Mitch Marescia co-founder and CEO of Camargue Underwriting Managers discusses why Employment Practices Liability is cover advantageous for companies and what type of companies use this cover. Mitch highlights that South Africa has become very litigious and outlines what some of the remedies awarded to aggrieved employees are in unfair dismissal cases, as well as the effect on working relationships. Providing advice for what you should look for when deciding on various EPL cover options.

James Caan gives insight into how he has become an internationally successful entrepreneur and why he has decided to come to talk to South African entrepreneurs.

 

 

1. Can you tell our readers a bit about your success as an entrepreneur?

Many people dream of being a successful entrepreneur and watching my father run his own business was what gave me the business bug. I realised from a fairly early age that I wanted to follow in his footsteps and become my own boss.

 

I left home at 16 and after a few years of working in recruitment, I helped my future wife start her own fashion boutique. I didn’t actually have the money at the time but was so desperate to help her that I took out 3 separate overdrafts, something I wouldn’t necessarily recommend now.

With the FSB conducting more supervisory visits to Financial Services Providers, and with those visits being more vigorous and in depth, you could soon be receiving a letter from the Supervision Department advising you that they will be paying you a visit sooner than you think.

 

Receiving such a letter normally puts FSPs into a spin; some cases for good reason. However, as with all such things, a little preparation goes a long way.

 

If you are running a business which is perceived by the regulator to have a higher risk rating i.e. collecting client premiums, hedge funds etc. the likelihood of a visit is much greater than for a ‘regular’ adviser . However, this won’t be the case if you’re on the regulatory radar screen for some reason or another. Examples of this would be late submission of compliance reports or financial statements, or an excessive number of complaints, or even one serious complaint.

 

So, there you sit in your office, with the FSB coming in two weeks’ time - what should you get ready?