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).

Asisa statistics reveal the main source of insurance policy fraud

Sales fraud, where intermediaries write-up policies without clients’ knowledge to earn commission, constituted 57% of all fraud cases in 2022.

FATF releases report on SA’s progress with addressing compliance deficiencies

Following the re-ratings, South Africa is now deemed to be fully or largely compliant in 35 of the 40 Recommendations.

Average living annuity drawdown rate falls in 2022

Asisa says it is encouraging that the 2.5% to 5% drawdown rate made up the biggest income band by number of policies.

Enrol now at Moonstone Business School of Excellence for accredited qualifications

One of MBSE’s top students recommends the Advanced Certificate in Financial Planning to anyone who wants to further their studies in this field.

Insurance for individuals and SMMEs among the priorities for financial inclusion

The barriers to uptake include affordability, inappropriate distribution models, and lack of product knowledge, Treasury says.

Speculation over why National Council of Provinces postponed NHI Bill vote

There are hints the president may decide not to sign the legislation into law in its current form.

Demand for cyber insurance expected to surge as global cybercrime losses soar

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 to engage with regulator following misleading advert ruling

Discovery Health Medical Scheme defends the term ‘comprehensive’, asserting its widespread and accepted usage throughout the medical schemes industry.

Draft guidance on how accountable institutions must comply with their financial sanctions obligations

The FIC’s Public Compliance Communication addresses the updated approach to TFS as set out in the amended legislation.

Another FSP targeted in an impersonation scam on social media

The FSCA says it is investigating various entities because of concerns that they may be offering unauthorised investments.

New investment up-cycle: risk-on strategies to last to the end of 2024

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.

Urgent need to close regulatory gaps in over-the-counter markets, says FSCA

National Treasury will introduce the COFI Bill ‘very soon’ and amend the Financial Markets Act to tighten regulation of the country’s financial markets.

Comply with Directive 7 by Friday or face the consequences, says FIC

The Financial Intelligence Centre says many accountable institutions have ignored its instructions to submit a risk and compliance return.

FSCA publishes extensive draft Conduct Standard for CIS managers

Implementing the draft Conduct Standard will have cost implications for CIS managers – some of which may be substantial, particularly for smaller managers.

Regulator finds ‘comprehensive chronic cover’ advert misleading

The former chief executive of Massmart and Edcon filed a complaint with the Advertising Regulatory Board against Discovery Health Medical Scheme.

Treasury clarifies aspects of the renewable energy tax incentive for businesses

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.