideration of Pensions Second (Supplementary) Bill (to be
Wednesday, 17 September 2003 E 249
09:30 - 13:00 Briefing on SARS Annual Report
Friday, 19 September 2003 E 249
09:30 - 13:00 Briefing on Statistics South Africa Annual Report
Tuesday, 23 September 2003 E 249
09:30 - 13:00 Legislation too be confirmed
Friday, 26 September 2003 E 249
09:30 - 13:00 Meeting with Governor of the SARB
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"I am the true vine, and My Father is the vinedresser.
"Every branch in Me that does not bear fruit He takes away; and every branch that bears fruit He prunes, that it may bear more fruit."
John 15:1-2
When Tim and I were in Croatia we lived in a house that had a yard in front, over the yard there were these wonderful grape vines. The purpose of the vines was not to grow grapes to eat, it was to create a canopy for shade during the summer months. Those vines were beautiful and healthy, they grew so thick that there was a solid canopy of vines and leaves and were very effective as a shade from the sun. Every fall though, the man who owned our apartment would come and prune back the vines (well, after the first year he made Tim do it). I was always amazed at how much he cut back; he seemed ruthless, the beautiful foliage that had been was reduced to bare, naked vines, devoid of any leaves or branches. I would sometimes question our landlord's wisdom; why did he prune so deep? Was it really necessary to cut so much away? However, our landlord was a much more experienced gardener than I am, and sure enough, every spring we would see the sign of new leaves and branches, and soon our beautiful canopy was again providing lovely shade from that hot summer sun.
Recently, I've been considering Jesus' statement that He is the vine, and we are the branches. Not only that, but His Father is the vinedresser, and as the vinedresser He lovingly prunes those branches, whenever they need pruning. Somehow, I am surprised whenever I find myself in a season of pruning. I am surprised at myself; how am I, an experienced Christian still in need of such intense pruning? I am surprised at the Lord sometimes; how can He allow me to go through such hard seasons? Why is He allowing these things in my life? As I find myself asking these questions I have to go back to this portion of scripture; "every branch that bears fruit He prunes, that it may bear more fruit." As I've grown in my experience with the Lord I have come to realize that I will hopefully never get to the point that He is no longer pruning me. Just as those vines in my yard needed thorough pruning every season, the Lord cares enough for us to make sure that we receive pruning regularly. I never want to find myself in a place where the discomfort of a season causes me to reject the loving care of my Gardener.
The author of Hebrews puts it this way; "Now no chastening seems to be joyful for the present, but painful; nevertheless, afterward it yields the peaceable fruit of righteousness to those who have been trained by it." As we walk with the Lord, we will find ourselves sometimes in a place of barrenness, or maybe feel like we've been stripped down to nothing; I pray that we all learn to yield to our heavenly Gardener, He really does know what He is doing, and afterward we will always experience the abundance of fruitfulness that comes from the care of the Master Gardener.

subset: commoncrawl


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While we no longer have this in-stock, here are some categories worth looking at:
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Gretsch G5620T-CB Electromatic Center-Block - Black
Item ID: 2509100506
Product Details
The single-cutaway G5620T-CB Electromatic Center-Block Electric Guitar features That Great Gretsch Sound with the "center-block advantage." The interior solid spruce center block running the length of the guitar's 1 ¾"-deep thinline-style body makes for a lively "high gain-friendly" tone and delivers greater control over the kind of feedback players want. The new dual-coil Super HiLo'Tron neck pickup is voiced to produce a clean, high-end sparkle with robust low-end, low-noise performance. Together with the "Black Top" Filter'Tron bridge pickup, it's a potent tonal combination.
Other premium features include five-ply maple body construction with a bound arched top and back, bound "cat's eye" sound holes and a bound maple neck. The G5620T-CB also has a 12.5"-radius rosewood fingerboard with 22 medium jumbo frets and Neo-Classic "thumbnail" inlays, three-way pickup switching, single-ply black pickguard with Gretsch logo, five "G-arrow" control knobs (volume for each pickup, tone for each pickup, master volume), anchored Adjusto-Matic bridge and flat-handle Bigsby-licensed B70 vibrato, Grover tuners and knurled strap retainer knobs. Available in Black, Rosa Red and Georgia Green gloss finishes.
|Body Material:
|5-Ply Arched Maple
|Neck Material:
|Fingerboard Material:
|Bridge Pick-up:
|Black Top Filter'Tron
|Middle Pick-up:
|Neck Pick-up:
|Dual-Coil SUPER HiLo'Tron
|Scale Length:
|1.6875" Synthetic Bone
|Bigsby B70 tailpiece


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The Delbarton Christmas Toy Drive is a 30-year tradition that brings Christmas cheer to donors and gift recipients alike. This year we partner with Catholic Charities of the Diocese of Paterson to share 2-3 gifts each with 900 girls and boys – and Delbarton delivers!
On December 10 during an extended M Block, Deanery members assembled in Trinity Hall classrooms to box and label unwrapped gifts (each group was previously given a Christmas List indicating the ages and genders). Each deanery, comprised of students in grades 7 to 12, donated 32 gifts, roughly 2 items per student. Toys were packed, boxes were marked, checked off by a DMG volunteer, then loaded onto a truck provided by W.J. Harrington & Sons.
Christmas music was in the air, Santa made the rounds and mini donuts and cups of steaming cocoa were served in the Old Gym on a rainy December day. Distribution Day takes place this Sunday, December 15, preceded by 8:30 am Mass in the Abbey Church, followed by a bus ride to the Straight and Narrow Center in Paterson. Student, parent and faculty volunteers will unload and arrange the toys, decorate the Center and help the children of Paterson to choose their favorite gifts.
Campus Ministry Director Dr. David Hajduk says, "During the season of hope and good-will, let's all do our part to bring Light to those who face so many hardships and challenges. When we offer hospitality and serve those in need, we become the face of Christ for them, as well as welcome and serve Christ in them."
Thank you to the MANY volunteers and generous donors who are helping us play Santa in Paterson this Christmas season!


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256GB DT310 flash drives on ebay from arad8515 too cheap to be genuine
The buy it now price for the 256GB Kingston DataTraveler 310 flash drives being sold on ebay by arad8515 is too low for them to be anything other than fake capacity counterfeits and anyone who buys one of these USB flash drives will find it corrupts files.
We advise everyone who buys flash memory items to test them with the free program h2testw irrespective of where they were purchased – otherwise you run the risk of data loss and corruption.
Report your fake if testing confirms you have purchased fake capacity flash memory on ebay.


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27th National Equine Forum, Thursday 7th March 2019, #NEF19
The 27th National Equine Forum (#NEF19) took place on Thursday 7th March 2019. The programme is available through the link above.
Speakers and panellists are listed below, and our news page contains details of what was covered at #NEF19.
Presentations are available as a replay on our YouTube Channel. The podcasts, produced by #HorseHour, can be found here.
Information from Defra about exporting horses and other equines between the UK and EU if there's no Brexit deal can be found here.


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This month, you can try their "Daly" Special, which combines a tea-infused vodka with house-made lemonade. There are also two Beer-and-a-Shot options, the Freedom & Unity [Woodchuck Cider (VT) & Cinnamon-Infused Rye], and The Rattle-Skull [Jailbreak Welcome to Scoville Jalapeno IPA (MD) & Hop–Infused Tequila].
|Fried Oyster Sliders
Click here to see the complete Happy Hour menu and schedule.
All Set Restaurant and Bar
8630 Fenton Street


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It's International Women's Day. Let's hear it for the ladies.
It's International Women's Day!
Today we're celebrating the wonderful woman! We're sharing some of the most badass, smartest, kindest, strongest, and the very best female characters (and cosplayers!) in games, film, comics and more!
The Lovers
Whether she was brought to life from clay, or by Hippolyta and Zeus, Wonder Woman is definitely made of good stuff! She believed strongly in helping those that couldn't defend themselves, and was often shown as kind and pure, and led by Love, instead of battle and war.
Wonder Woman (Diana) was made to showcase a somewhat unconventional and liberated woman, but she was often the damsel in distress in her comic book early years, and even put as secretary for the Justice Society of America (even though she could have kicked all their butts). Now though she's had her very own film, and paved the way for more female-led goodness. Who else can't wait for Captain Marvel!?
Wonder Woman: Cutiepiesensei Photographer: Candidjohnkim
The Warriors
Be like Lagertha, love hard, fight harder! Lagertha was a QUEEN in all aspects throughout Vikings, and we're sure there's more to come from her. Lagertha fought in battles with no less fierceness and fearlessness than the men around her. And fought just as hard with her heart as she did with her sword.
P.s: Check out the WIP's for this costume, some insane work put into this!
Lagertha: Braith Cosplay Photographer: Wussupyz
The Confident
Deadpool wasn't convinced by Domino's talents, but she certainly was. And proved herself too. She didn't only have luck on her side, but an eye for opportunity. We should all be a bit more Domino. Go forth, 'shoot luck lasers out of your eyes' and get it!
Domino: Jade ValkyriePhotographer: Dapper Geek Pics
The Brave
The Valkyrie were Norse battle angels who took those fallen in battle to the great Valhalla. Thor Ragnarok's Valkyrie was much the same, but lead Odin's personal unit of Shield-maidens.
We see the fate of her beloved in a flashback from the film, which leads her to her drunken fighter-hunter self at the start of the film. Regardless of her hatred and anger, she puts it aside to step back into battle with her new found friends.
Valkyrie: Maweezy Cosplay Photographer: Dadadoo Photography
The Thinkers
International Women's Day is also about reminding the world of those forgotten. Inspired by the uncredited and uncelebrated women behind scientific discoveries, inventions, and medical cures. We now see lots of super smart women in new media.
Like Violet Baudelaire (A Series of Unfortunate Events) and her incredible mechanical mind, neuroscientist Lynn Stewart (Black Lightning), hacker-pro Nomi (Sense8), Brightest Witch of her Age Hermione Granger (Harry Potter), mind as sharp as her hair Lisa Simpson, the list goes on.
Big up the ladies studying hard, and saving the day.
Violent Baudelaire: Mimi Reaves/The Puttanesca Project Photographer: Susan Mendel
The Mothers
Beatrix Kiddo's revenge killing spree was fuelled by the hurt from losing her daughter before she had even the chance to meet her. Moral of the story is, don't mess with mothers...especially if they're a trained assassin.
Beatrix Kiddo: Helene Beatrix Cosplay
The Leaders
After watching her fathers death, and then the rape and murder of her mother, O-ren (Kill Bill) went from strength to strength. Later becoming the leader of the Crazy 88. Admired, loved, feared.
Like our favourite Star Wars gal Leia, and Kushana from Nausicaa, the women leader character often come from a background of hurt, kidnap, loss, and/or abuse.
O-ren Ishii: Nmngh Cosplay Photographer: Codybre Photography
The Underestimated
Until the most recent films Mera was always 'Aquaman's Wife'. Even in the comic world, she was hugely underestimated. But through her various timelines she suffered with the loss of her child, the death of her partner, constant attacks on her city, struggled with her own mental health, and lived a dangerous double life.
Mera: Onyxeia Photographer: Sonesh Joshi Photography
Thanks for joining us for International Women's Day!
We hope you're giving lots of love to your fellow women today! Your sisters, your nan, your Transgender fam, the aunties-that-aren't-really-your-aunties, your teachers, your doctors, your old mum.
Let's hear it for the girls!
Check out our other blogs here for film news, game releases, and features of some of the best cosplays we find!


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Q: How do I know if I have Dry Eye?
A: Dry eye can cause quite a few symptoms, anything from the eyes actually feeling dry to the eyes watering often, or having a burning, itchy, or irritated feeling. One of the most common symptoms is the eyes feeling gritty or like something is in your eye. Most people will often experience blurred vision since the tears, which comprise the outermost surface of the eye, are unstable.
Q: What can I do about Digital Eye Strain?
A: We can help! We offer a number of different eyeglass lenses that can help people of all ages relieve Digital Eye Strain and ease fatigue after extended reading or computer use. There are also lens treatments such as anti-reflective and blue light blocking to protect our eyes and make our eyes more comfortable. We also prescribe many different types of contact lenses to make reading more enjoyable and make it easier to focus from distance to near.
Q: What is Vision Therapy?
A: Vision therapy is an individualized treatment plan prescribed by a Doctor of Optometry. It is used to treat eye conditions, such as strabismus (eye turn) or amblyopia ("lazy eye"). Through Vision Therapy, a Doctor of Optometry also teaches, improves and/or reinforces important visual skills, such as eye tracking, eye focusing and eye teaming abilities. Without these visual skills, simple tasks like reading or copying notes from the board become difficult. Skipping words or lines while reading, using a finger while reading, blurry near vision, double vision, eyestrain and/or eye fatigue are also common symptoms.
Q: What are the typical treatments used to help people suffering from Dry Eyes?
A: Treatment for dry eye varies due to the severity and stage of the disease. Artificial tears can be helpful in the early stages. If artificial tears are not sufficient, we progress to a prescription medication such as Restasis or Xiidra. Also, lid hygiene as well as omega-3 fish oil supplementation can improve symptoms. Anti-inflammatory medications as well as punctal plugs are also available if needed for treatment.
Q: What can I do to prevent dry eyes?
A: Dry eyes are caused by many factors. If you know you have dry eyes, try to pay attention to what makes them feel better or worse. For example, do not blow your hair dryer directly towards your eyes. Add moisture to the air with a humidifier. Use eye protection outdoors like wrap around sunglasses or other protective eyewear. Be mindful of changes in your environment (traveling). Position your computer screen below eye level. Stop smoking and avoid smoky areas. Supplement with lubricating eye drops and Omega 3 (orally).
Q: What is "Low Vision"?
A: The term "low vision" refers to partial sight that cannot be corrected with surgery, drugs, eyeglasses, or contact lenses. The condition can range from having unsatisfactory vision to being nearly blind. The causes of low vision include eye injury, diseases such as age-related macular degeneration (AMD), and heredity. As a result of reduced visual acuity or decreased contrast sensitivity, low-vision individuals may be unable to fully distinguish colors, see contrasts, or determine spatial relationships among objects. Fortunately, there are a variety of devices and strategies available for helping people with low vision overcome vision loss and live independently.


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Brushed Stainless Steel Spice Grinder / Mortar and Pestle Set / Molcajete - Fine StainlessLUX Kitchenware for Your Home
List Price: $20.00
Discount: $0.00
Sale Price: $20.00
(as of 04/27/2016 02:15 UTC)Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply to the purchase of this product..
Availability: Usually ships in 24 hours
Free Shipping: Eligible For Free Shipping
Product Description
This helpful stainless steel mortar and pestle set is fantastic for crushing, grinding and mixing herbs and spices. Hefty gauge, durable stainless steel is simple-to-clean, and will not wear out. Smooth and non-porous surface leaves no residue nor stain. Round knob on leading for comfortable grip and total handle. Non-Skid base for stability. one cup (8 Fl Oz.) in volume. Mortar diameter is four inches and height is 2.375 inches. Pestle diameter is 1.six inches and length is seven inches. Each set is shipped in a StainlessLUX exclusive, reusable non-woven draw-string pouch - your assurance of an genuine StainlessLUX solution. You would be pleased with this quality stainless steel mortar and pestle set. A bigger size (~2 one/four cups) mortar & pestle set also available. A single yr restricted warranty.
- Functional Design with Non-Skid Base, Heavy-Duty Pestle Press
- Quality 18/8 Stainless Steel and Fine Craftsmanship; Brushed Finish
- Mortar: Dia. 4 in x H 2.375 in + Pestle: Dia. 1.6 in x H 7 in; Volume: 1 Cup (8 Fl Oz.); Weight 14 oz.
- Clean, Durable, Elegant, Practical, Low-Maintenance and Eco-Friendly
- Comes in a StainlessLUX Exclusive Non-Woven Pouch for Protection in Shipment and Storage


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Saving requires effort and a safe place to store your cash. Stuffing your mattress with your money is one way to know that your money is exactly where you left it, but probably the least secure.
At WEOKIE, our savings accounts offer a return on your money so you can reach your financial goals faster. Putting your money into a WEOKIE account is the perfect way to secure your money, and help it to grow.
While you're saving for a new car, you'll have to make other big decisions like financing options and whether or not to buy used. We've created an ebook to help you compare your options. Download it today!
How Much Should You Save?
When you're thinking about buying a car in the next year, you'll need to consider how much you should save for a down payment. In most circumstances, it's best to prepare for 10% or more of the purchase price.
1. Smart Savers
If you are looking to get your child started with their own account, you can sign them up for our Smart Savers account.
This will get them on the right track for when it comes time to buy their first car several years from now. With an APY of up to 1.2%, you are investing in your child's future with WEOKIE.
2. Serious Savings
Graduating to a more mature account means having more money to stow away. Setting up a Serious Savings account means putting aside some of your funds for terms of one year to five years.
Setting up automatic monthly deposits means you are growing your money without thinking about it. At the same time, WEOKIE is matching it with a high APY - up to 2.78% for 60-month certificates - to make your money work for you.
3. Certificate Accounts
If you are looking for maximum return and can afford to lock your money away for a specific amount of time, a Certificate account is the answer. Certificate accounts, also known as CD's, are a perfect option to secure your money for a specific time frame while it gains value.
WEOKIE Certificates start at 3 months at 1.26% APY and go all the way to 60 months at 2.78% APY. That means you are getting some pretty serious growth out of your investment.
There is a minimum to open a certificate account, and you can't withdraw the money until the end of the term.
4. Silver Savings
Silver Savings accounts offer attractive interest rates while maintaining easy accessibility.
The minimum to open a Silver Savings account is $25,000 and rates start at .5% APY. Each level is tiered, so once your account reaches $50,000, your rate of return will increase.
Accounts with more than $250,000 can see a maximum return on the funds.
5. Money Market Savings
If you have $2,500 to start an account, a Money Market account is a great way to increase your money fast.
Not only do you see an increased APY compared to a regular savings account, but you also get limited check writing ability each month.
With regular deposits and the high rate of return, you can save up for a car in no time. Plus, you can easily write a check if you need to access the funds.
6. Investing
With high risk comes even greater reward. Investing your money is a step that should only be taken once you have a sufficient emergency fund account using one of the other listed options.
Investing your money is a great way to see it grow. Year after year, the markets have seen substantial growth. Overall, Investing your money is a great way to make your money work for you.
The primary downside is the money is harder for you to get to, and it isn't insured. Contact a WEOKIE trust and financial investing professional for information.
Saving Strategies
Saving is easier said than done. So we've outlined a few strategies to help you find some additional avenues to save more money every month.
- Start by outlining your budget and find unnecessary expenses.
- Downsize by living in a cheaper home or apartment.
- Cook more and eat out less.
- Use Amazon subscribe and save for most of your regular purchases.
- Scheduling a payment to save every month.
- Save all of your bonuses or unexpected income.
Do you want to learn more about how WEOKIE can help you save? You can schedule a time to speak with one of our Trusted Advisors by calling us at 405-235-3030 or 1-800-678-5363.
Buying a car requires dozens of big decisions. In our newest guide, we help you compare your options.
Federally Insured by NCUA


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When women received mundane texts ("It's cold in here.") from their partner before a stressful situation, their blood pressure was lower than if they received supportive texts ("Don't worry. It's just a psych study. You'll be fine. :)").
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text: Add to Cart Quick view Elvex Go-Specs Pro Safety Glasses with Black Frame, Foam and Light Copper Anti-Fog Lens Elvex MSRP: Now: $7.99 Was: Elvex Go-Specs Pro has the look and feel of an expensive sunglass at the fraction of the price. With Go-Specs Pro you get comfort, fit and protection that you have experienced with our original Go-Specs. Removable foam carrier may be removed when... GG-55BB50-AF MSRP: Now: $7.99 Was: Add to Cart Quick view Qty in Cart: 0 Quantity: Decrease Quantity: Increase Quantity: Price: MSRP: Now: $7.99 Was: Subtotal: Add to Cart


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Bet of the Day: Back Neymar and PSG to see off Real and Ronaldo
Huge clash awaits in the Bernabeu
Tonight's Champions League ties feature an absolute corker as Real Madrid host Paris Saint-Germain.
Boss Zinedine Zidane is under increasing pressure at the helm of the La Liga outfit, and tonight's clash is unlikely to help.
Despite a couple of thumping wins over Levante and Real Sociedad, five victories from their last 11 highlights Real's plight.
The French side have won 14 of their last 15 games, and Coral's Bet of the Day is PSG to win at 17/10.
A busy night for Navas
Having messed up so badly with their 6-1 trouncing at Barcelona last season, failure is not an option for PSG this time around.
With a newly-enhanced squad following their summer splurge, the French side are serious contenders this season.
They're unlikely to sit back tonight. Rather, they'll look to expose a Madrid defence which has been found wanting time and time again this season.
Each of Les Parisiens' last 10 Champions League games have seen four or more goals scored, making PSG to win and over 3.5 goals very appealing with Coral at 19/4.
An Angel to shine
Outside the media bubble of the Premier League and La Liga, Angel di Maria has been at his brilliant best since joining PSG in 2015.
And the Argentine has been in scintillating form since the turn of the year, netting six times. His stats for the entire campaign are equally impressive, producing 13 goals in addition to 15 assists.
There's plenty of value to be had in tonight's goalscorer markets, but Di Maria is a great shout at 8/1 first against his former club and 9/4 anytime.
For Real, that man Cristiano Ronaldo is 4/1 to open the scoring, as is the world's most expensive footballer, Neymar.
Big match previews, betting tips and transfer news – we've got it all.
All Odds and Markets are correct as of the date of publishing