Authority releases report on fines, debarments, investigations, and licence suspensions and withdrawals in 2023/24.
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No doubt, most readers will heave a sigh of relief that this is not yet another Covid-19 related article. The link between disciplinary and debarment hearings appears to be a major minefield for […]
Covid-19 has certainly changed the thinking about life annuities significantly. Guaranteed products fell from grace during the time of positive returns, with living annuities making up the bulk of sales. The strong market […]
Joint Communication 2 issued on 21 April 2020 sets out the Financial Sector Conduct Authority (FSCA), South African Reserve Bank, Prudential Authority (PA) and Financial Intelligence Centre (Authorities) position concerning the COVID-19 pandemic […]
Joint Communication 2 issued on 21 April 2020 sets out the Financial Sector Conduct Authority (FSCA), South African Reserve Bank, Prudential Authority (PA) and Financial Intelligence Centre (Authorities) position concerning the COVID-19 pandemic […]
The Ombudsman for Banking Services (OBS) published its annual report, showing an increase in calls received, but a decrease in actual complaints registered. Although the statistics for 2019 demonstrate a decrease in complaints, […]
“The Prudential Authority (PA) and the Financial Sector Conduct Authority (FSCA) (jointly referred to as the Authorities) have received requests for clarity in respect of the perceived regulatory inconsistency in the application of […]
In 2016 the Johannesburg High Court ruled that a living annuity does not form part of a spouse’s estate for purposes of calculating the accrual claim. This ruling has now been overturned by […]
A volatile financial climate has seen many South African pensioners in living annuities looking to increase their withdrawals to cover current cash shortages. However, retirement income specialist, Just, advises strongly against this, recommending […]
“We received 11 915 written requests for assistance in 2019, which was an increase of 147 requests compared to the 11 768 in 2018,” Judge Ron McLaren, Ombudsman for Long-term Insurance notes in […]
The Government recently published the lockdown regulations under the Disaster Management Act. With regards to the Financial Services industry, Part h: Financial and Business Services states: 1. Employees should work from home where possible. […]
A Directive, jointly issued by the Financial Sector Conduct Authority (FSCA) and the Prudential Authority(PA), reads: “In order to complement the respective nationwide measures being put in place to contain the spread of […]
Living annuities has become the product of choice when it comes to retirement for most advisers. The Coronavirus has shattered the myth that there is no place for the guaranteed annuities we have […]
Amidst the chaos that the COVID-19 pandemic has caused in our daily lives, we are slowly but surely trying to adapt to the new way of work. But as financial advisers and FSPs, […]
FSCA Communication 14 outlines the regulator’s expectations regarding the culture and responsibilities of insurers and financial services providers in respect of premium collection of funeral policies. “The communication addresses premium collection by certain […]
FSCA Communication 14 outlines the regulator’s expectations regarding the culture and responsibilities of insurers and financial services providers in respect of premium collection of funeral policies. “The communication addresses premium collection by certain […]
The South African life insurance industry has more than double the legally required reserve buffers in place and is therefore well positioned to deal with the COVID-19 fallout over the coming months. The […]
