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Fintech Reshaping the financial world – But what about you …

Reshaping the financial services industry by “removing market inefficiencies” sounds suspiciously like trying to eradicate human error. This raises the very serious question about the function of the financial advisor in the future. The latest RDR update made mention of research to categorise adviser functions, and to coordinate this with remuneration. We need to watch […]

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Techno-innovation – Cyber threats a possible obstacle

The latest Intergovernmental Fintech Working Group (IFWG) report highlights that increasing cyber threats present a material obstacle to the progress possible through technological advancements. According to Danny Myburgh, Association of Certified Fraud Examiners’ Cyber Forensic Forum for South Africa, the most dominant types of cyber threats encountered are a combination of computer incidents and fraud. […]

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Consequential loss – OSTI case study highlights importance …

“Consequential loss” has always been a grey area in the short-term insurance industry. The South African Insurance Association (SAIA) defines “consequential loss” as “a loss not directly caused by the insured event, but an indirect result of the event. “ An example is when a person’s geyser bursts and their ceiling and carpets are damaged. […]

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Automated Transaction Monitoring System – FIC provides cla …

In a recent LegalBrief post Pam Saxby of Legalbrief Policy Watch shares that the Financial Intelligence Centre (FIC) requires comment on the latest draft (PCC 107) public compliance communication – regarding the use of an automated transaction monitoring system to detect potentially ‘suspicious and unusual activities’. According to Saxby, the document’s purpose is to provide […]

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Single portal for all insurance complaints – Aims to ease …

In an effort to assist complainants who are unsure where to lodge an insurance complaint, a new gateway has been launched. The introduction of the additional point of entry for complaints relating to insurance products coincides with the establishment of a joint Ombudsman for long-term (life) and short-term (non-life) insurance complaints from 1 January 2020. […]

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