industry news
WhatsApp stokvels – Don’t get caught in the scam
The National Stokvel Association of SA (Nasasa) has warned people not to fall for the “quick buck” WhatsApp stokvels scam. According to a media report the scam operates as an alleged ‘savings club’ or stokvel, where users join the club with R200 and are encouraged to invite as many other people as possible to join. […]
best practice
Accounting standard exemptions for managers and auditors of …
The FSCA has published a draft general exemption that proposes to exempt managers and auditors of collective investment schemes (CIS) and its portfolios from those parts of section 74(1) (a) and (2) (c) of CISCA, which determines the accounting standard to be applied by managers and auditors of CIS portfolio’s as per the specific accounting […]
technologically speaking
October is cybersecurity month – Don’t drop the ball and …
October is a month dedicated to a subject that, if ignored, can be very scary, namely cybersecurity. With the Rugby World Cup happening in Japan, a global sporting event said to be the most tech-enabled to date, the growing issue of cybersecurity will also come to the fore. In a recent Hypertext media article Simon […]
compliance and legislation
Failure to safeguard mobile device leads to claim rejection …
“You must, at all times, take reasonable steps to safeguard the mobile device from loss, damage or theft” – policy wording that a client challenged when her cell phone claim was rejected by her insurer. The insurer’s assessment of the claim Ms K submitted a claim to her insurer following the theft of her insured […]
Plain language – Not just a TCF requirement
The financial services industry is a complex industry with terminology, acronyms and legislative terms that the “man on the street” does not easily understand. People working in the industry can quickly get caught up in the jargon and often assume that clients will understand. As a result plain language is highlighted as one of the […]
Death Benefits – To be a dependant or not?
Section 37C of the Pension Funds Act 24 of 1956 governs the distribution and payment of lump sum benefits payable on the death of a member of a pension fund, provident fund, pension and provident preservation fund and retirement annuity fund. These benefits are informally known as “death benefits”. In one of the recent Financial […]
Savings clubs – Perhaps time to consider as an alterna …
The National Stokvel Association of South Africa estimates that there are well over 800 000 stokvel groups in South Africa. Over 11.5 million South Africans have joined savings clubs and stokvels. These statistics show that savings clubs encourage investors to remain disciplined and committed to saving each month. In a recent press release, Noluyolo Betela, client relationship […]
The unbundling of Naspers – What it means for benchmarks a …
In a recent media statement by the Actuarial Society, they unpack the unbundling of Naspers shares as well as what it means for benchmarks as well as investors. According to Kyle Hulett, a member of the Investments Committee of the Actuarial Society of South Africa (ASSA) and Head of Asset Allocation at Sygnia, this unbundling […]