Insurance update on KZN floods
The South African Insurance Association (SAIA) says the damage to infrastructure in KwaZulu-Natal as a result of the floods already exceeds R1.1 billion, which was the estimated cost of damage after the flash […]
Author: Mark Bechard
Videos
Watch: MBSE launches RE training for FAIS representatives
Watch: FPI Financial Planner of the Year on key issues shaping the financial landscape
Animated video explains the two-pot retirement system
NCA Credit providers’ FICA obligations
NCR Desktop Audits
Is South Africa on track to getting off the grey list?
Looking back at this year’s FPI Professional’s Convention
Enhance your HR skills by attending our insightful webinars in November
Webinars on how to investigate misconduct and address poor performance
Bookings open for Moonstone’s Privacy Governance webinar
As a result of the huge interest in the privacy governance segment of our Regulatory Update Webinar in February, Moonstone Compliance will be holding a series of webinars dealing specifically with this issue. […]
Why you should ask a regulator for reasons for a decision
If you are at the receiving end of an adverse decision by a financial services regulator, you should make use of your right to request reasons for the decision, because this may result […]
SCA judgment ‘puts fund retirement members’ accrued benefits at risk’
The Supreme Court of Appeal’s “deeply disturbing” decision in the case of Municipal Employees’ Pension Fund vs Pandelani Midas Mudau puts at risk the accrued retirement benefits of millions of fund members, says […]
Supreme Court of Appeal upholds amended rule affecting withdrawal benefits
The Municipal Employees Pension Fund (MEPF) and its administrator, Akani, have won another court case – this time in the Supreme Court of Appeal (SCA) – that upheld the retrospective application of an […]
Ninety One displaces OMIG as SA’s biggest asset manager
Ninety One displaced Old Mutual Investment Group (OMIG) as South Africa’s biggest asset manager last year, with total assets under management (AUM) of R690.6 billion on behalf of South African clients at 30 […]
PSG Konsult’s growth trajectory continues
PSG Konsult’s recurring headline earnings rose 31% to R920.6 million in the year to the end of February 2022, as the financial services group continued its growth trajectory. Recurring headline earnings have grown […]
Bid to have JSE reconsider decision not to cancel R6m share trade ‘error’ fails
The Financial Services Tribunal has dismissed an application, with costs, by Overanet Investments to have the JSE reconsider its decision to refuse to cancel a share trade that, Overanet alleged, was entered into […]
Cash-strapped FSP gets no relief from the tribunal
The Financial Services Tribunal has declined an FSP’s request for reconsideration of the FSCA’s refusal to exempt him from the Fit and Proper Requirements on the grounds of financial hardship. In 2020, George […]
Representative ‘conspired’ with client to have complaint withdrawn
A representative conspired with a client in an attempt to have the complaint against him withdrawn, the Financial Services Tribunal said in its decision to uphold his debarment. Sanlam Developing Markets (SDM) debarred […]
Tribunal orders Adjudicator to reopen case into policy conversion
The Financial Services Tribunal has ordered the Pension Funds Adjudicator to reopen a complaint against Old Mutual involving the alleged conversion of a policy to an annuity without the client’s consent. The Adjudicator […]
Old Mutual joins move to limit cover for non-physical damage on BI policies
Old Mutual Insure has followed South Africa’s largest short-term insurer, Santam, in excluding certain types of non-physical damage from its business interruption cover, because it can no longer reinsure these events. Read: Santam […]
Only 19% of South Africans are insured when funeral cover is excluded
Some 60% of South Africans report having an insurance product, and insurance penetration, measured using premiums as a percentage of GDP, was 13.7% in 2020 – one of the highest in the world, […]
Jump in retirement fund liquidation applications in 2020
The number of retirement funds applying for liquidation increased by 21.5% between 2019 and 2020 because of financial distress as members’ contributions fell when employers cut salaries or laid-off staff and businesses closed […]
Sars searches homes of employees in the gold and banking sectors
The South African Revenue Service (Sars) has searched the homes of employees in the gold and banking sectors as part of its investigations and audits into illicit financial flows and illicit trade in […]
Constitutional Court revises who is entitled to complain to the Pension Funds Adjudicator
The Constitutional Court has ruled that the Pension Funds Adjudicator has jurisdiction to hear cases where the complainant was unlawfully admitted as a member of a retirement fund. The court’s ruling clarifies how […]
FSCA is concerned about life insurance premium increases
The FSCA says it will continue to ensure that insurers adopt “a fair and balanced approach” towards premium increases, while taking into account the valuable role the insurance industry has played in difficult […]
