Sales fraud, where intermediaries write-up policies without clients’ knowledge to earn commission, constituted 57% of all fraud cases in 2022.
COMPLY WITH DIRECTIVE 7 BY FRIDAY OR FACE THE CONSEQUENCES, SAYS FIC
Accountable institutions that ignore Directive 7 and fail to submit a risk and compliance return (RCR) by Friday face being sanctioned by the Financial Intelligence Centre (FIC).Read more
Following the re-ratings, South Africa is now deemed to be fully or largely compliant in 35 of the 40 Recommendations.
Asisa says it is encouraging that the 2.5% to 5% drawdown rate made up the biggest income band by number of policies.
One of MBSE’s top students recommends the Advanced Certificate in Financial Planning to anyone who wants to further their studies in this field.
The barriers to uptake include affordability, inappropriate distribution models, and lack of product knowledge, Treasury says.
There are hints the president may decide not to sign the legislation into law in its current form.
Ryan van de Coolwijk, the head of cyber insurance at iTOO Special Risks, highlights the increasing adoption of cyber insurance among South African companies.
Discovery Health Medical Scheme defends the term ‘comprehensive’, asserting its widespread and accepted usage throughout the medical schemes industry.
The FIC’s Public Compliance Communication addresses the updated approach to TFS as set out in the amended legislation.
The FSCA says it is investigating various entities because of concerns that they may be offering unauthorised investments.
The behaviour of the US equity market over the next quarter or so will baffle many investors and financial advisers, as it will appear to be disconnected from the US economy.
National Treasury will introduce the COFI Bill ‘very soon’ and amend the Financial Markets Act to tighten regulation of the country’s financial markets.
The Financial Intelligence Centre says many accountable institutions have ignored its instructions to submit a risk and compliance return.
Implementing the draft Conduct Standard will have cost implications for CIS managers – some of which may be substantial, particularly for smaller managers.
The former chief executive of Massmart and Edcon filed a complaint with the Advertising Regulatory Board against Discovery Health Medical Scheme.
Lessors that invest in qualifying assets that are leased to lessees under operating or finance lease arrangements will be able to benefit from the incentive.