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Collection of insurance premiums – Update on regulatory fr …

Just before year end, the Financial Sector Conduct Authority (FSCA) published FSCA Communication 2 of 2018: Update on the future of the premium collection regulatory framework under the Short- and Long-term Insurance Acts. The FSCA’s communication highlighted the various regulatory interventions being considered to address specific risks inherent in third party premium collection business models. […]

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Cyber insurance

Cyber insurance – A first priority for SMEs

Late last year, Business Report shared that according to the global Cyber Exposure Index, South Africa currently has the sixth highest average exposure to cybercrime, with businesses in the industrial and financial sectors being the most commonly targeted by cybercrime attacks. Another similar report revealed that around 61 percent of small businesses experienced a cyber-attack […]

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Suitebox now integrated with Xplan

A Customer Relationship Management System (CRM) offers an advisor a myriad of benefits including, but not limited to, sales and relationship management, marketing support and data analytics, management and security. In keeping with this theme, Suitebox has now integrated with Xplan by Iress. Xplan is well established in the South African market place. With its […]

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ASISA Retirement Savings Cost Disclosure Standard

– Aims to build trust not expose hidden costs “Big financial services companies may soon need to find new ways to pad their earnings, as a new industry standard is threatening to expose the financial service sector’s worst kept secret – hidden fees.” BusinessTech 7 April 2019 These and many other media reports recently commented […]

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Credit card fraud – Elderly the most vulnerable

The Ombudsman for Banking Services has seen an alarming spike in credit card fraud since January this year, in particular, aimed at clients over 60. In a recent interview the Banking Ombud’s, Reana Steyn said the number of credit card fraud complaints has risen from 12% to 19% in just three months. The latest statistics […]

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Credit Provider fees deemed illegal – VWFS ordered to …

The National Consumer Tribunal found that the “on the road fee”, admin fee and handling fee charged by Volkswagen Financial Services South Africa (Pty) Ltd (VWFS) on credit agreements are unlawful. Although this is the first ruling of its kind, a National Credit Regulator spokesperson reported, in a recent ENCA interview, that they have detected […]

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