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Proposed closure of Pension Funds
The Registrar of Pension Funds published Notice 4 of 2017 which gave notice of its intention to cancel a substantial number of funds in response to applications from fund administrators. Any person aggrieved by […]
Taxpayers should inform SARS if they have been unemployed for a full year or longer, to avoid being flagged as non-compliant.
Read moreThe Registrar of Pension Funds published Notice 4 of 2017 which gave notice of its intention to cancel a substantial number of funds in response to applications from fund administrators. Any person aggrieved by […]
The importance of having systems in place to ensure compliance was illustrated this week in a notice from the FSB Enforcement Committee. Rule 5.1(a)(i) of the PPR Rules require that a registered entity […]
The Prescribed Minimum Benefits (PMB) Code of Conduct (CoC) published in 2010 has been reviewed, and following the incorporation of inputs received from all the task team groups; the first draft of the […]
As longevity statistics increase, the case for guaranteed or fixed income annuities has become stronger. In the last year, the World Economic Forum has published a white paper estimating the global gap in […]
“The National Treasury, the South African Reserve Bank, the Financial Services Board, the South African Revenue Service and the Financial Intelligence Centre, published a document titled “User Alert – Monitoring of virtual currencies”. […]
Insurance Bill B1B, as amended by the Standing Committee on Finance was passed in the National Assembly on 28 November 2107. It will now be referred to the National Council of Provinces for consideration. The […]
The term ‘risk based and proportionate’ is one of the important cornerstones of how market conduct will be assessed and regulated in future. The following possible sources of conduct risk were identified: Culture […]
We are aware that there is fair amount of concern in the industry about where the regulator is heading in this regard. The following are some of the points for discussion at the […]
At the end of last year’s Insurance update from the FSB, Jonathan Dixon said: “We had better fasten our safety belts – this is going to be rough year”, or words to that […]
How do the numbers contained in the Ombud’s latest report reflect on its mandate? Complaints received for the period 1 April 2016 to 31 March 2017 came to 10 846, compared to 9 891 for the previous year. • […]
InvestmentAdvisor magazine recently published some surprising results from a survey on millennials and their take on financial matters. Most Millennial studies tell only half the story, focusing on dollars but overlooking humanity. That’s […]
Whilst determinations by the Ombud receive wide exposure in the media, settlements are only published in her annual report. This year, there were 1005 settlements and 68 determinations. The settlement amounts in case […]
The 2016-2017 Annual report notes the following trends in complaints received from the public. The number of complaints that relate to short-term insurance policies far exceed those from any other product category of […]
The Financial Sector Regulation (FSR) Act was signed by the President in August 2017. The National Treasury announced that it will be publishing a series of consultation documents, setting out in more detail the […]
The FSB published the Long- and Short-term proposals last Wednesday. Included in the documentation is a comments matrix reflecting the Regulator’s responses to industry input. It is interesting to note the inclusion of […]
Regulation 28(2), published in terms of the Medical Schemes Act, now effectively reads as follows: “Subject to sub-regulation (3), the maximum amount payable to a broker by a medical scheme in respect of […]